The Supreme Administrative Court has upheld the lower court's ruling to revoke the order by the Securities and Exchange Commission, or SEC, that suspended Ms. Chayanee Pokhanngern, an executive of Kingsford Securities, now renamed Beyond Securities, from serving as a capital market professional. The court ruled that the order was unlawful. The verdict, delivered on September 15 at 2:00 p.m., ends the legal battle in case number 643/2563, which has dragged on for 10 years, marking the first case in which a private party sued the SEC and won a final and conclusive judgment. Earlier, the Central Administrative Court had ruled to revoke the penalty order back in 2563, but the SEC appealed to the Supreme Administrative Court, arguing that its order was lawful. The case stemmed from the SEC's penalty suspending Ms. Chayanee from duty for one year over statements she made regarding the purchase of BFIT Securities, or BSEC, which was later acquired by Malaysia's OSK in 2554. Ms. Chayanee said this case would serve as an important lesson for the SEC to review its internal processes to ensure transparency, fairness, and accountability, and that to date she has never received any apology from the SEC even though the case has reached its final conclusion.
Beyond Securities PCLSupreme Administrative Court upheld revocation of the SEC penalty against its executive Chayanee Pokhanngern, ending a 10-year legal battle in the company's favor.
