Thailand’s Securities and Exchange Commission (SEC) has reported potential anomalies regarding Form 246-2 shareholding disclosure filed by Supaporn Pimphong concerning True Corporation Public Company Limited (SET: TRUE).
Mr. Anek Yooyuen, Deputy Secretary-General and spokesperson for the SEC, stated that, in response to media inquiries, the SEC has been closely monitoring and investigating the matter since the initial report was received. Certain irregularities were observed in the accuracy of the disclosed information, prompting the SEC to flag Form 246-2 and issue a warning to investors on July 3, 2026.
The SEC is expediting its fact-finding process in accordance with relevant procedures. The Commission will review the information and seek clarifications from the relevant parties. Should any conduct be found in violation of laws or regulations, the SEC will take legal action accordingly.
TRUE issued a clarification to the Stock Exchange of Thailand (SET) on the morning of July 6, 2026, explaining the situation regarding the submission of Form 246-2 to the SEC on July 2, 2026. According to this report, an individual acquired approximately 3.1786% of ordinary shares and 0.0388% of preferred shares in TRUE, bringing the total shareholding to 3.2174%. This increased the reporting party’s aggregate shareholding to 7.0992%. However, the SEC website notes that this is preliminary data, which may be incomplete and/or subject to review.
TRUE also expressed that the information regarding the acquisition of preferred shares might be inaccurate, as the company has never offered preferred shares to the public and, currently, there are no preferred shares outstanding. The company communicated these facts to the SEC on the same day and was informed that the Commission would conduct further inquiries with the filer of Form 246-2 to verify the information.
TRUE confirmed that it is awaiting the result of the SEC’s review and will publish any material developments in accordance with regulatory requirements. Meanwhile, the company also assessed that this matter will not have a material impact on its business direction, management, or operational results.
On July 5, 2026, TRUE submitted a letter to the SEC regarding confusion created among investors and market participants after the disclosure of a significant investor holding over 7% of TRUE’s shares, thereby appearing as the sixth largest shareholder.
TRUE clarified to securities firms and institutional investors that doubts remain whether Supaporn Pimphong’s acquisition was genuine or resulted from an incorrect data submission. The company has escalated the case with the SEC to ensure clarity and maintain overall market confidence, emphasizing the importance of accurate information on substantial shareholders for investment decisions.
This incident has generated public questions about the SEC’s regulatory framework. Market sources note that Supaporn Pimphong has submitted shareholding/disposal reports involving at least six listed companies since 2018, including TRUE, KBANK, AAV, BBL, GLS, and MAJOR. There have been repeated concerns or disputes regarding the accuracy of these disclosures.
Some investors have questioned why effective systemic measures have not been implemented to prevent or limit the submission of potentially inaccurate information, given the recurrence over several years, while also calling for the SEC to publicly clarify its processes in each instance and explain why similar incidents continue to occur.
Observers believe this situation highlights the need to review the SEC’s information acceptance and disclosure system. Given the market-moving nature of Form 246-2, any data inaccuracies can affect investor decisions and erode market trust.
Financial market participants and legal experts have suggested several improvements, including the urgent need for the SEC to publicly outline their investigation procedures, timeframe, and law enforcement measures—especially should deliberate false reporting or collusion be found. Relentless prosecution and exemplary legal action are expected if evidence supports such findings.
Some noted that should investigations reveal conduct such as document forgery, submission of false information, entering false information into computer systems, or violations of other relevant laws, the SEC should cooperate with authorities such as the Cyber Crime Investigation Bureau (CCIB), Department of Special Investigation (DSI), or other competent agencies to investigate and prosecute all individuals involved.
Legal experts further observe that intentional submission of false information may constitute criminal, civil, and administrative offenses under the Securities and Exchange Act and related laws, subject to penalties as determined by the respective authorities based on the findings of their investigation.
In addition to law enforcement actions, experts recommend the SEC enhance its verification and disclosure system for Form 246-2, including implementing identity verification, reasonableness checks, anomaly detection systems, and temporarily withholding information under review to boost investor confidence and market integrity both domestically and internationally.
