By Anuchit Nguyen, Bloomberg – Jan 20, 2019 1:15 pm
Bangkok Airways Pcl Chief Executive Officer Prasert Prasarttong-Osoth has been banned from holding director and executive positions in listed companies in Thailand for manipulating the share price of the airline.
Civil sanctions have been imposed on Prasert and his daughter, Poramaporn Prasarttong-Osoth, the chief operating officer at Bangkok Dusit Medical Services Pcl, as well as Narumon Chainaknan, the executive secretary in the CEO’s office at Bangkok Airways, the Securities & Exchange Commission said in statement on its website dated Friday.
They have been ordered to pay a fine of 499 million baht ($15.7 million) for “concealing their trading activities” in Bangkok Airways’ shares to mislead the public regarding the carrier’s stock price and volumes, the Thai regulator said. The transactions took place between November 2015 and January 2016, it said.
Prasert is also the chief executive officer of Bangkok Dusit Medical, the nation’s biggest private hospital operator. He owns an 18.5 percent stake in the medical company valued at $2.1 billion, making him its biggest shareholder, according to data compiled by Bloomberg. He also owns 10.8 percent of Bangkok Airways.
Nobody picked up calls to the investor relations departments of Bangkok Airways and Bangkok Dusit on Saturday.
Thai regulators have stepped up oversight of executives at listed firms.
The SEC will forward the proposed fines to public prosecutors to seek court orders for payment if Prasert and the other two people refuse to comply, it said in the statement.
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Prasert Prasarttong-Osoth, is a billionaire businessman, owner in addition to the Bangkok Airways airline, who was banned from holding certain positions in companies listed on the stock exchange in Thailand, for having manipulated certain percentages and the share price of the airline.
He and his daughter were fined to pay, for hiding information about their business activities, altering information to passengers and the public regarding the prices and volume of the carrier’s actions.
Thai regulators have increased the supervision of executives in listed companies, to avoid certain inconveniences in the future, will monitor the activities to which several companies are dedicated.
- Monitoring and supervision of certain companies will be carried out to avoid manipulation of prices, percentages of their commercial activities as well as their actions.
- It was possible to identify the alterations made by Prasert Prasarttong-osoth, and he was also fined due to the aggravation of the situation.
- This evaluation also allowed to know the people involved and in the same way to sanction them for the mishandling of the information, preventing similar problems from recurring.
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