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.
The price of MORE shares on the Market for Alternative Investment declined for a third day in a row yesterday after Amlo acting secretary-general Theppasu Bavornchotidara said the agency asked prosecutors to file a court motion to confiscate the assets of Apimuk Bamrungwong, the fourth-largest shareholder of MORE, in addition to his group’s assets.
The filing alleges Mr Apimuk and his group committed fraudulent acts according to the Criminal Code, described as a "predicate offence" under Section 3 (18) of the Anti-Money Laundering Act of 1999.
