Uni closes bank accounts

Uni closes bank accounts

The King Mongkut's Institute of Technology Ladkrabang (KMITL) is withdrawing cash from one of the banks at the centre of the 1.5-billion-baht embezzlement scandal.

The institute is closing three accounts with the Siam Commercial Bank (SCB) worth 60 million baht.

The three are among 70 accounts the institute opened with the SCB.  All are fixed deposit and saving accounts which can be closed immediately, KMITL's acting deputy rector, Assistant Professor Phaophak Sirisuk, said yesterday.

The institute also plans to close a further 30 accounts, which include several holding money for research scholarships.

KMITL officials have not decided where it will transfer the money.

It will first consider trustworthy state banks, Mr Phaophak said.

The institute has lost confidence in the SCB after a large amount of money was allegedly siphoned from accounts at the bank between 2012 and 2013, he said.

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