Post by account_disabled on Jan 1, 2024 2:50:43 GMT -5
The SEC ordered the suspension of approval of two personnel in the capital market business: (1) Mr. Supakorn Sunthornkit, Chief Executive Officer; Asia Wealth Asset Management Co., Ltd. for 3 years for neglecting to monitor and supervise the system for analyzing and selecting debt instruments to be offered for sale to customers. and there are actions that can be considered not taking into account the best interests of customers and (2) Mrs. Apirat Chairat, former managing director Wealth Management Division, 2 years, for failing to perform duties with responsibility and caution like a professional, failing to supervise the analysis and selection of debt instruments to be offered for sale to customers. The Securities and Exchange Commission (SEC) has inspected the operations of Asia Wealth Asset Management Company Limited, which operates the business of (1) bond brokerage (2) trading brokerage. Trade and distribute investment units (LBDU) and (3) manage private funds.
The investigation found serious flaws C Level Executive List in bond brokerage in the system of analyzing and selecting debt instruments to be offered for sale to customers. which is under the responsibility of 2 executives as follows (1) Mr. Supakorn Sunthornkit, the Chief Executive Officer who is the highest executive and chairman of the Wealth Committee, failed to supervise and monitor the operations of the Wealth Committee, which is responsible for analyzing and selecting debt instruments for sale. to customers But Mr. Supakorn did not consider important factors that show the issuer's ability to repay debt. In addition, in offering debt securities of the parent company which is considered a conflict of interest Mr. Supakorn did not supervise operations taking into account the best interests of customers, for example, did not analyze or have supporting documents as to whether the returns that the parent company paid to customers were appropriate or not.
Mrs. Apirat Chairat, former managing director who is the most responsible person in the wealth management department Its duty is to supervise the analysis and examination of the qualifications of debt issuers according to the criteria set by the company before presenting to the Wealth Committee. However, it was found that there were cases where the department under the supervision of Mrs. Apirat presented documents or information that were incomplete and inaccurate. Mrs. Apirat did not order any further action. Therefore, it can be considered that Mrs. Apirat did not perform her duties with responsibility, caution, and caution like a professional. The actions of the two individuals are considered to be prohibited from being personnel in the capital market business.
The investigation found serious flaws C Level Executive List in bond brokerage in the system of analyzing and selecting debt instruments to be offered for sale to customers. which is under the responsibility of 2 executives as follows (1) Mr. Supakorn Sunthornkit, the Chief Executive Officer who is the highest executive and chairman of the Wealth Committee, failed to supervise and monitor the operations of the Wealth Committee, which is responsible for analyzing and selecting debt instruments for sale. to customers But Mr. Supakorn did not consider important factors that show the issuer's ability to repay debt. In addition, in offering debt securities of the parent company which is considered a conflict of interest Mr. Supakorn did not supervise operations taking into account the best interests of customers, for example, did not analyze or have supporting documents as to whether the returns that the parent company paid to customers were appropriate or not.
Mrs. Apirat Chairat, former managing director who is the most responsible person in the wealth management department Its duty is to supervise the analysis and examination of the qualifications of debt issuers according to the criteria set by the company before presenting to the Wealth Committee. However, it was found that there were cases where the department under the supervision of Mrs. Apirat presented documents or information that were incomplete and inaccurate. Mrs. Apirat did not order any further action. Therefore, it can be considered that Mrs. Apirat did not perform her duties with responsibility, caution, and caution like a professional. The actions of the two individuals are considered to be prohibited from being personnel in the capital market business.