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Bangkok, June 21, 2013 – The SEC revealed that the Settlement Committee imposed a fine of 500,000 baht on Harnrit Hansen for using inside information to sell shares of L.V. TECHNOLOGY Plc (LVT).
With the referral from the Stock Exchange of Thailand, the SEC probed into the case and found that Harnrit had sold 711,300 LVT shares in a trading account of a juristic person where he is an authorized director and holds 99.98 percent of its shares in the manner that taking an advantage over other investors due to the use of negative non-public information material to LVT share price. The said information was about LVT’s Q1/2010 operational results with 37.65 million baht of net loss, representing 84.74 million baht or 179.95 percent decrease from to 47.09 million baht of net profit in Q1/2009. When comparing to 22.12 million baht of net profit in Q4/2009, it posted 59.77 million baht or 270.21 percent decrease. The information was significantly different from the company’s previous records showing profit in every quarter during the past three years (2007-2009). Harnrit had access to this inside information by virtue of his position as a LVT director at that time.
Harnrit’s action was deemed the violation of Section 241 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) and thus liable to penalties under Section 296 of the said Act. As he agreed to enter the settlement procedure, the Settlement Committee imposed a fine on Harnrit in the amount of 500,000 baht.