SEC advises AJD sanction

SEC advises AJD sanction

The Securities and Exchange Commission (SEC) has requested the Civil Court impose the highest civil sanction of a combined 2.3 billion baht against 40 individuals involved with insider trading of SET-listed Crown Tech Advance Plc (AJD).

AJD has since changed its name to AJ Advance Technology Plc (AJA).

The SEC will also report the matter to the Anti-Money Laundering Office for further proceedings.

The market regulator previously imposed a civil penalty on 40 wrongdoers for manipulating AJD shares, but they either failed to comply or did not acknowledge such penalty, said the SEC. As the offenders did not resolve the infractions, enforcement calls for the highest civil sanction worth 2.3 billion baht.

Based on information from the Stock Exchange of Thailand and the SEC's investigation, it found the trading volume of AJD shares between May 16, 2014 and Oct 8, 2014 was irregular based on market conditions, with the share price rising to 15 baht per share from 2.60 baht.

Former chief executive Amorn Meemano and 39 individuals colluded to manipulate AJD shares by using securities accounts of their own and others, 37 in total, to trade AJD shares among themselves for an extended period. Mr Amorn also provided information that attracted investment in AJD shares during the period.

AJA shares closed yesterday on the SET at 0.21 baht, down 3 satang, in trade worth 6.7 million baht.

Do you like the content of this article?
COMMENT