The Securities and Exchange Commission (SEC) has imposed fines on ousted prime minister Thaksin Shinawatra’s sister Monthathip and her husband for insider trading of shares in M Link Asia Corporation.
“As they agreed to enter the settlement procedure, the Settlement Committee therefore imposed a fine of 7.86 million baht on Mrs Monthathip and 1.81 million baht on Somchai Kovitcharoenkul,” the securities watchdog said yesterday in a press release.
The SEC found that Mrs Monthathip in 2011 sold 29 million M Link shares based on advance knowledge of M Link’s 316-million-baht loss in the second quarter of that year.
In addition, Mr Somchai sold 7.03 million M Link shares using inside information obtained during his directorship at M Link.
Their actions were subject to sanctions under the Securities and Exchange Act of 1992.
M Link, a handset and mobile accessories vendor, was founded by Mrs Monthathip and Yaowapa Wongsawat, both sisters of Thaksin.
MLINK shares closed yesterday on the Stock Exchange of Thailand at 2.84 baht, up six satang, in trade worth 5.9 million baht.