The Securities and Exchange Commission has ordered embattled More Return Plc (MORE) to clarify inconsistencies in information provided by its board on various issues, including the cost of an international concert it is organising.
In a statement released yesterday, the regulator said that information from MORE's board was "significantly inconsistent" with information disclosed in the company's invitation to a special shareholders' meeting earlier this year.
Inconsistencies were found regarding many issues, including the cost of organising the Rolling Loud hip-hop concert planned for next year. In the board's filing to the Stock Exchange of Thailand (SET) last week, the cost of the concert was estimated at 899 million baht, 36% higher than the figure used in the invitation to the shareholders' meeting.
The unclear information on the conditions of co-investment with partners in organising the concert, which states that MORE would be solely in charge of expenses in case its partners pull out, puts the company at risk of being sued by Rolling Loud USA. Such information is critical for MORE's shareholders as well as the opinion of the Independent Financial Advisors, the regulator said.
The SEC demanded MORE provide clarification within three business days, the statement added.
Authorities started regulatory and investigative actions against MORE after suspicious trading in the Market for Alternative Investment on Nov 10 and Nov 11.
Meanwhile, the Anti-Money Laundering Office ordered brokers to freeze for 90 days 34 items related to MORE and MORE-R stocks worth 5.37 billion baht, in the form of cash and other assets purchased with proceeds from sales of the two stocks.
Pol Gen Nutthasak Chaowanasai, deputy commissioner of the Central Investigation Bureau, said the bureau would order several suspects involved in unusual trading of MORE shares to testify along with those whose assets have been frozen.
