While we applaud the fact that the SEC does take action against insider trading, but 7 years later? Really? And only a fine of THB 27 mn despite the fact this is an egregious action against public investors. Anyways at least we know this is another company to put on the blacklist for investing in unless shareholders and management changes.
The Securities and Exchange Commission (SEC) has imposed a total fine of 26.66 million baht on the Leesawadtrakul family for manipulating the share price of Rich Asia Steel Plc.
An SEC press statement said Somdej Leesawadtrakul colluded with others in trading RICH shares through 15 related persons’ securities trading accounts to lure the public into the trading of shares between May 10 and July 31, 2007. The Stock Exchange of Thailand found irregular trading of RICH shares by a group of persons during the period.
Source: Bangkok Post