Prosecutors have formally recommended the indictment of the former CEO of More Return Plc and two others accused of manipulating trade in MORE shares the Stock Exchange of Thailand in 2022.
Named in the indictment are Amarit ‘Hia Mo’ Klomjitcharoen, the former More CEO; Puntarik Israngkul na Ayudhya, CEO of Global Service Center (GSC); and Sumnuek Kayawatkit, chairman of Tong Hua Group.
They are charged with colluding to artificially influence the price and trading volume of MORE securities, misleading the public and engaging in fraudulent activities. Charges include violations of the Securities and Exchange Act (Sections 244/3 and 244/5), as well as fraud, criminal association and gang-related offences.
The stock scandal involving MORE, a utility services, trading and entertainment holding company, occurred in 2022. It is a high-profile Thai capital market fraud case valued at 4.5 billion baht in damages and has been described as a coordinated ‘broker robbery’, highlighted by stock price manipulation, fraudulent trading and the failure of brokerage firms to be paid.
Mr Amarit and Ms Puntarik reported to prosecutors on Wednesday and were escorted discreetly into the Criminal Court to avoid media coverage. Mr Sumnuek is not due to report until May 21, pending a review of his petition to the National Anti-Corruption Commission (NACC) regarding fairness in the investigation.
If the charges are formally acknowledged, both defendants must submit bail requests for temporary release during trial. Should the court deny bail, they will be remanded to the Bangkok Remand Prison and the Central Women’s Correctional Institution, respectively.
The case is one of Thailand’s most closely watched financial scandals, with authorities insisting that legal proceedings will continue in accordance with due process.