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Bangkok Post
Bangkok Post
Business

MORE shares dip after asset seizure request

Shares of More Return Plc (MORE) fell after the Anti-Money Laundering Office (Amlo) decided to confiscate 4.5 billion baht worth of assets from people involved in the company’s alleged fraudulent transactions in November last year.

The price of MORE shares on the Market for Alternative Investment declined for a third day in a row yesterday after Amlo acting secretary-general Theppasu Bavornchotidara said the agency asked prosecutors to file a court motion to confiscate the assets of Apimuk Bamrungwong, the fourth-largest shareholder of MORE, in addition to his group’s assets.

The filing alleges Mr Apimuk and his group committed fraudulent acts according to the Criminal Code, described as a "predicate offence" under Section 3 (18) of the Anti-Money Laundering Act of 1999.

Shares of MORE dropped by as much as 2.50%, or 1 satang, in morning trade yesterday to finish at 0.39 baht by midday, in trade worth 17 million baht.

Late last year, Amlo ordered brokers to freeze 34 items related to MORE and MORE-R stocks worth 5.37 billion baht, in the form of cash and other assets purchased with proceeds from sales of the two stocks.

The office cooperated with the Stock Exchange of Thailand (SET), the Securities and Exchange Commission and a securities trade association to investigate the case that prompted the SET to suspend trading of MORE shares between Nov 14-18 last year.

MORE, according to the company’s website, is involved in several business ventures, from selling pyrolusite water filters to energy-saving devices. Last December the company raised its registered capital through private placement by offering 300 million shares, or 4.39% of its shares, to chief executive Ummarit Klomchitcharoen for 132 million baht.

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