MORE case turns decisive as court jails key defendants after indictment

One of Thailand’s most closely watched capital-market cases has entered a decisive new stage, with special case prosecutors formally filing charges against two principal suspects in the MORE stock scandal and the Criminal Court subsequently refusing them bail.

The case, which has drawn intense scrutiny across the market, centres on alleged stock-price manipulation and organised fraud linked to More Return Plc (MORE). Prosecutors had already been preparing to move the matter into court, but the latest developments mark a major turning point: the prosecution is no longer pending, but is now firmly in the judicial process.

According to the Office of the Attorney General’s special case prosecution arm, the two key defendants now before the court are Amrit Klomjitcharoen, chief executive of More Return Plc, and Puntaree Isarankura-Na-Ayudhya, chief executive of Global Service Center Plc (GSC). Prosecutors filed the case with the Criminal Court on April 22, 2026, in a move that formally pushed the case into trial proceedings.

The allegations are serious and wide-ranging. Prosecutors accuse the pair of jointly creating a false impression of trading conditions in MORE shares by manipulating price or trading volume in a way that allegedly misled the market about genuine buying and selling activity, distorting the share price from normal conditions.

They also face fraud charges, along with accusations under securities law including offences described as criminal association and participation in an organised criminal group.

The broader MORE case has been described as one of the most damaging stock-manipulation cases in Thailand’s market history, with losses to investors estimated at more than 4.5 billion baht. Reports said the Attorney General had ordered charges against 42 suspects in total. Of those, 32 had already been brought to court earlier, while several others remained outstanding, with some reported to have fled and arrest warrants having been sought.

After the court accepted the latest case, both Amrit and Puntaree filed requests for temporary release with financial security. The court rejected both applications and issued detention orders.

In Amrit’s case, the court said he was allegedly among those involved in planning and directing the share-trading strategy used to create misleading signals on price and trading volume. The court said the alleged conduct had affected the economic system and undermined confidence in Thailand’s capital market, making the case severe in nature. It also found a risk of flight. As for his reported health issues, the court said he could receive treatment under Department of Corrections regulations, and that this was not sufficient grounds for temporary release.

For Puntaree, the court pointed to what it described as her close relationship with Amrit and the investigation’s findings that she was part of the group involved in planning the share trades. The court also referred to extensive communications and financial trails linking the parties, saying this placed her among the case’s key actors. Given the seriousness of the allegations, the court said there were reasonable grounds to believe she, too, could flee if released.

The prosecution of the two follows months of delay in the case’s final charging stage. Earlier reports said three major suspects in the MORE case had repeatedly postponed appointments to hear the prosecution decision, with the Attorney General eventually setting April 22 as a firm deadline. That effectively shut the door on further delay in the case against the remaining high-profile suspects.

Attention is now also turning to another important defendant, Sommanuk Kayawatkit, Chairman of the Board of Directors of Tong Hua Public Company Limited (TH). His case has been deferred to May 21, 2026, after he filed a fairness petition through the National Anti-Corruption Commission, seeking further investigative review. Prosecutors said that issue remains under consideration, leaving his next step in the case still pending.