The Securities and Exchange Commission (SEC) has imposed a civil sanction and ordered reimbursement of 59.1 million baht for two persons for insider trading of SET-listed Jasmine Telecom Systems Plc (JTS).
Based on information from the Stock Exchange of Thailand and the SEC's investigation, it found Pete Bodharamik, chief executive and director at Jasmine International Plc (JAS), and Krikrai Tribunyatkul (not employed in either company) used Mr Krikrai's securities account to purchase JTS shares between Sept 29, 2016 and Oct 12, 2016.
That period was before the company released its third-quarter financial statements that year.
JTS reported a profit of 21.39 million baht in the third quarter of 2016, a huge recovery considering it previously registered consecutive net losses since 2014.
The profit came from JTS hiring Triple T Broadband Plc (TTTBB), where Mr Pete is chairman of the board, for work projects.
JAS holds 32.8% of the shares in JTS, while JAS holds 99% of shares in TTTBB through Acumen Co Ltd.