The Criminal Court on Tuesday sentenced People's Alliance for Democracy co-leader Sondhi Limthongkul, to 20 years in jail without parole for violating the Securities and Exchange Act, reports said.
Sondhi, a 64-year-old media mogul and a leader of the yellow shirt movement, was found guilty of verifying false documents, allowing Manager Media Group, a company in which he was one of the board members and held some shares, to seek loans amounting to 1.07 billion baht from Krung Thai Bank during 1996 and 1997.
The court found him guilty on 17 counts. On each count he was sentenced to five years imprisonment.
His 85-year jail term was halved to 42 years and six months because he confessed to the charges.
His jail term was further reduced because the law carries a maximum penalty of 20 years.
After the verdict was delivered, Sondhi went to the court basement, waiting to apply for bail.
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