Date
11 November 2019
The securities regulator said Prasert Prasarttong-osoth, his daughter and another executive executed and matched trading in Bangkok Airways shares that caused price and volume to be inconsistent with market conditions. Photo: Bloomberg
The securities regulator said Prasert Prasarttong-osoth, his daughter and another executive executed and matched trading in Bangkok Airways shares that caused price and volume to be inconsistent with market conditions. Photo: Bloomberg

Thai tycoon quits listed firms on regulator’s order

Thai tycoon Prasert Prasarttong-osoth resigned on Monday as chief executive of Bangkok Dusit Medical Services and Bangkok Airways after the securities regulator barred him from holding executive positions in listed Thai firms, citing share manipulation, Reuters reports. 

Prasert also stepped down as chairman of Bangkok Dusit, Thailand’s largest hospital network, and vice chairman of Bangkok Airways, the companies said in separate statements.

Late on Friday, the Securities and Exchange Commission of Thailand said Prasert, his daughter Poramaporn and another executive Narumon Chainaknan executed and matched trading in Bangkok Airways shares between November 2015 and January 2016 that caused price and volume to be inconsistent with market conditions.

They were fined 499.45 million baht (US$15.75 million) and barred from holding directorships and executive positions in listed companies.

Poramaporn, chief operating officer at Bangkok Dusit, and Narumon, executive secretary to the CEO of Bangkok Airways, also resigned from their positions on Monday.

The accused will “prove their innocence in the matter”, the companies said.

Currently, Prasert holds 18.4 percent of Bangkok Dusit and nearly 6 percent in Bangkok Airways, while Poramaporn, has a 6.49 percent stake in the boutique airline, according to Refinitiv data.

Bangkok Airways shares fell more than 5 percent while Bangkok Dusit slid 7 percent on Monday morning.

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CG