Bangkok Airways CEO resigns, according to reports

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Bangkok Airways chief executive officer (CEO) Prasert Prasarttong-Osoth has reportedly resigned according to reports – just as the Thailand-based carrier grew its fleet to 40 aircraft.

The Bangkok Post said he has left his positions following official sanctions that he was involved in a conspiracy to manipulate company stock and to in order to fight this allegation.

Along with being CEO, Prasarttong-Osoth was also a director, vice chairman, chairman of the executive management committee. Narumon Chainaknan, executive secretary to the chief executive’s office, has also stepped down.

The Securities Exchange Commission (SEC) claim that Prasarttong-Osoth, his daughter Poramaporn Prasarttong-Osoth, and Chainaknan conspired to manipulate the company’s shares through order matching from 13 November 2015 to 12 January 2016.

The SEC has imposed a fine of Bt499 million ($15.7 million). In addition, Thai security laws requires that they vacate their positions.

Bangkok Airways said in a statement that the three individuals protest the allegations and will “prove their innocence in this matter through the justice system.”

This comes as the carrier took delivery of its Airbus A319 as the 40th aircraft to its fleet at Bangkok Suvarnabhumi Airport.

This aircraft type consists of 144 economy class seats and will be served popular domestic and international routes such as Chiang Mai, Phuket, Samui, Krabi, Myanmar (Yangon, Mandalay), Cambodia (Siem Reap, Phnom Penh), India (Mumbai) and Vietnam (Danang). This includes the city of Cam Ranh which is the airline’s latest route starting 25 January.

Currently, Bangkok Airways’ fleet consists of 4 ATR 72-500s, 11 ATR 72-600s, 16 Airbus A319s and 9 Airbus A320s.