TRUE chairman dismisses disputed share filing as ‘inaccurate news’

Suphachai tells reporters to seek clarity from SEC

TRUE chairman Suphachai Chearavanont has dismissed a disputed shareholding report involving True Corporation Plc as “inaccurate news”, after a filing appeared to show an individual named Supaporn Pimpong holding a major stake in the telecom operator.

Asked by reporters about the report, which indicated that Supaporn had acquired a large holding in TRUE, Suphachai declined to comment in detail.

He said only that the matter was “inaccurate news” and suggested that further clarification should come from the Securities and Exchange Commission (SEC), the agency that received the filing.

TRUE says no actual transaction found

Suphachai’s remarks followed an earlier clarification by TRUE, which said it had found no evidence of any actual transaction corresponding to the reported shareholding.

The company’s response added to market doubts over the filing, which had drawn attention because it appeared to show a stake of more than 7% in TRUE, worth nearly 30 billion baht if verified.

The case has since raised wider concerns among investors over how a filing of such scale could enter the regulatory disclosure system before the underlying transaction was confirmed.

Filing claimed stake of more than 7%

The controversy centres on a Form 246-2 report filed with the SEC on July 2, 2026.

The report stated that Supaporn had acquired shares in TRUE, bringing her total holding to more than 7% of the company.

Such a stake would normally be significant for investors, as Form 246-2 filings are used to monitor major changes in shareholdings of listed companies.

However, preliminary checks later found irregularities, with indications that Supaporn did not actually hold TRUE shares as reported.

SEC widens review into multiple filings

The SEC said it is urgently conducting an in-depth review of all facts surrounding the filer.

According to the regulator, the filer confirmed that she was the person who submitted information into the Form 246-2 reporting system.

However, the SEC said its examination found several inconsistencies across seven reports covering six securities submitted under the same filer’s name on June 30 and July 2.

The reported acquisitions were said to have taken place at different times since 2021, although they were only submitted on those two dates.

Regulator finds several irregularities

The SEC said the reports involved past acquisitions of securities by the filer herself and did not include any corresponding reports of securities disposals.

In checks on five securities, the SEC did not find the filer’s name in shareholder register records after the alleged acquisitions. One additional security remains under review.

The regulator also found reports involving some types of securities that issuers had never issued, as well as reported holding proportions that may not match information disclosed by listed companies.

Section 59 reports removed from system

The SEC also found that the same filer had submitted reports under Section 59, despite not being a director, executive or person required to report under that section.

As a result, the SEC removed the Section 59 reports from the system.

To warn investors, the SEC has also changed the status of the relevant Form 246-2 reports by adding the message “under verification”, making clear that the accuracy of the information is still being checked.

Disclosure system faces confidence test

The case has become more than a dispute over one reported TRUE stake.

For investors, it has raised questions about the reliability of market disclosures and the speed at which questionable filings can be detected, flagged and corrected.

Because major-shareholder reports can influence market perception, the disputed TRUE filing has become a test of confidence in Thailand’s capital-market disclosure system.

Until the SEC completes its investigation, the reported shareholding remains disputed and should be treated as unverified.

Ekniti orders urgent SEC investigation

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said at Government House on Wednesday that the Finance Ministry had instructed the SEC secretary-general to urgently investigate the shareholding report filed by Supaporn.

He said the regulator must handle the matter transparently because it affects investor confidence and also reflects on the SEC’s performance of its duties.

Ekniti’s intervention adds pressure on the SEC to clarify the facts quickly and restore confidence in the disclosure process.