Bangkok: The Securities and Exchange Commission (SEC) has initiated legal action against Yim Liak, accusing him of deferring the report of his MVP share sales beyond the 5% threshold, as stipulated by Form 246-2, for over three years. This development comes after Yim Liak's refusal to accept a settlement offer, prompting the case to be advanced to the Economic Crime Suppression Division for further legal proceedings.
According to Thai News Agency, the SEC lodged a complaint against Mr. Yim Leak, also known as Mr. Yim, with the Economic Crime Suppression Division (ECSD). The complaint pertains to his violation of the Securities Acquisition and Disposal Report (Form 246-2) by neglecting to report the sale of ordinary shares of M Vision Public Company Limited (MVP) beyond the 5% threshold of the company's total voting rights, following the deadline imposed by the Capital Market Supervisory Board. This breach is a contravention of Section 246, punishable under Section 298 of the Securities and Exchange Act B.E. 2535 (1992).
On April 25, 2022, Mr. Yim sold his MVP ordinary shares, thereby reducing his ownership stake to below the 5% threshold of the company's total voting rights. Consequently, Mr. Yim was obligated to report this transaction to the SEC using Form 246-2 within three business days, specifically by April 28, 2022. Nevertheless, Mr. Yim delayed this submission until October 15, 2025, constituting a late filing of Form 246-2. The SEC's investigation verified Mr. Yim's legitimate ownership of the securities, leading to his reporting.
The offense committed by Mr. Yim is punishable under Section 298 of the Securities and Exchange Act and offers the possibility of settlement through a compromise by the Compromise Committee, as appointed by the Minister under Section 317 of the Securities and Exchange Act. Despite being notified by the SEC of his alleged violations and the opportunity for compromise, Mr. Yim declined to cooperate, precluding any potential settlement under Section 317. Consequently, the SEC has referred the case to the Economic Crime Suppression Division for legal proceedings.
Mr. Anek Yoo-yin, Deputy Secretary-General and spokesperson of the SEC, acknowledged that Mr. Yim had reported the matter earlier, albeit the report dated October 15, 2025, was influenced by the SEC's investigation. The SEC intends to pursue further investigations and expand the case, possibly leading to additional charges.
Following the SEC's indictment, the criminal enforcement process will involve investigations by police officers, prosecution by the public prosecutor, and a court trial. The SEC has committed to monitoring the case's progress and cooperating fully with relevant agencies to support law enforcement under the Securities and Exchange Act throughout the process after the indictment.