The Securities and Exchange Commission (SEC) has decided to slap a 499.95 million baht fine on billionaire businessman Dr Prasert Prasarttong-Osoth, his daughter Ms Paramaporn and another woman, Mrs Narumon Jainaknan after they were faulted for shares manipulation.

A well-informed source said that SEC conducted further investigation after it received information from the Stock Exchange of Thailand (SET) accusing the trio of manipulating the shares of Bangkok Airways during November 13, 2015 and January 12, 2016 by means of selling and buying the shares on continuous basis in a way which caused misunderstanding among members of the public about the value and quantity of the traded shares, resulting in market distortion.

After the probe, the SEC ruled the trio guilty of violating Section 243 (1) (2), Section 244, Section 296 and Section 317/4 (1) of the Securities and Exchange Act.

The source said that the committee considering civil punishment instructed SEC to demand fine, amounting to 499.95 million baht, failing that the SEC will take the case to the public prosecutors to file a civil lawsuit against them.

On top of that, the source said that the trio would be disqualified from holding executive posts or being board members of registered companies.

Dr Prasert is founder and owner of Bangkok Dusit Medical Services, Thailand’s largest private health care group, and also owner of regional airline, Bangkok Airways.  In August last year, Forbes magazine estimated his net worth at US$3.5 billion.

He is president and CEO of Bangkok Dusit Medical Services and CEO and vice chairman of Bangkok Airways.