Thailand Indicts Phornprapha Heirs in MORE Stock Manipulation Case

Thailand has indicted members of the Phornprapha family in a high-profile Thailand stock manipulation case involving More Return Plc.

Prosecutors said Akapat “Kim” Phornprapha, Athipat Phornprapha and Orapin Phornprapha were charged over alleged coordinated trading that distorted MORE’s share price and volume between July and November 2022.

The court denied bail, citing the seriousness of the allegations, estimated investor losses of THB4.5bn (USD127m) and flight risk after the defendants missed a Jan 5 summons.

Thailand’s SEC filed the complaint in 2023 and investigators later sought arrest warrants.

The Phornprapha family is best known for pioneering Thailand’s automotive industry, including bringing Nissan to the country.