Bankers get 18 years in prison, no Thaksin ruling until return to Thailand

Bankers get 18 years in prison, no Thaksin ruling until return to Thailand

Former chairman & president of state-owned Krung Thai bank & 18 others get lengthy prison sentences & 10 billion baht fine, for corrupt loan practices. Ruling on Thaksin waiting for his return.

Former Krung Thai Bank president Viroj Nuankae (right) and executive board chairman Suchai Jaovisidha (centre) at a bank meeting during happier times in 2004. (Post Today file photo)

BANKING

Bankers get 18 years in prison, no Thaksin ruling until return to Thailand

26/08/2015

CORRUPT LOAN

While Thaksin Shinawatra was serving as Prime Minister in 2003 and 2004, the government-owned Krung Thai bank approved more than 9.9 billion baht in loans to companies owned by real estate developer Krisdamahanakorn (Krisda Mahanakorn companies or KMC).

These large loans were extended even though the company was already listed with the bank as a non-performing debtor with non-performing loans (NPLs).

The loan was extended for refinancing and land acquisition, but the court found the loan was used for personal purposes.

BANK EXECUTIVES GET 18 YEARS IN PRISON

The president of the bank at the time was Viroj Nuankae, 68, and the chairman of the board was Suchai Jaovisidha.

Both bank executives were sentenced to 18 years in prison by the Supreme Court's Criminal Division for Holders of Political Positions yesterday.

Executives of a state-owned bank are considered to be officials of the state. Krung Thai bank was owned by the government and as a state enterprise was vulnerable to being used by corrupt politicians for their personal gain.

An additional 18 people involved with the loans were also given lengthy prison sentences. Lower level credit officers (loan officers) working for the bank as well as executives of Krisda Mahanakorn companies who received loans also received prison terms of 12 years each.

The convicted were also ordered to pay compensation of more than 10 billion baht to the bank.

In the past, the banker Viroj was also vice chairman of the Phatra Thanakit finance company which suffered financial problems after the 1997 crisis and was later honorary chairman of Phatra Securities (See here).

As late as 2008, Viroj looked poised for a comeback using his political connections in the Pheua Thai Party (see here). He was even the subject of a book: Viroj Nuankae: the formula of success in the business crisis (see here).

HISTORY OF LEGAL CASE

The case was initially investigated by the Office of the Attorney General (OAG), the National Anti-Corruption Commission (NACC) and the Assets Scrutiny Committee (ASC) set up after the 2006 coup.

The court case first began in 2012 when 27 people were indicted.

All defendants were accused of malfeasance in violation of Article 157 of the Criminal Code, the law on offences committed by officials of state-run agencies, the Commercial Banks Act, the Securities and Exchange Act, and the Public Companies Act.

RULING ON THAKSIN ONLY ON RETURN TO THAILAND

The NACC accused Thaksin of damaging the economy by allowing the bank to issue the loans when he administered the country.

The court will not make a ruling on Thaksin until he is back in Thailand.

The court issued an arrest warrant for Thaksin, a fugitive living overseas, after he failed to report to the court for indictment in 2012.

HEART ATTACK AFTER IMPRISONMENT

After the judgement was handed down, Viroj, Suchai and the other men found guilty were taken to Bangkok Special Remand Prison, to be later transferred to Klongprem Central Prison, which was built for prisoners serving long prison sentences.

The convicted women were taken to the Central Women's Correctional Institution. Corrections Department vehicles had been waiting at the court.

On Wednesday night, after arriving at prison, the former Krung Thai Bank president Viroj Nualkhair had a heart attack (cardiac arrest) and received emergency treatment at a medical unit in Bangkok Remand Prison. 

