(July 8): Thailand’s market regulator is considering legal action against an investor over inconsistencies in seven disclosure reports linked to six listed companies, including a nearly US$1 billion (RM4.07 billion) acquisition of shares in telecom giant True Corp.
Share acquisition reports by investor Supaporn Pimphong may contain false information, according to a statement issued by the Securities and Exchange Commission (SEC) late Tuesday. It didn’t specify which companies the reports were connected to.
“I have instructed the SEC secretary general to expedite the review of the shareholding disclosures involving Supaporn,” Finance Minister Ekniti Nitithanprapas told reporters Wednesday. “The matter must be handled transparently because it affects investor confidence and also the credibility of the SEC.”
While acquisition disclosure reports for the listed companies date back to 2021 and earlier, they were only submitted to the regulator on June 30 and July 2, the SEC said.
Supaporn’s purchase of a more than 7% stake in True Corp — which would make her one of the company’s largest shareholders — triggered the probe, the regulator has said.
Supaporn purchased True Corp shares in several transactions. The latest was June 15, when she acquired an additional 3.9% stake to raise her total holding in the company to 7.1%, according to her July 2 filing.
Supaporn acquired preferred shares through an international broker, she said in last week’s filing. Her investment in True Corp now would be worth about 32 billion baht (US$960 million or RM3.91 billion).
True Corp, however, said in a statement Monday some details in Supaporn’s filing appear to be inaccurate. The company has never issued preferred shares to the public and doesn’t have any outstanding, it said. The company notified the SEC of the discrepancy, it said.
Bloomberg wasn’t able to obtain contact details for Supaporn and SEC representatives also weren’t immediately able to assist.
The investigation found Supaporn’s name did not appear on company shareholder registrations after the reported share acquisition dates for five of the six securities, the SEC said. The sixth case is still being reviewed. Reported holdings in some companies appeared inconsistent with information disclosed by the companies, it said.
Supaporn told the regulator she personally submitted her disclosures through its reporting system, according to the statement.
Filing false or misleading information, or omitting material facts, could result in a prison sentence of as much as one year and a fine of up to 100,000 baht.
True Corp, Thailand’s No 2 mobile provider, is backed by Charoen Pokphand Group, one of the nation’s biggest conglomerates. The company’s shares gained as much as 0.8% in intraday trading, extending its rally this year to 20%.
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