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Thailand fines top executives at CP All, True Corp for insider trading

Thailand’s market regulator said on Wednesday it had fined top executives at two of the country’s biggest firms a total of almost USD1 million for insider trading.

The chairman and two vice chairmen of Thailand’s largest convenience store operator CP All Pcl and a vice chairman of telecommunication firm True Corporation Pcl were fined for buying shares in another company based on information that was not public and potentially market-moving, the Securities and Exchange Commission (SEC) said.

CP All, run by Thailand’s richest man Dhanin Chearavanont, operates 7-Eleven stores in Thailand. Dhanin’s agribusiness conglomerate CP Group owns a majority stake in True.

All the fines were related to share purchases in Siam Makro Pcl in 2013, the SEC said in a statement. The purchases took place when CP All was negotiating the purchase of SHV Netherland B.V.’s 64.35 percent stake in Makro for THB787 (USD22) a share. That was significantly higher than the market price, which meant CP All was required to offer to buy all Makro shares at the same price, according to the SEC.

(Source: Jakarta Globe )

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