Bangkok--Jul 1--SET
SET Executive Vice President Mr. Suthichai Chitvanich disclosed that: “The SET’s Sub-committee for the Consideration of Offenses Relating to, and Punishment for, the Charging of Brokerage or Agent Fees for the Buying and Selling of Listed Securities has ruled that Adkinson Securities Pcl. has violated the SET’s rules and procedures for collecting brokerage or agent fees and the SET regulations on good corporate governance of members as follows:
The company gave five marketing officers credit for customers whose accounts they did not service, resulting in their receiving compensation in excess of that permitted by the SET’s regulations. In addition, two of them passed on their compensations to their manager and another marketing officer.
Additionally, the company breached the SET’s rules concerning salary payments for marketing officers and failed to submit reports on a bonus payment as well as the change in its analysts as stipulated by the SET rules.
The SET EVP reported, “By virtue of Articles 18, 25, 27 and 28 of the Rules and Procedures for Collecting Brokerage or Agent Fees and Good Corporate Governance of Members, dated January 11, 2002, the Sub-committee resolved to fine the Company THB900,000 (approx. USD22,500).
“In addition to the fine, the company is also required to place the manager and three of the marketing officers involved on probation. The six executives of the company as well as the three marketing officers involved shall also be compelled to strictly comply with the SET’s regulations in the future.”
The SET has already informed Adkinson Securities Pcl. about these resolutions. The company acknowledged the results and does not wish to appeal. Adkinson Securities Pcl. has confirmed that its policies are to operate strictly in compliance with the SET’s regulations and stated that these violations were operational errors. The Company assured the SET that it will further require its management and compliance unit to more strictly oversee the company’s operations so as to keep them better in line with the SEC’s (Securities and Exchange Commission) and SET’s rules and regulations.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.