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.

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