Thailand's Securities and Exchange Commission (SEC) is considering legal action against private investor Supaporn Pimphong over alleged irregularities in seven share acquisition disclosures related to six listed firms, Bloomberg News reported Wednesday.

The inconsistencies include a reported 7.1% stake in telecommunications firm True Corp. (BKK:TRUE), worth about 32 billion baht, the report said.

The regulator said the filings may contain false or misleading information and found discrepancies between the reported holdings and company records. The SEC said the disclosure reports, covering share acquisitions dating back to 2021 and earlier, were submitted only on June 30 and July 2, according to the report.

True Corp. said Supaporn's filing incorrectly referred to preferred shares, which the company said it has never issued. Under Thai law, filing false or misleading information or skipping material facts is punishable by up to a year in prison and a fine of up to 100,000 baht, it said.

The SEC and True Corp. did not immediately respond to MT Newswires' request for a comment.

Shares of True Corporation rose nearly 1% in recent trade.

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