The Anti-Money Laundering Office (Amlo) plans to investigate two brokers in the More Return Plc (MORE) share transactions case for failing to comply with Amlo's instructions for reporting risky transactions.
Deputy secretary-general Ekarak Limsangkat said Amlo would inspect two brokers who did not comply with its regulations to report risky transactions.
The Association of Securities Companies informed all members starting on Nov 14 to review the stock trades of MORE and postpone related transactions. The two brokers being investigated did not comply.
Amlo said the two brokers must prepare reports, evidence and documents for its officials, who plan to visit them at the end of this week or early next week to check on their compliance with the guidelines.
As for the suspension of accounts suspected of involvement in fraudulent MORE share trades, he said Amlo informed account owners to present evidence to clarify whether they were involved.
"You have to prepare the documents. An official will consider whether the evidence indicates your involvement. If the evidence is clear, the office will cancel the suspension and refund the account owner. If the evidence is still vague and suspicious, the case will be filed with the court for legal enforcement," Mr Ekarak told a TV station on Thursday.
Amlo previously notified brokers to freeze 34 items related to MORE and MORE-R stocks worth 5.37 billion baht, in the form of cash and other assets bought from the sales of the two stocks. The freeze lasts for 90 days.
Meanwhile, MORE chief executive Ummarit Klomchitcharoen asked the Stock Exchange of Thailand (SET) to suspend trading of its shares. The price of the shares have plunged since it resumed trading on Monday.
The bourse attached the SP (suspension) sign on MORE stock, which is listed on the Market for Alternative Investment, from Nov 14-18 after it noticed unusual trades on Nov 10. The price has tumbled since Monday, sliding from 1.37 baht a piece before the suspension.
On Thursday, the stock opened at 0.34 baht, down from 0.48 baht a day earlier, and swung between 0.48 and 0.59 baht in the afternoon session.
"As the probe of unusual share transactions is ongoing, we have maintained contact with the SET and requested a suspension of trading because we are concerned the price could eventually slump to 0.01 baht per share. If so, many small shareholders would be adversely affected," said Mr Ummarit.