The Securities and Exchange Commission, or SEC, announced that its Civil Sanction Consideration Committee has resolved to impose civil sanctions on three offenders for jointly creating the price or trading volume of shares of NCL International Logistics Public Company Limited, or NCL, between 21 June and 26 October 2023. The three offenders are Ms. Phattheera Homwilai, Mr. Pongthep Wichaikul, and Mr. Pornthap Wichaikul, who are linked both personally and financially. They used Ms. Phattheera's securities trading account to place buy and sell orders, and the funds used were found to have come from the bank deposit accounts of Mr. Pongthep and Mr. Pornthap. The SEC stated that such conduct constitutes an offence of jointly creating the price of securities under the Securities and Exchange Act B.E. 2535. The Committee therefore ordered all three to pay civil fines and reimburse the SEC's investigation expenses, amounting to 1,631,641.68 baht each, for a total of 4,894,925.04 baht. They are also prohibited from trading securities or derivatives for 8.5, 14, and 8.5 months respectively, and banned from serving as directors or executives of securities-issuing companies or securities companies for 17, 28, and 17 months respectively. These measures take effect from the date the offenders sign the acknowledgement of compliance with the civil sanctions. If they do not consent, the SEC will ask public prosecutors to file a case with the Civil Court to impose civil sanctions at the maximum rate prescribed by law, but not lower than the rate set by the Committee. The civil fines are state revenue remitted to the Ministry of Finance.
NCL International Logistics Public Company LimitedSEC imposed civil sanctions on three individuals for jointly manipulating NCL's share price and trading volume, a regulatory enforcement action tied directly to the company's stock.
