The Securities and Exchange Commission (SEC) has filed a criminal complaint against a heretofore unknown investor for allegedly submitting false disclosure forms claiming ownership and trading of billions of baht worth of shares in six listed companies.
The affected companies were True Corporation, Kasikornbank, Bangkok Bank, Major Cineplex, Asia Aviation and GJ Steel.
The SEC said Supaporn Phimpong submitted four false director shareholding reports (Form 59) and seven substantial-shareholder reports (Form 246-2) between June 27 and July 2.
The filings claimed stakes worth more than 100 billion baht, including a reported 7% in True Corp, but the regulator found she had never owned or traded the shares.
The SEC flagged the filings after they appeared on its disclosure system, marked them as preliminary on July 3, changed their status to “under verification” on July 7 and removed them from public view on July 8 after confirming the information was false.
On July 10, the SEC and the police Economic Crime Suppression Division verified Ms Supaporn’s identity and took her statement. Further investigation led to the filing of the criminal complaint on Friday.
The case has attracted widespread attention from market observers who have raised concerns about the self-declaration disclosure system, which allows investors to report significant acquisitions before regulators verify the information.
The discrepancies also gave rise to speculation that the reporting system itself could have been compromised, hacked or somehow manipulated by parties linked to “grey money”.
The SEC said the alleged conduct violates Section 302/1 of the Securities and Exchange Act. The case will now proceed through a police investigation, prosecution and court proceedings, it said.
- EXPLAINER : Self-reporting scandal prompts reform calls
