SET officers went to brokerage offices on January 16 –January 18, 2006 to collect information on trading of IEC through January 13, which was the last day before the stock was suspended. Data analysis shows that 33 suspects appeared to be attempting to push the prices of IEC’s stocks up, by matching orders amongst themselves and driving up the closing prices. The SET presented its evidence and related documents to its Legal Committee on January 19, 2006.
The committee considered all evidence and documents, and determined that the trading conditions for this stock during the period under investigation, in terms of both price and volume, were abnormal and not in accordance with overall market conditions. The committee concluded that this abnormality was due to the trading behaviors of the connected and colluding suspects, was therefore regarded as price manipulation, and in violation of the Security and Exchange Act B.E. 2535. The committee resolved that the SET should submit the case to the Securities and Exchange Commission (SEC) for further action, which will be made on Monday January 23, 2006.
The SET will thus allow trading of IEC’s shares to resume on Monday January 23, 2006.