The Securities and Exchange Commission has imposed a fine of 2.7 million baht on an executive at True Corporation (True) for insider trading.
The commission said on Wednesday that the Stock Exchange of Thailand (SET) found Noppadol Dej-Udom committed offences for insider trading while serving as a deputy chief executive at True. Mr Noppadol had sold his shares in the company by using inside information.
According to the commission, Mr Noppadol had obtained inside information regarding the National Broadcasting and Telecommunication Commission (NBTC)’s resolution to order True Move Co, a subsidiary of True, to pay 3.38 billion baht to the regulator during the subscriber protection period and an arbitral tribunal’s order for True to pay a penalty totaling 94.47 billion baht plus interest to TOT over a breach of contract over ADSL high-speed internet service.
The two issues would affect the share prices of True. After learning the inside information, Mr Noppadol had sold 2 million shares in True on Sept 5, 2018 to avoid losses. The sale of his shares was made before TRUE disclosed the information at 7.25pm that day, said the commission.
His action over the sale of shares in True was deemed an offence for using inside information in violation of Sections, 242, 296 and 296/2 of the Securities Act of 1992.
The commission ordered Mr Noppadol to pay a civil fine of 2,705,470 baht and prohibited him from being an executive or executive director at listed companies or securities-issuing companies for 12 months.
