Charges dropped against ex-KTBST chair
In a statement released to the media and via his personal Facebook page, Mr Win said he had received an official notice from the ECD indicating that the case related to the trading of Thai Enger Holding (TIGER), originally filed by the SEC in September 2023, would not proceed to prosecution.
"Both the police and the public prosecutor unanimously agreed not to indict. This decision brings the matter to a final close," Mr Win said.
The SEC had accused Mr Win and three others -- Ratachai Teratanavat, Vijchu Chantatab, and Shanya Pengpunpat -- of colluding to manipulate the price and/or trading volume of TIGER shares over five trading days between Oct 24–29 and on Nov 13, 2018. The company is listed on the Market for Alternative Investment.
According to the SEC's original complaint, the group allegedly coordinated actions that resulted in artificially inflating the share price of TIGER above its initial public offering (IPO) level of 3.65 baht per share. The manipulation was said to have misled investors into believing that there was unusually high market demand for the stock.
The SEC cited violations under Sections 244/3 (1) and (2) of the Securities and Exchange Act B E 2535, in conjunction with Section 83 of the Penal Code, and Section 315 of the Securities Act, depending on the circumstances.
The SEC has so far not provided any response to a Bangkok Post request with regard to Mr Win's statement.
KTBST group, a Thai financial consultancy, along with its subsidiaries changed their name and logo to DAOL (Thailand), effective as of Aug 15, 2022.
In his Facebook post, Mr Win also expressed forgiveness towards those he claimed had wronged him during the ordeal, which he described as damaging to his reputation, career, and personal well-being.
"It has been two long years of loss and learning. Now I'm ready to move forward, find work again, and hopefully reclaim what was lost," he wrote.
The case garnered significant attention when the SEC referred the matter to the police late in 2023, marking one of the most high-profile stock manipulation investigations involving a former securities firm executive in the country over recent years.
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