ECD and SEC crack down on money laundering case, issuing arrest warrants for 7 individuals linked to BCP, VGI, and MFC share purchases
The Central Investigation Bureau (CIB), through the Economic Crime Suppression Division (ECD), in collaboration with the Anti-Money Laundering Office (AMLO) and the Securities and Exchange Commission (SEC), announced the results of the "Breaking the Epic Cross-Border Money Laundering Network" operation. Following investigations, it was discovered that a network of Thai and foreign individuals used foreign legal entities and funds as nominees to hold shares in order to conceal the true beneficiaries in the acquisition of newly issued shares of VGI Public Company Limited (VGI). This constituted an evasion of the duty to report the acquisition of securities and to make a tender offer under the law.
Regarding the legal proceedings, the ECD has initiated legal actions against a total of 7 suspects:
Mr. Ben (last name withheld), aged 48
Mr. Yim (last name withheld), aged 40
Ms. Katreya (last name withheld), aged 40
Ms. Suparat (last name withheld), aged 45
Mr. Eugene (last name withheld), aged 48
Mr. Koping (last name withheld), aged 42
Mr. Natthakon (last name withheld), aged 40
Prof. Dr. Pornanong Budsaratragoon, Secretary-General of the SEC, revealed that since 2024, the SEC has received information and begun monitoring cases where individuals or capital groups may be involved in holding shares in large listed companies, potentially violating the Securities and Exchange Act B.E. 2535 (1992).
This case stems from the issuance of newly issued shares via Private Placement (PP) by VGI, in which three foreign funds were allotted shares. The SEC investigated the shareholding structure and ultimate beneficial owners through cooperation with foreign regulatory agencies.
The investigation revealed that the three investors shared sources of funds, and the Ultimate Beneficial Owners (UBOs) of the investor group were interconnected, qualifying them as "Acting in Concert" under the Capital Market Supervisory Board Notification No. TorChor. 7/2552.
When combining the shareholding proportions of all three investors, it was found that they held more than 25% of the total voting rights of VGI. However, the investors and ultimate beneficial owners failed to report the acquisition of securities as persons acting in concert, failed to make a tender offer for all securities of the business, and provided incorrect and false information.
Such actions constitute a violation of Sections 246 and 247 of the Securities and Exchange Act B.E. 2535 (1992), carrying penalties under Section 298, as well as offenses under Section 281/10 of the same Act.
For the financial trail investigation, the SEC utilized cooperation mechanisms under the International Organization of Securities Commissions Multilateral Memorandum of Understanding (IOSCO EMMoU) to request information from foreign regulatory agencies. This was combined with evidence gathered by the ECD from domestic investigations, enabling the analysis of multi-layered, complex shareholding structures and the identification of ultimate beneficial owners hiding behind registered shareholders.
สรุปข่าว
The Central Investigation Bureau (CIB), through the Economic Crime Suppression Division (ECD), in collaboration with the Anti-Money Laundering Office (AMLO) and the Securities and Exchange Commission (SEC), announced the results of the "Breaking the Epic Cross-Border Money Laundering Network" operation. Following investigations, it was discovered that a network of Thai and foreign individuals used foreign legal entities and funds as nominees to hold shares in order to conceal the true beneficiaries in the acquisition of newly issued shares of VGI Public Company Limited (VGI). This constituted an evasion of the duty to report the acquisition of securities and to make a tender offer under the law.
Regarding the legal proceedings, the ECD has initiated legal actions against a total of 7 suspects:
Mr. Ben (last name withheld), aged 48
Mr. Yim (last name withheld), aged 40
Ms. Katreya (last name withheld), aged 40
Ms. Suparat (last name withheld), aged 45
Mr. Eugene (last name withheld), aged 48
Mr. Koping (last name withheld), aged 42
Mr. Natthakon (last name withheld), aged 40
Prof. Dr. Pornanong Budsaratragoon, Secretary-General of the SEC, revealed that since 2024, the SEC has received information and begun monitoring cases where individuals or capital groups may be involved in holding shares in large listed companies, potentially violating the Securities and Exchange Act B.E. 2535 (1992).
This case stems from the issuance of newly issued shares via Private Placement (PP) by VGI, in which three foreign funds were allotted shares. The SEC investigated the shareholding structure and ultimate beneficial owners through cooperation with foreign regulatory agencies.
The investigation revealed that the three investors shared sources of funds, and the Ultimate Beneficial Owners (UBOs) of the investor group were interconnected, qualifying them as "Acting in Concert" under the Capital Market Supervisory Board Notification No. TorChor. 7/2552.
When combining the shareholding proportions of all three investors, it was found that they held more than 25% of the total voting rights of VGI. However, the investors and ultimate beneficial owners failed to report the acquisition of securities as persons acting in concert, failed to make a tender offer for all securities of the business, and provided incorrect and false information.
Such actions constitute a violation of Sections 246 and 247 of the Securities and Exchange Act B.E. 2535 (1992), carrying penalties under Section 298, as well as offenses under Section 281/10 of the same Act.
For the financial trail investigation, the SEC utilized cooperation mechanisms under the International Organization of Securities Commissions Multilateral Memorandum of Understanding (IOSCO EMMoU) to request information from foreign regulatory agencies. This was combined with evidence gathered by the ECD from domestic investigations, enabling the analysis of multi-layered, complex shareholding structures and the identification of ultimate beneficial owners hiding behind registered shareholders.
Mr. Kamonsit Wongbutnoi, Deputy Secretary-General of the Anti-Money Laundering Office (AMLO), revealed that AMLO has seized and frozen assets consisting of shares in three listed companies on the Stock Exchange of Thailand: VGI Public Company Limited (VGI), Bangchak Corporation Public Company Limited (BCP), and MFC Asset Management Public Company Limited (MFC).
This action was based on the financial trail of proceeds from illegal activities, which were transferred abroad through various processes before being reinvested in the Thai capital market. Consequently, the shares related to these financial trails were seized and frozen, with the predicate offenses involving fraud and public fraud.
Prof. Dr. Pornanong added that the freezing of these shares targets assets related to the financial trails of the investigated network. She emphasized that the three listed companies are not involved in the wrongdoing, and securities trading continues as normal. Other shareholders can trade shares as usual because the freezing order applies only to shares deemed related to the offenses.
In addition, the ECD and the SEC raided four target locations to gather further evidence. The SEC is currently examining the roles of other potentially involved individuals and will strictly enforce the law against anyone found to have committed wrongdoing.
The SEC stated that the duty to report the acquisition of securities and to make a tender offer is a crucial mechanism for protecting retail shareholders, enabling them to know the true shareholders and persons with control over the business, as well as providing a fair opportunity to sell shares when a change of control occurs.
The use of nominees, whether individuals, legal entities, or foreign funds, to hold shares in order to conceal the true owners is an action that undermines confidence in the capital market. The SEC will continue to cooperate with domestic law enforcement agencies and foreign regulators to prevent the use of cross-border shareholding structures to evade the law.
These legal proceedings are still ongoing within the legal process, and the suspects are presumed innocent until a final court judgment is rendered.
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