Daidomon executives face jail time

Daidomon executives face jail time

The Criminal Court has sentenced three ex-Daidomon Group executives for falsifying documents and accounts and defrauding company assets.

They are former president Shisiro Fukuda, former vice-president for finance and accounting Pisan Jaraslertrangsi and vice-president for project management Kanchanok Likitsirisap, the Securities and Exchange Commission (SEC) said.

The SEC on Oct 4, 2005 filed a criminal complaint with the Department of Special Investigation (DSI) against the trio for falsifying documents and accounting records in Daidomon's financial statements for 2002 and for the first and the second quarters of 2003 and thus misleading shareholders and investors about the company's true financial condition.

The said actions were in contravention of Section 312 of the Securities and Exchange Act of 1992, in conjunction with Section 83 of the Penal Code.

The DSI and public prosecutors decided to press charges against them together with Budget Management and Design Co, Montian Pongkiatkong and Chai Pongthanawaranont as aiders or abettors.

The Criminal Court ruled that Fukuda, Pisan and Kanchanok were guilty of violating Sections 307, 308 and 311 (1) (2) (3) of the Act and Sections 264 and 268 in conjunction with Sections 83 and 86 of the Penal Code, while Budget Management and Design, Montian and Chai  were guilty of aiding or abetting document falsification.

Since all the defendants pleaded guilty, the court reduced the punishments by half. Fukuda was convicted on 11 counts with a total of 12 years and 66 months imprisonment and a fine of 1.51 million baht, Pisan and Kanchanok were each convicted on nine counts for a total of 10 years and 54 months imprisonment and a fine of 1.26 million.

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