Dimension Stock – Further details on the case involving the SEC’s accusation of three EA directors, executives, and their associates for corruption, leading to a referral to the Department of Special Investigation (DSI) and the Anti-Money Laundering Office (AMLO).
1. Why is this a criminal case?
answer
This is considered a criminal case due to the nature of the accusation – corruption under Section 311. As a criminal offense, civil punishment measures cannot be applied.
2. Does the accusation in this case result in the accused being disqualified from being a director and executive of a listed company/securities company?
answer
The above accusations lead to the accused being classified as untrustworthy to serve as a director and executive of a securities issuing company and a listed company. Therefore, they are prohibited from holding these positions in any company with listed securities from the date of the accusation until the end of the accusation and prosecution period, according to SEC announcement no. Kor. 3/2560.
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SEC News No. 143/2567, “SEC accuses 3 EA directors and executives and associates to DSI for corruption, and forwards the case to AMLO.”
Securities Act
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SEC Accuses 3 EA Directors and Executives of Corruption
The Securities and Exchange Commission (SEC) has accused three directors and executives of EA, along with their associates, of corruption and forwarded the case to the Department of Special Investigation (DSI). The SEC has also referred the matter to the Anti-Money Laundering Office (AMLO). This move comes following an investigation by the SEC into allegations of corruption within EA.
Why is this a Criminal Case?
The SEC’s accusation once morest the three directors and executives is considered a criminal case because it falls under Section 311 of the Securities Act, which deals with corruption. This offense is punishable by law and cannot be addressed through civil sanctions.
Disqualification from Directorship and Executive Positions
Due to the accusations, the three individuals involved are classified as lacking trustworthiness in holding director and executive positions within a company issuing securities or a listed company. This means they are prohibited from serving in such roles from the day the accusation was made until the conclusion of the accusation and prosecution. This is in accordance with SEC Announcement No. Kor. 3/2560. This prohibition applies to both listed companies and those issuing securities.
SEC’s Actions
The SEC’s decision to refer the case to the DSI and AMLO reflects its commitment to ensuring transparency and accountability within the Thai capital market. The SEC’s investigation into EA highlights the importance of strong corporate governance and the need to hold individuals accountable for their actions.
Key Takeaways
- Serious Charges: The SEC’s accusations once morest the EA directors and executives are serious and carry significant legal consequences.
- Prohibition from Leadership Roles: The accused individuals are prohibited from holding director or executive positions within companies issuing securities or listed companies.
- Continuing Investigation: The DSI and AMLO will now investigate the accusations, and further actions will likely follow based on their findings.
- Importance of Governance: This case underscores the importance of strong corporate governance practices to prevent and address corruption within companies.
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Please Note: This article is based on publicly available information and should not be considered legal or financial advice. Please consult with qualified professionals for any legal or financial advice.
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