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Ummarit Klomchitcharoen, president and chief executive of More Return (MORE), on Monday informed the Stock Exchange of Thailand (SET) of his resignation after being accused of manipulating the company's share price, along with 17 others, in November last year.
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.
2023 should be the first time in three years Thailand can fully return to normal practices after Covid-19 was downgraded to endemic in October 2022. Yet busineses still need to stay alert to several obstacles on the horizon.
The Association of Securities Companies (Asco) and its members have proposed the Securities and Exchange Commission (SEC) adjust the regulations regarding stock manipulation in the aftermath of the More Return Plc (MORE) scandal.
The Anti-Money Laundering Office (Amlo) has impounded the assets of suspects in the irregular trading of MORE Return Plc shares.