Chai Sophonpanich fined for misconduct
Play
The Securities and Exchange Commission today slapped the Bt500,000 fine on Chai Sophonpanich, chairman of Bangkok Insurance (BKI), for disclosing inside information.
In a statement, the SEC said that in 2014, Chai, as chairman and executive chairman of BKI, proposed extra dividend payment for the 2013 operating performance. He then shared the information with other persons who bought BKI shares before the information was disclosed to the public on February 28.
Chai's misconduct was in violation of the securities laws. Given that his benefit from this was lower than Bt500,000, he was fined at the minimum amount of Bt500,000.
The SEC also viewed Chai is disqualified as a director of Bangkok Life Assurance. He is suspended from sitting in the company's board for three years, starting from March 17. He is also barred from joining other securities and derivatives companies during the period.
