& 18 others get lengthy prison sentences & 10 billion baht fine,
for corrupt loan practices. Ruling on Thaksin waiting for
his return.
BANKING
Bankers
get 18 years in prison, no Thaksin ruling until
return to Thailand
26/08/2015
CORRUPT LOAN
While
Thaksin Shinawatra was serving as Prime Minister in
2003 and 2004, the
government-owned Krung Thai bank
approved more than 9.9 billion baht in loans to companies
owned by real estate developer Krisdamahanakorn
(Krisda Mahanakorn companies or
KMC).
These
large loans were
extended
even though the company
was already listed with the bank as a non-performing
debtor
with non-performing
loans
(NPLs).
The loan was extended
for refinancing and land acquisition,
but the court found the loan was used for personal purposes.
BANK EXECUTIVES GET 18 YEARS IN PRISON
The president of the bank at the time was Viroj Nuankae, 68,
and the chairman of the board was Suchai Jaovisidha.
Both bank executives were sentenced to 18 years in prison by
the Supreme Court's Criminal Division for Holders of Political
Positions yesterday.
Executives of a state-owned bank are considered
to be officials
of the state.
Krung Thai bank was owned by the government
and as a state enterprise was vulnerable to being used by corrupt
politicians
for their personal gain.
An additional 18 people involved with the loans were also
given lengthy prison sentences.
Lower level credit
officers
(loan officers) working for the bank as well as executives
of
Krisda Mahanakorn companies who received loans also
received prison terms of 12 years each.
The
convicted
were also ordered to pay compensation of
more
than 10 billion baht to the bank.
In the past, the banker Viroj was also vice chairman of the
Phatra Thanakit finance company
which suffered financial
problems after the 1997 crisis and was later honorary
chairman of Phatra Securities (See here).
As late as 2008, Viroj looked poised for a comeback using his
political connections in the Pheua Thai Party (see here).
He was even the subject of a book: Viroj Nuankae: the formula
of success in the business crisis (see here).
HISTORY OF LEGAL CASE
The case was initially investigated by the Office of the Attorney
General (OAG), the National Anti-Corruption Commission
(NACC) and the Assets Scrutiny Committee (ASC) set up after
the 2006 coup.
The court case first began in 2012 when 27 people were indicted.
All defendants were accused of malfeasance in violation of
Article 157 of the Criminal Code, the law on offences committed
by officials of state-run agencies, the Commercial Banks Act,
the Securities and Exchange Act, and the Public Companies Act.
RULING ON THAKSIN ONLY
ON RETURN TO THAILAND
The NACC accused Thaksin of damaging the economy by
allowing the bank to issue the loans
when he administered
the country.
The court will
not make a ruling on Thaksin until he is back
in Thailand.
The court issued an arrest warrant for Thaksin, a fugitive living
The court issued an arrest warrant for Thaksin, a fugitive living
overseas,
after he failed to report to the court for indictment
in
2012.
HEART ATTACK AFTER IMPRISONMENT
After the judgement was handed down, Viroj, Suchai and
After the judgement was handed down, Viroj, Suchai and
the other men found guilty were taken to Bangkok Special
Remand
Prison, to be latrer transferred to Klongprem Central
Prison, which was built
for prisoners
serving long
prison sentences.
The convicted
women were taken to the Central Women's
Correctional Institution, Corrections
Department vehicles
that had been waiting at the court.
On Wednesday night, after arriving at prison,
the former
Krung Thai Bank president Viroj Nualkhair had a heart attack
(cardiac arrest) and received emergency treatment at a medical
unit in Bangkok Remand Prison.
Two more of the prisoners, Boonlert Sricharoen and Subin
Saengsuwanmekha, also became suddenly ill. Boonlert was
given medical
treatment at the prison, while Subin, who has
liver cancer, was admitted
to the Corrections Department hospital.
http://www.bangkokpost.com/news/general/671076/viroj-hospitalised-after-heart-attack
http://www.bangkokpost.com/news/politics/669640/ex-ktb-president-jailed-for-malfeasance-in-office
http://www.nationmultimedia.com/politics/KTBs-former-chiefs-get-18-years-jail-in-loan-case-30267545.html
News,Bangkok Post, 27 August 2015.
I do not want to express my feeling about these bankers
who
corrupted and ruled
guilty for they are old and become ill.
Hope this is the case for all bankers to be more careful
when they
provide loan especially when it invole with political
loan.
Glad that the military government can rule to stop more
corruption
for all case that happened in the past and hope for the
future also.
Sincerely Yours.
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