Brokers urge action against mastermind behind MORE share trading irregularities
The Economic Crime Suppression Division (ECD) has vowed to track down the mastermind behind the manipulation of shares of More Return Pcl (MORE) after 11 affected brokers on Wednesday submitted an appeal to investigate irregularities in the company’s share trading.
The Stock Exchange of Thailand (SET) on Monday suspended trading in MORE stocks until Friday after it noticed irregular trading practices. The company is engaged in selling pyrolusite water filters, among other businesses.
According to the SET, the irregularities were spotted on November 10 when trading in MORE stocks rose to more than 7.14 billion baht – the highest in both the SET and MAI (Market for Alternative Investment), before the share value hit the floor at 1.95 baht from 2.9 baht a share, shocking investors.
MORE stocks continued to drop the following day until they hit 1.34 baht per share.
On Wednesday, representatives of 11 security broker companies met with ECD chief Pol Maj-General Puttidej Bunkrapue, urging the agency to investigate MORE. The brokers also demanded legal action against the company and related parties for possibly violating SET regulations.
Puttidej said the ECD will interview each plaintiff individually as well as gather information from other witnesses and evidence to track down the party behind the incident.
“The investigation may take some times as there are several documents that officials need to go through in detail,” he added.