False Reports Shake Thai Stock Market Confidence

Thai investors and listed companies were thrown into confusion on June 30 and July 2, 2025, when an unidentified woman named Supaport Pimpongse filed seven securities acquisition and disposal reports (Form 246-2) with the Securities and Exchange Commission (SEC) covering six major Thai stocks: Kasikornbank Public Company Limited, Bangkok Bank Public Company Limited, Asia Aviation Public Company Limited, Major Cineplex Group Public Company Limited, GJ Steel Public Company Limited, and True Corporation Public Company Limited. These acquisitions reportedly spanned from 2024 onwards but were only reported in the two days mentioned.

True Corporation's case drew particular scrutiny when reports claimed Supaport had purchased shares worth 30 billion baht, securing a 7% stake as a major shareholder. Questions immediately arose about her identity, background, and financial capacity to make such a massive investment. On July 6, 2025, True Corporation issued a clarification stating that the data on the SEC website was under review because some securities listed did not actually exist, and denied ever offering preferred shares to the general public. True Corporation Chairman Supchai Chearavanont called the reports "fake news" and directed the media to seek clarification from the SEC.

True's denial severely damaged confidence in Thailand's capital market, raising widespread concerns about whether the SEC's systems for receiving and publishing investment-related information have adequate verification procedures and investor protections against misleading data. Deputy Prime Minister and Finance Minister Ekniti Nititharnprasertsak ordered the SEC to urgently clarify the facts and communicate transparently to the public to restore investor confidence. The Stock Exchange of Thailand's board chairman and managing director Assdech Kongsiri pledged to coordinate with the SEC and listed companies to support the investigation and provide investors with accurate and timely information.

On July 9, 2025, SEC Secretary-General Pranong Butsratakul and her team held a press conference confirming they have continuously monitored and investigated the case without delay or neglect. She explained that the seven reports covering six securities were acquisitions made over different periods beginning in 2024. When the SEC detected irregularities, it marked the data as "preliminary information" on July 3. On July 7, the status was changed to "under verification" due to inconsistencies, and following confirmation from the relevant listed companies on July 8, the SEC identified the data as inaccurate and took it down from the system.