B1.3bn finance scam jail term upheld
- Published: 27 Aug 2013 at 16.56
- Online news:
The Appeals Court has upheld a three-year jail term handed down to the owner of Pongphet market, who was convicted of forging a 1.3 billion baht promissory note and causing damage to a bank and the overall economy.
In December 1997, Pongpairot Ratchatasup, now 66, the owner of Pongphet market and managing director of Pongphet Land Co, forged the signature of six people in his family as guarantors of four promissory notes with a combined value of 1.315 billion baht.
He then sold those promissory notes to the since failed First Bangkok City Bank, causing huge damage to the bank. The bank later merged with Krungthai Bank in 1998.
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