September 17, 2019 / 7:23 AM / a month ago

Thai telco boss resigns after insider trading fines, shares fall

BANGKOK, Sept 17 (Reuters) - Thai telecommunications magnate Pete Bodharamik has resigned from two companies after regulators fined him for insider trading, the companies said on Tuesday. Pete resigned from broadband provider Jasmine International Pcl and media firm Mono Technology Pcl, where he was chief executive and chairman of the board, respectively, the firms said. Pete and another executive were penalised for buying shares of Jasmine Telecom Systems Pcl before its 2016 third quarter results were released, which showed a profit for the first time since 2014, the Securities Exchange Commission of Thailand said on Monday.

“Pete was in a position to have this information that would impact share prices,” the SEC said.

Pete received 58.7 million baht ($1.92 million) in penalties and the other executive was fined a lesser amount.

Pete did not immediately reply to a Reuters email seeking comment. Shares of Jasmine International fell over 4% and JTS shares were down 3% in the morning trading session. ($1 = 30.5700 baht) (Reporting by Chayut Setboonsarng; editing by Darren Schuettler)

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