The Criminal Court today rejected bail applications from three members of the prominent Phornprapha family after they were indicted on charges of share manipulation involving the listed company MORE Return (MORE), causing financial damage of more than 4.5 billion baht to several securities companies.
The three family members are Orapin, Atipat and Akapat Phornprapha.
They appeared in court today under arrest warrants for indictment after previously failing to appear as summoned.
Thiva Karnkrasang, the lawyer representing Orapin, Atipat and Ekapat, told the media that all three pleaded not guilty to the charges and vowed to fight the case in court.
He said they claimed to be ordinary investors whose investment portfolios were managed by their brokers, and that they had no knowledge of any fraudulent activities by individuals who persuaded them to invest in the company.
In total, 42 individuals, including the three Phornprapha family members, have been implicated in the alleged fraud and price manipulation of MORE shares.
The lawyer added that, if his three clients had actually been involved in illegal share trading, they would have made far greater profits than they did.
After the indictment, the court explained the legal procedures to the three defendants. Following their not-guilty pleas, each defendant offered a bail surety of five million baht and applied for bail.
The court rejected the bail applications and scheduled March 16 for a pre-trial hearing.
