Pete agrees to SEC civil sanction

Pete agrees to SEC civil sanction

Pete: Accepts fines worth B58.8m
Pete: Accepts fines worth B58.8m

Telecom tycoon Pete Bodharamik has accepted a civil sanction for insider trading imposed by the Securities and Exchange Commission (SEC) worth 58.77 million baht.

Of the total amount, 32.65 million is a civil fine, with the rest reimbursement for wrongdoing.

Mr Pete complied with the SEC's civil sanction on Oct 2, according to the SEC website. The case will go to the Civil Court if the two offenders decide to deny the charges.

The civil sanction sum has been submitted to the Finance Ministry, said SEC secretary-general Ruenvadee Suwanmongkol.

On Sept 16, the market regulator 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 SET and the SEC's investigation, it found Pete Bodharamik, then-chief executive and director at Jasmine International Plc (JAS), and Krikrai Tribunyatkul (not employed by either company) used Mr Krikrai's securities account to purchase JTS shares between Sept 29 and Oct 12, 2016. That period was before the company released its third-quarter financial statement 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.

Shortly afterward, Mr Pete resigned as chief executive of JAS and media conglomerate Mono Technology. An executive of a brokerage who asked to remain anonymous said Mr Pete is expected to still "dominate the decision-making process through his nominee".


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