Two more of the prisoners, Boonlert Sricharoen and Subin Saengsuwanmekha, also became suddenly ill. Boonlert was given medical treatment at the prison, while Subin, who has liver cancer, was admitted to the Corrections Department hospital.

http://www.bangkokpost.com/news/general/671076/viroj-hospitalised-after-heart-attack

http://www.bangkokpost.com/news/politics/669640/ex-ktb-president-jailed-for-malfeasance-in-office

http://www.nationmultimedia.com/politics/KTBs-former-chiefs-get-18-years-jail-in-loan-case-30267545.html

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Vocabulary

  • accuse: to say that someone has done something wrong or committed a crime - กล่าวหา
  • acquisition: the process of buying something; something that has been bought - การซื้อ, การได้มาซึ่งการเข้าถือสิทธิ์
  • administer: to be responsible for managing a company, organization, or institution - บริหารงาน, จัดการ, ดำเนินการ
  • admitted (verb): (of a hospital) accepted for medical treatment - รับ, ให้เข้า, การรับเข้า, อนุญาตให้เข้า
  • agency (noun): a government department that provides a particular service - หน่วยงานราชการ
  • approve: to give official permission - อนุมัต
  • arrest warrant: a document signed by a judge allowing police to arrest someone - หมายจับ
  • Assets Scrutiny Committee: a committee set up after the 2007 coup to investigate wealth obtained illegally by politicians - คตส. (คณะกรรมการตรวจสอบการกระทำที่ก่อให้เกิดความเสียหายต่อรัฐ )
  • Attorney General (noun): the top legal officer in some countries, who advises the leader of the government - อัยการสูงสุด
  • board: a group of people who have the responsibility of managing important business or government activities - คณะกรรมการ
  • cardiac arrest: a sudden stoppage of the heart - ภาวะหัวใจหยุดเต้น
  • case: a matter that is being officially investigated or heard by a court - คดี
  • chairman: the person in charge of a committee, a company, etc - ประธาน
  • comeback: a period when someone or something becomes successful or popular again - การกลับมา(ดัง) อีกครั้ง
  • commit: to do something wrong or illegal - ทำความผิด
  • compensation: money that someone receives because something bad has happened to them - เงินชดเชย
  • connections: people or organisations that you know and that can help or advise you in your social or professional life - วงศ์วานวงศ์ญาติมิตร
  • consider: to regard as; to think of as - ถือว่า
  • convicted: having been proven guilty of a crime by a court of law - ต้องโทษ, ได้รับการพิสูจน์ว่าข้อกล่าวหามีความผิดจริง
  • correctional institution: prison, jail -
  • corrupt (adj.): (people) willing to use their power to do dishonest or illegal things in return for money or to get an advantage - (ผู้)ทุจริต, (ผู้)โกง
  • court: the place where legal trials take place and where crimes, etc. are judged - ศาล
  • credit (noun): money loaned to people - เงินกู้
  • Criminal Code: the systems of laws dealing with crimes and their punishment - ประมวลกฎหมายอาญา
  • crisis: an urgent, difficult or dangerous situation - วิกฤตการณ์
  • crisis: an urgent, difficult or dangerous situation - วิกฤต
  • damage (verb): to harm or spoil something/somebody - ทำความเสียหาย
  • debtor: a person who owes money - ลูกหนี้
  • defendant: someone who has been accused of a crime and is on trial - จำเลย
  • emergency treatment: emergency care; medical care for patients in emergency situations such as people who were in road accidents or who have a life-threatening condition that needs immediate attention such as a heart attack -
  • executive: a senior manager in a business or other organisation - ผู้บริหาร
  • extend: to offer or give something to somebody - ให้กับ, มอบ...ให้...
  • financial: involving money - เกี่ยวกับเงิน, ทางการเงิน
  • formula: a list of the things that something is made from, giving the amount of each substance to use - สูตร
  • fugitive (noun): someone who has been accused of doing something illegal and is trying to avoid being caught by the police - ผู้หลบหนี
  • gain: to obtain or win something, especially something that you need or want - ได้รับ
  • guilty: having been decided by a court of law that you committed the crime your were accused of - มีความผิด
