(Bloomberg) -- Thai telecommunications tycoon Pete Bodharamik, whose shareholdings are worth more than $1 billion, resigned his positions at two listed firms after being fined $1.9 million for insider trading.
Pete quit as chief executive officer of Jasmine International Pcl, one of the top Thai broadband providers, and as chairman of broadcaster Mono Technology Pcl, stock market filings showed Tuesday.
The Thai Securities & Exchange Commission said in a statement it imposed a civil sanction of 59 million baht ($1.9 million) on Pete. The regulator said Pete used inside information in Jasmine Telecom Systems Pcl for illicit trading. Jasmine International is the top shareholder in Jasmine Telecom Systems.
Pete couldn’t immediately be reached for comment. Jasmine International slumped as much as 6.9%, the most since July 23. It later pared some of the losses and slid 4.6% as of 2:47 p.m. in Bangkok. Mono Technology was down 1.4%.
The SEC’s action is the second against a wealthy tycoon this year. In January, it banned billionaire Prasert Prasarttong-Osoth -- founder of hospital operator Bangkok Dusit Medical Services Pcl -- from taking director and executive positions at listed firms for share-price manipulation.
The SEC fined Pete 32.7 million baht for the insider trading and ordered him to repay a profit of 26.1 million baht that resulted from the transaction, according to the statement.
The penalties make him ineligible to take director and executive positions at publicly traded companies, it said.
Pete owns just over 56% of Jasmine International and 64% of Mono Technology, according to both firms’ websites. The combined of the shareholdings is about $1.04 billion at current share prices.
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