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Thai tycoon resigns from Bangkok Dusit, Bangkok Airways after regulator's order

[BANGKOK] Thai tycoon Prasert Prasarttong-osoth resigned on Monday as CEO of Bangkok Dusit Medical Services and Bangkok Airways after the regulator barred him from holding executive positions in listed Thai firms citing share manipulation.

Dr Prasert also stepped down as chairman of Bangkok Dusit, Thailand's largest hospital network, and vice chairman of Bangkok Airways, the companies said in separate statements.

Late on Friday, the Securities and Exchange Commission of Thailand said Dr Prasert, his daughter Poramaporn and another executive Narumon Chainaknan executed and matched trading in Bangkok Airways shares between Nov 2015 and Jan 2016 that caused price and volume to be inconsistent with market conditions.

They were fined 499.45 million baht (S$21.28 million) and barred from holding directorships and executive positions in listed companies. Ms Poramaporn, chief operating officer at Bangkok Dusit, and Mrs Narumon, executive secretary to the CEO of Bangkok Airways, also resigned from their positions on Monday.

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The accused will "prove their innocence in the matter", the companies said.

Currently, Dr Prasert holds 18.4 per cent of Bangkok Dusit and nearly 6 per cent in Bangkok Airways, while Ms Poramaporn, has a 6.49 per cent stake in the boutique airline, according to Refinitiv data.

Bangkok Airways shares fell more than 5 per cent while Bangkok Dusit slid 7 per cent on Monday morning.

REUTERS