Criminal complaint filed in share-reporting case

Thailand's Securities and Exchange Commission has filed a criminal complaint against an investor named Supaporn Phimpong for allegedly submitting false share ownership and trading reports involving six major listed companies.

According to the Bangkok Post, the filings claimed stakes worth more than 100 billion baht across True Corporation, Kasikornbank, Bangkok Bank, Major Cineplex, Asia Aviation and GJ Steel. This included a reported 7% stake in True Corporation. The SEC confirmed that Ms Supaporn had never actually owned or traded any of the shares in question.

The false filings were submitted between June 27 and July 2, consisting of four director shareholding reports and seven substantial-shareholder reports. The SEC flagged the discrepancies after they appeared on its disclosure system, marked them as preliminary on July 3, placed them under verification on July 7, and removed them from public view on July 8 after confirming the information was false.

On July 10, the SEC and the police Economic Crime Suppression Division verified the individual's identity and took her statement. The criminal complaint was subsequently filed, with the case now set to proceed through police investigation, prosecution and court proceedings. The alleged conduct is said to violate Section 302/1 of the Securities and Exchange Act.

The case has drawn significant attention because it highlights a vulnerability in Thailand's self-declaration disclosure system, which allows investors to report significant share acquisitions before regulators verify the information. The incident has prompted questions about whether the system could be manipulated, hacked or exploited by parties linked to what observers have described as grey money.

For businesses, investors and expats operating in Thailand, this case is a reminder that regulatory compliance and transparency in securities dealings are taken seriously by Thai authorities, and that even procedural or disclosure-related violations can carry serious legal consequences.

If you have questions about securities regulations, corporate compliance or how Thai law may affect your investments or business structure, SLF Legal is here to help. Our team in Koh Samui provides clear, practical legal guidance for the international community in Thailand.

Visit us at slf-legal.com or send us a message to arrange a consultation.