SECTION 87 Any director, manager, officer, employee, agent or person appointed to manage a trust damages, destroys, causes depreciation in value or render useless any trust property shall be liable to imprisonment for a term not exceeding ten years or a fine not exceeding two million baht, or both.

SECTION 88 Any director, manager, officer, employee, agent or person appointed to manage trust property commits, or permits another to perform, the following acts:
(1) damage, destroy, alter, abridge or falsify accounts, documents or evidence relating to management of a trust;
(2) make false entries or fail to enter any material statements into accounting sheets or documents relating to management of a trust;
(3) keep incomplete, incorrect, out-of-date or inaccurate accounts; or
(4) certify the correctness and completeness of the statement made under Section 26, which is false.

If the actions under the first paragraph are done or permitted to be done to deceitfully deprive a trustee or beneficiaries of their rightful benefits or to deceive any person, shall be liable to imprisonment for a term not exceeding ten years or a fine not exceeding two million baht, or both.

SECTION 89 Any person who causes other persons to commit offences under Section 80, Section 81, Section 82, Section 83, Section 84, Section 85, Section 86, Section 87 or Section 88 whether by way of instruction, force, threat, employment, aiding or abetting, or by any other means, shall be liable to the penalties as provided in such provisions.

SECTION 90 Any person who does any act to assist or facilitate other persons to commit offences under Section 80, Section 81, Section 82, Section 83, Section 84, Section 85, Section 86, Section 87 or Section 88, whether before or at the time of the commission of the offences, and even though the person committing the offences is not aware of such assistance or facilitation, shall be liable to the penalties as provided in such provisions.

SECTION 91 In performing the audit work on the account of a trustee, either as the appointed auditor of a trustee or as a person allowed to conduct the audit work of trustee, if the auditor discovers any suspicious circumstance that any director, manager, officer, employee, agent or person appointed to manage trust property has committed an offence under Section 85, Section 86, Section 87, or Section 88, the auditor shall notify the SEC Office of the circumstance of such offence.

Any auditor who contravenes or fails to comply with the first paragraph shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one hundred thousand baht, or both.

SECTION 92 Any person, who learns of the information of another person in the execution of his power or the performance of his duty under this Act which is confidential information or which should not be disclosed under normal circumstances and discloses such information to another person, shall be liable to imprisonment for a term not
exceeding one year or a fine not exceeding one hundred thousand baht, or both.

The provision of the first paragraph shall not apply to disclosure in the following cases:
(1) disclosure in the execution of his power or the performance of his duty;
(2) disclosure for the purpose of investigation or trial;
(3) disclosure relating to the commission of offences under this Act;
(4) disclosure for the purpose of rectifying the condition or operation of a trustee;
(5) disclosure to an auditor of a person approved to undertake trust business;
(6) disclosure to the authority or the related domestic and international agency as approved by the SEC Office;
(7) disclosure upon written consent from the person who is the owner of such information or the person who has the power to disclose.

Any person, who learns of the information by means of disclosure under subsection (1), (2), (3), (4), (5), (6) and (7) of the second paragraph which is confidential information or which should not be disclosed under normal circumstances and discloses such information to another person, shall be liable to the penalties as provided in the first paragraph, unless it is the disclosure under the second paragraph.

Division 3
Statute of Limitation and Settlement Committee

SECTION 93 The statute of limitation of any offences under this Division which is subject to the administrative sanctions shall be expired, should there be no administrative sanction order within one year from the date when the competent officer determines that such offences have been committed or within five years from the date of commission of such offence.

SECTION 94 For the offences under Section 78, the first paragraph of Section 80, the first paragraph of Section 81, Section 84 and the second paragraph of Section 91 which do not severely affect a trust, or of which the affected beneficiary is satisfied with the remedy provided by the wrongdoer, the Settlement Committee appointed by the Minister under the Securities and Exchange Act shall have the power to settle such offences in accordance
with the rules as specified in the notification of the SEC.

When a case has been settled by the Settlement Committee and the alleged person has paid the fine as determined by the Settlement Committee within the period of time so specified, the right to bring a criminal lawsuit on ground of such offences against such alleged person shall be ceased.

Countersigned by:
General Surayuth Julanont
Prime Minister

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