Headline: Corruption’ in IPO case
Ref: THE NATION Issued date 18 November 2016
The Securities and Exchange Commission (SEC) has filed a case against Chupong Tanasettakorn, managing director for investment banking at Country Group Securities, accusing him of corruption.
The move followed the SEC’s investigation of Takuni Group’s and CCN-Tech’s initial public offerings in late 2014. It was found that Chupong, then an executive at Country Group Securities, which was the underwriter for the IPOs, breached the Securities and Exchange Act that prohibits sales or allocation of securities to directors, executives and those relevant to the underwriter of the securities.