Clarification on impact of the SEC’s criminal complaint on directorship and executive position
Bangkok, May 11, 2012 - Following news relating to the SEC’s criminal complaints recently filed against certain persons that raised question whether the complaints would impact those persons’ directorship or executive position, SEC Deputy Secretary-General Vasant Thienhom clarified that “Under the Securities and Exchange Act B.E. 2535, any person against whom the SEC files criminal complaint on the specified offences; for instance, market manipulation, insider trading or dishonest act shall be deemed to have untrustworthy characteristics and shall be vacated from his or her directorship or executive position, as the case may be.”
In addition, the Department of Business Development, Ministry of Commerce has issued the Notification directing public limited company that has been informed by the SEC that its director must be vacated from directorship due to the above mentioned cause to submit the registration for change of its director within 14 days. Failure to do so is deemed in violation of the Public Limited Company Act B.E. 2535.