Eleven securities companies sought help from the Economic Crime Suppression Division (ECD) police today (Wednesday) by investigating the unusual trading in shares in More Return Company (MORE) last week, costing them about 4.5 billion baht in settlement defaults.
MORE stock, worth about 7.1 billion baht, was traded, mostly through margin buying by a handful of investors, on November 10th, which was considered unusual. The buyers defaulted on the stocks trade settlements on Monday, when the Stock Exchange of Thailand (SET) suspended trading in MORE shares.
Pol Maj-Gen Putidet Boonkrapue, commander of the ECD, said he has been instructed by the commissioner of Central Investigation Bureau to look into the case.
A special investigation team has been set up on the order of the CIB Commissioner, Pol Lt-Gen Jirabhop Bhuridej.
MORE shares opened at 2.90 baht on November 10th. The shares were heavily traded throughout the day. At the end of the day more than 1.5 billion shares were traded and the share price dropped to 1.95 baht/share.
