A director of Kuang Pei San Food Products Plc asked the Department of Special Investigation on Wednesday to probe alleged embezzlement by his brother, the company’s chairman, that caused about 100 million baht in damages.
Salil Tohtubtiang and his brother Sutham met Pol Maj Worranan Srilum, director of the DSI's special case management centre, to present evidence of the alleged embezzlement by chairman Surin Tohtubtiang.
Mr Salil complained that Mr Surin created bogus receipts for fish used in Pumpui-brand canned seafood, and funnelled about 70 million baht to himself and selected sales agents.
Sutham Tohtubtiang, the family's eldest brother, joined his younger brother Salil in meeting the DSI on Wednesday. (Bangkok Post file photo)
The embezzlement caused the publicly traded company to report false lower profits and reduced dividends to shareholders, the brothers alleged.
"Mr Surin's behaviour has caused damage to the economy and the Stock Exchange of Thailand, as well as minor shareholders," said Mr Salil.
He presented the DSI with documents that supposedly were about to be destroyed and told the department that he, as a company director, was unaware of the existence of the documents until a whistleblower gave them to him.
Mr Salil said a preliminary examination of the documents indicated the damage to the company to be about 100 million baht, Pol Maj Worranan said.
The special cases chief said the DSI would check first whether there had been a violation of the Public Company Act. The department expects to spend no more than six months investigating before deciding whether to accept the case.
The Tohtubtiang family has been torn apart by acrimony this year, with most family members coming out publicly saying they had banned Mr Surin from using the family name as he damaged to their reputation.