Bangkok: The Securities and Exchange Commission (SEC) has initiated a civil lawsuit against 13 individuals, accusing them of manipulating shares of MAX, EIC, NEWS, and NEWS-W5.

According to Thai News Agency, the SEC has called on prosecutors to pursue charges against these 13 individuals, seeking civil penalties amounting to 202 million baht. This decision follows the resolution of the Civil Penalty Consideration Committee (CPSC) to impose civil penalties on the offenders, which include notable figures such as Mr. Yanyong Inthrasongkhroh, Mr. Ekwich Kamolthepa, and Ms. Woranan Lertkultham, among others.

The allegations pertain to the manipulation of securities for Max Metal Corporation Public Company Limited (MAX), Electronics Industry Public Company Limited (EIC), News Network Corporation Public Company Limited (NEWS), and the warrants for NEWS (NEWS-W5). The civil fines initially calculated for these offenses amount to 155,092,540 baht.

The individuals involved have declined to comply with the SEC’s civil penalty measures. Consequently, the SEC has taken steps to escalate the matter by requesting the public prosecutor to file a civil lawsuit in the Civil Court. The SEC is asking for the imposition of civil penalties, including a total fine of 202,022,012 baht plus interest, as per the maximum rate allowed by law.

Furthermore, the SEC has forwarded the case to the Anti-Money Laundering Office (AMLO) to evaluate and possibly take action under its jurisdiction, given that the alleged securities trading offense is considered a fundamental violation under the Anti-Money Laundering Act of 1999.