Financial Crime World

Thai Union’s Founder and Executives Slapped with Insider Trading Sanctions by Thailand’s SEC

In a major corporate scandal, the Thailand Securities and Exchange Commission (SEC) announced civil sanctions against nine individuals, including the founder and chairman of Thai Union, for engaging in insider trading of the company’s stocks.

Background

  • Thai Union, a Bangkok-based seafood giant
  • Founded by Kraisorn Chansiri in 1977
  • Sales: USD 4.2 billion (EUR 3.8 billion)
  • Net profit: USD 200 million (EUR 181.2 million) in 2020
  • Publicly traded on the Stock Exchange of Thailand

Insider Trading Scandal

The SEC investigation revealed insider trading occurred between October and November 2017, before the public release of Thai Union’s Q3 2017 performance. The individuals had obtained advanced information about the significant profit increase and bought Thai Union shares.

  • Kraisorn Chansiri, Thai Union’s founder and chairman
  • Chuan Tangchansiri, Thai Union Executive Director
  • Chan Hon Kit, executive director of Thai Union subsidiary Songkla Canning
  • Family members involved, including Kraisorn Chansiri’s son, Disphol Chansiri

Sanctions Imposed

  • Kraisorn Chansiri: fined THB 3.4 million, reimburse investigation expenses, banned from serving as a director or executive for 14 months
  • Chuan Tangchansiri: fined THB 1.7 million, banned from serving as a director or executive for 14 months
  • Chan Hon Kit: pay THB 2.4 million, face a 12-month ban from serving as an executive or director of a publicly-traded company or affiliate
  • Family members: fined between THB 550,000 and THB 2.1 million, barred from serving as directors or executives for between nine and 12 months

Thai Union’s Response

  • Company acknowledged the sanctions
  • Operations unaffected, further investigation ongoing
  • Press release from Thiraphon Chansiri, Thai Union’s President and CEO, and Kraisorn Chansiri’s son
"Thai Union Group Public Company Limited acknowledges the announcement of the Securities and Exchange Commission regarding the imposing of civil sanctions on insider trading of TU shares on its website today. The company is in the process of further investigation to ensure compliance with all relevant laws and regulations, including corporate governance principles,"

Photo and Contact Information

Thai Union Photo

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