Well then….just hot off the SEC presses. Now while I applaud the SEC for actually catching them, the fine’s are really pitiful when you consider that the this is the CHAIRMAN and VICE CHAIRMAN of one of the largest company’s in Thailand, front-running the entire investment community ahead of one of the largest M&A deals of the year. They should add an extra zero to ensure that these actions do not happen again. Anyways, see below for the rest parts of the statement and a link to the full statement.
The SEC Settlement Committee has imposed fines on (1) Korsak Chairasmisak, (2) Piyawat Titasattavorakul, (3) Pittaya Jearavisitkul, and (4) Athueck Asvanund at a total amount of 33,339,500 baht for using inside information to purchase shares of Siam Makro Public Company Limited (MAKRO), and (5) Somsak Chiarawisithkul and (6) Areeya Asvanund at a separate, equal amount of 333,333.33 baht for aiding and abetting in the aforesaid insider trading.
In this regard, 118,300 shares were purchased via the trading account of Korsak, and 5,000 shares via Piyawat’s trading account. In the case of Pittaya, 7,500 shares were purchase via his brother Somsak’s account. In the case of Athueck, 6,000 shares were purchased via his daughter Areeya’s account.