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BANGKOK (Reuters) – Thai magnate Prasert Prasarttong-osoth resigned on Monday as CEO of Bangkok's Dusit Medical Services (BDMS.BK) and Bangkok Airways (BA.BK) after the regulator banned him from holding management positions in publicly traded Thai companies, citing stock manipulation.
Prasert has also resigned as president of Bangkok Dusit, Thailand's largest hospital network, and vice president of Bangkok Airways, the two companies said in separate statements.
On Friday evening, the Securities and Exchange Commission of Thailand announced that Prasert, his daughter Poramabad and another officer, Narumon Chainaknan, had executed and reconciled trades on Bangkok Airways shares between November 2015 and January 2016, which made the price and volume inconsistent with market conditions.
They were fined 499.45 million baht ($ 15.75 million) and unable to hold positions of management and direction in listed companies. Poramabad, chief executive of Bangkok Dusit, and Narumon, executive secretary of the managing director of Bangkok Airways, also resigned Monday.
The defendants will "prove their innocence," said the two companies.
Currently, Prasert holds 18.4% of Bangkok Dusit and nearly 6% of Bangkok Airways, while Poramabad holds 6.49% of the capital of the luxury airline, according to data from Refinitiv.
Shares of Bangkok Airways fell by more than 5% while those of Bangkok Dusit fell by 7% Monday morning.
Report by Chayut Setboonsarng; Edited by Muralikumar Anantharaman
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