Finance Ministry revokes Asia Wealth Securities licence for misusing client funds

Alex MorganPublished: 17:07, 02 June 2023| Updated: 17:31, 25 December 2023

653 1 minute read

Finance Ministry revokes Asia Wealth Securities licence for misusing client funds — Image via Facebook

Image via Facebook

The Ministry of Finance has withdrawn Asia Wealth Securities‘ (AWS) securities business license following a recommendation from the Securities and Exchange Commission (SEC) due to the unauthorised use of client funds.

The SEC discovered that on November 14, AWS had improperly utilised 154 million baht of clients’ funds to buy shares of More Return (MORE) from Thailand Clearing House without clients’ consent.

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According to the SEC, “AWS’s actions could cause serious harm to the public interest. The case was brought before the Capital Market Supervisory Board, which ordered AWS to return the misused money to clients and develop a protection system to prevent a recurrence of the problem within a specified period.”

On December 1, the SEC board found that AWS failed to follow the regulator’s instructions, particularly in preventing the unauthorised use of clients’ assets. Furthermore, this was not the first time AWS had committed such an offence, despite previous warnings from the SEC.

As a result, the Finance Ministry revoked AWS’s licences for securities brokerage, underwriting, borrowing, trading and lending of securities, and private fund management, effective from May 19, 2023, reports Bangkok Post.

AWS customers are advised to contact the company to reclaim their deposited assets. For further information or queries, customers and investors can reach out to the SEC via its public service centre by calling 1207, the SEC Office Facebook page, SEC Live Chat on its website, or emailing info@sec.or.th.

Meanwhile, the Thai stock market is suffering as the Stark Corporation is expected to default on payments for corporate bonds valued at nearly 9.2 billion bonds. During a bondholders’ meeting, the company announced to call default on two bond series worth 2.24 billion baht. The Stock Exchange of Thailand has allowed the shares of the company to be traded for a short time period from June 1 to 30. For more information about the story, click this LINK.

Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.