The Securities and Exchange Commission of Thailand (SEC) has imposed civil penalties on Chamroen Phothiyod, a former Director-General of the Treasury Department, for insider trading. Chamroen was fined a total of 2,622,557 baht and barred from serving as a director or executive in any listed or securities firm for 12 months.
The investigation revealed that Chamroen, while serving as a board member of Bangchak Corporation Public Company Limited (BCP), had access to confidential information about BCP's plan to acquire Esso (Thailand) Public Company Limited (ESSO). On December 22, 2022, prior to BCP's public announcement of the acquisition on January 12, 2023, Chamroen purchased 300,000 shares of BCP, profiting from the subsequent rise in stock value after the disclosure.
Chamroen's actions violated Sections 242(1) and 243(1) of the Securities and Exchange Act B.E. 2535 (1992), with applicable penalties under Sections 296 and 296/2 of the Act, as amended.
The SEC's Civil Sanctions Committee (CSC) ordered Chamroen to pay a fine equal to his financial gain, cover investigation costs, and accept a 12-month suspension from executive roles in listed firms. If Chamroen fails to comply, the SEC will pursue a civil lawsuit to enforce maximum penalties.
Funds recovered from the fine will be allocated to Thailand's Ministry of Finance.