The Securities and Exchange Commission (SEC) has charged two Big Camera Corporation executives under a civil penalty for insider trading, with civil sanctions and return of total benefit worth 6.25 million baht.
According to the SEC, Thanasit Thienkanjanawong, then the managing director, Chitchai Thienkanjanawong, then a director, knew about a significant sale increase that occurred in 2015 and used this insider information to purchase company shares in their own accounts of 2.6 million and 3.858 million shares, respectively.
The transactions occurred before the company reported its net profit of 459.52 million baht on its financial statement made public via the Stock Exchange of Thailand on Feb 23, 2016.
The shares were purchased based on the fact that the price of securities had yet to be disclosed to the public, the SEC said. Such a move is deemed as taking advantage of other investors and is illegal under Section 241 of the Securities and Exchange Act of 1992, is liable for criminal penalties under Section 296 and Section 296/2, and is subject to civil penalties under Section 317/1, Section 317/4 and Section 317/5 of the Penal Code, Securities and Exchange Commission (No.5).
The SEC said the two offenders have breached the civil penalty and must comply with the following: Mr Thanasit must pay a civil sanction of 1.37 million baht and return 1.19 million baht worth of benefit, while Mr Chitchai must pay a civil sanction of 1.98 million baht and return benefit valued at 1.72 million baht.
The SEC will send the civil sanctions as revenue to the Finance Ministry after payment is made.
The commission also banned Mr Thanasit and Mr Chitchai from being directors or executives of listed companies or securities issuers for one year.
