For­mer BBC pres­i­dent gets an­other 20 years

Krirkkiat or­dered to pay over B3bn in fines

Bangkok Post - - National -

The for­mer pres­i­dent of Bangkok Bank of Com­merce, Krirkkiat Jalichan­dra, has been sen­tenced to a fur­ther 20 years in prison for em­bez­zle­ment.

This lat­est con­vic­tion means Krirkkiat has been sen­tenced to a com­bined 130 years in prison for em­bez­zle­ment in­volv­ing the col­lapsed bank.

The Crim­i­nal Court yes­ter­day also or­dered him to pay more than 3 bil­lion baht in fines.

The court ruled Krirkkiat had ap­proved a bil­lion baht loan to Profit Or­ange Co be­tween Oct 6, 1994, and March 4, 1996, de­spite there be­ing no guar­an­tee the money would be re­paid.

Profit Or­ange had reg­is­tered cap­i­tal of just 10,000 baht. It placed 19 land plots cov­er­ing 462 rai in Sa Kaeo prov­ince as col­lat­eral but the land had no busi­ness po­ten­tial as the plots were un­der high-volt­age elec­tric­ity lines.

Two de­fen­dants, Amer­i­can Stan­dard Ap­praisal Co and its manag­ing di­rec­tor Pairote Suengsilp, as­sessed the value of the land at 832 mil­lion baht, 10 times its ac­tual value.

Krirkkiat was found guilty of vi­o­lat­ing the Bank of Thai­land or­der re­quir­ing him to seek ap­proval from the BBC board be­fore ap­prov­ing any loan for more than 30 mil­lion baht.

He also failed to ex­am­ine the re­pay­ment po­ten­tial of the bor­rower de­spite a warn­ing from the cen­tral bank.

The dam­age Krirkkiat caused the bank was es­ti­mated at 1.57 bil­lion baht.

Yes­ter­day the court sen­tenced him to 20 years and im­posed a fine of 3.13 bil­lion baht.

Amer­i­can Stan­dard Ap­praisal was fined 2 bil­lion baht, and Pairote sen­tenced to 10 years and or­dered to pay a fine of 2 bil­lion baht.

The court also or­dered Krirkkiat, Amer­i­can Stan­dard Ap­praisal and Pairote to re­turn the 1.57 bil­lion baht to BBC cred­i­tors.

Two other de­fen­dants, for­mer BBC vice-pres­i­dent Ekachai Athikhom­nan­tha and for­mer BBC fi­nan­cial man­age­ment and in­vest­ment bank­ing di­rec­tor Wan­chai Thamthi­ti­wat, were found not guilty of in­volve­ment in ap­prov­ing the loan. The prose­cu­tion did not al­lege they ben­e­fited from the loan.

Yes­ter­day’s rul­ing was the eighth em­bez­zle­ment con­vic­tion for Krirkkiat.

The Bangkok South Crim­i­nal Court sen­tenced him to 30 years in jail and fined him 3.2 bil­lion baht on three other loan-re­lated em­bez­zle­ment charges that caused BBC losses of 9 bil­lion baht. The Crim­i­nal Court also sen­tenced him to an 80-year term in prison and fined him US$472 mil­lion and 4.3 bil­lion baht, and de­manded he re­pay BBC 767 mil­lion baht in con­nec­tion with four other em­bez­zle­ment cases.

Krirkkiat’s com­bined fines amount to US$472 mil­lion and over 10 bil­lion baht, and he has been or­dered to re­pay 2.33 bil­lion baht to BBC.

Krirkkiat was re­leased yes­ter­day on 4 mil­lion baht bail while Pairote was re­leased on 2 mil­lion baht bail pend­ing their ap­peals.

Krirkkiat Jalichan­dra, for­mer pres­i­dent of the col­lapsed Bangkok Bank of Com­merce, ar­rives at the Crim­i­nal Court yes­ter­day.

Newspapers in English

Newspapers from Thailand

© PressReader. All rights reserved.