B26m fine for Rich Asia manipulation

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.

Sittichai Leesawadtrakul, Ladda Leesawadtrakul and Usanee Onchay are identified as helping Mr Somdej to violate the Securities and Exchange Act B.E. 2535 (1992).

As they all agreed to enter the settlement procedure, the Settlement Committee imposed a fine on Mr Somdej in the amount of 25, 66 million baht and a fine of 333,333.33 baht each on Mr Sittichai, Ms Ladda and Ms Usanee.

Share your thoughts

Discussion 1 : 23/01/2014 at 02:19 AM
This fine probably isn't big enough, but its good to see the SEC being vigilant. This Leesawadtrakul family not only duped investors, but in a more general way damaged the integrity of the Exchange and the country by extension. Its too bad mega crooks like these people only have to pay fines that they can probably afford rather than the jail time a petty thief would get.
Discussion 2 : 23/01/2014 at 01:29 AM
How much profit did the family make on manipulating the share price??? 26 million baht seems to be a fraction ...
Discussion 3 : 22/01/2014 at 09:34 PM
It is this greed and lack of ethics that motivates the people to go on the streets in Bangkok and other cities. For the family Leesawadtrakul, a fine of 26,66 million Baht just means 1 Ferrari less in the garage. At the same time, Thai people have a minimum salary of 300 Baht a day.

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