The Stock Exchange of Thailand (SET), in collaboration with the Anti-Money Laundering Office (AMLO), the Department of Special Investigation (DSI), the Central Investigation Bureau (CIB), and the Association of Thai Securities Companies (ASCO), today announced major developments regarding More Return pcl (MORE) stock litigation and strengthened collaboration for the Thai capital market.
SET President Asadej Kongsiri emphasized that the MORE lawsuit represents the emergence of increasingly elaborate violations with large-scale consequences for capital market stakeholders. Effective law enforcement against such violations requires dedicated coordination and collaboration among all relevant entities. Integrated approaches and collaboration between law enforcement agencies and capital market organizations have become more essential and indispensable than ever.
In addressing the MORE case, SET has taken comprehensive actions within its securities trading supervision authority while maintaining close coordination with all related law enforcement authorities throughout the legal procedures to facilitate investigation processes, evidence compilation and information exchange. In addition, SET has actively communicated relevant litigation updates to capital market stakeholders and investors to bolster their confidence in the Thai capital market.
“To prevent similar violations, SET has enhanced its supervisory measures through updated and tightened trading rules, including the Auto Pause mechanism for individual securities, the Minimum Resting Time, disclosure on securities pledged in margin accounts, and disclosure of the list of clients with improper trading practices to facilitate all member securities companies with improved risk management and timely prevention of improper trading practices,” added Asadej.
ASCO Chairman Pichet Sithi-Amnuai said that ASCO has served as another key agency facilitating effective coordination between regulatory authorities and the securities companies that sustained damages, from the initial phase of this fraudulent incident through to the evidence compilation for the filing of formal complaints. Over the past two years, the association has proposed various measures to regulatory authorities to mitigate risks and prevent similar incidents. A major initiative is the establishment of the Securities Data Exchange Platform (SDEP). The platform provides securities companies with a comprehensive risk overview of their clients, including industry-wide risk exposure data, credit facilities, collateral quality, debt obligations, and settlement records. This decentralized data exchange platform is expected to launch on February 1, 2026.
CIB Commissioner Pol. Lt. Gen. Jirabhop Bhuridej stated that MORE stock case is a sophisticated economic crime involving perpetrators with expert knowledge of capital market mechanisms who exploited electronic systems to facilitate their illegal activities. Their actions caused an undermining impact to the capital market and wide-scale financial harm to stakeholders. In handling this case, CIB deployed its specialized experts and worked closely with relevant entities, including SET, securities firms, SEC, AMLO, and DSI to implement immediate damage control measures. These coordinated efforts culminated in successful prosecution of 42 perpetrators, representing the highest number of defendants prosecuted in a single stock manipulation case, with asset seizures totaling THB 4.5 billion (approx. USD 137.65 million). This outcome underscores the effectiveness of stringent law enforcement and seamless inter-agency cooperation in deterring crimes and ensuring swift legal actions.
AMLO Secretary-General Theppasu Bavornchotidara highlighted the effectiveness of the inter-agency cooperation model in the MORE case, citing success in timely loss prevention and rapid asset recovery. The process for suspending suspicious activities was streamlined and expedited from 2-3 days to only one day, effectively disrupting the criminal cycle and suppressing economic crimes. This transparent, stringent, and systematic law enforcement contributes to strengthened confidence in the capital market. He also noted that the court has ordered the restitution of about THB 4.5 billion to the 10 affected brokerage companies. This court verdict underscores the critical importance of data integration and collaboration among relevant authorities in economic crime prevention and suppression, which will ultimately bolster the credibility and integrity of the Thai capital market in the long run.
DSI Director-General Police Major Yutthana Praedam stated that MORE stock case constituted a sophisticated economic crime where the perpetrators exploited their trading expertise and involvement in the brokerage industry, which afforded them intimate knowledge of trading procedures and enabled them to identify opportunities for fraudulent activities. The successful prosecution of this case is attributable to inter-agency collaboration and integrated approaches that have elevated standards in economic crime suppression.
These coordinated efforts resulted in effective damage control, limiting the losses sustained by these 10 securities companies to approximately THB 4.5 billion in sales proceeds payable to MORE stock sellers, most of whom were conspirators in this fraud. Civil proceedings have been instituted under anti-money laundering laws, seeking a court order for the forfeiture of assets to the state and their proportionate restitution to the aggrieved parties. Concurrent criminal charges have also been filed against the conspirators pursuant to the Criminal Code and anti-money laundering provisions. As a result of these interventions, the offenders have been prevented from obtaining the intended assets and may face severe criminal punishments.