  • heart attack (noun): a sudden serious medical condition in which the heart stops working normally, sometimes causing death - อาการหัวใจวาย
  • honorary: given as an honour, without the person having to have the usual qualifications; not paid - ซึ่งให้เพื่อเป็นเกียรติ; กิตติมศักดิ์
  • indicted (verb): officially accused someone of a serious crime - ถูกฟ้องร้อง
  • indictment: an official statement accusing someone of a serious crime - การฟ้องร้อง, การดำเนินคดี
  • initially: at first - ในเบื้องต้น
  • investigate: to try to find out the facts about something in order to learn the truth about it - ตรวจสอบหาความจริง
  • involved (verb): taking part or having a role in something - เกี่ยวข้อง, มีบทบาท
  • issue: to officially announce or give out - ออก, ออกประกาศ, ออกคำสั่ง
  • judgement: the decision of a court or a judge; a verdict - พิพากษา
  • loan: an amount of money that a person, business, or country borrows, especially from a bank - เงินกู้
  • loan officer: an employee of a bank in charge of finding people and companies to lend money to, extend loans to, people who are "credit worthy" with a good "credit rating" -
  • malfeasance: illegal actions, especially by a person in authority - การใช้อำนาจไปในทางที่ผิด
  • medical: connected with illness and injury and their treatment - ทางการแพทย์, ด้านการแพทย์, เกี่ยวกับการแพทย์
  • National Anti-Corruption Commission (NACC): An independent government organisation to investigate corruption carried out by government officials - ปปช. (สำนักคณะกรรมการป้องกันและปราบปรามการทุจริตแห่งชาติ)
  • non-performing: involving loans that have not been repaid and which are not expected to be repaid - หนี้เสีย
  • non-performing loan (NPL) (noun): a loan that is not being paid back as arranged and may never be paid back; a non-performing loan (NPL), bad debt - หนี้เสีย, หนี้สูญ, หนี้ที่ลูกหนี้ไม่ยอมชำระตามกำหนด
  • offence: a crime or illegal activity for which there is a punishment - การกระทำผิดกฎหมาย
  • official: connected with the job of somebody who is in a position of authority - ที่เป็นทางการ
  • officials: people who have the power to make decisions or enforce the law - เจ้าหน้าที่ผู้มีอำนาจ
  • overseas: connected with foreign countries, especially those separated from your country by the sea or ocean - เกี่ยวกับต่างประเทศ, ข้ามทะเล
  • personal: your own; not belonging to or connected with anyone else - เป็นส่วนตัว
  • poised: about to do or achieve something - ได้มาซึ่ง
  • politician: a person whose job is concerned with politics, especially as an elected member of parliament, etc. - นักการเมือง
  • prison: a place where criminals are put to stay for a period of time as punishment for a crime - คุก, ,เรือนจำ
  • prison sentence: a prison term; a length of time someone is required to stay in prison - ระยะเวลาที่จำคุก
  • prisoner: a person who is kept in prison as a punishment, or while they are waiting for trial - นักโทษ
  • purpose: the intention to achieve something - ความตั้งใจ, ความประสงค์, ความปรารถนา, ความตั้งใจ
  • refinance: to replace one loan with another one on which you pay less interest - กู้เงินใหม่
  • remand prison: a place where people are kept while they wait for the date of their trial - สถานที่ขังระหว่างรอการพิจารณาคดี
  • ruling  (noun): a judgement; a decision by a court of law - คำตัดสิน คำชี้ขาด
  • security (noun): financial assets such as stock shares or bonds - หลักทรัพย์, พันธบัตร, หุ้น, หลักทรัพย์ค้ำประกัน
  • sentence : (of a court of law) to give a punishment - ลงโทษ
  • set up: to create something or start it - ตั้งขึ้น
  • state: government - รัฐบาล
  • state enterprise: a company or business owned and managed by the government - รัฐวิสาหกิจ
  • state-run (adj): government controlled or managed - ของรัฐ
  • success (noun): achieving the goals you wanted to achieve or made a lot of money - มีผลสำเร็จ, ประสบผลสำเร็จ, ประสบชัยชนะ
  • suffer: to be badly affected by a very difficult or unpleasant situation - ประสบความลำบาก
  • Supreme Court's Criminal Division for Holders of Political Positions: a trial court in a case where the Prime Minister, a minister, member of the House of Representatives, senator or other political official is accused of becoming unusually wealthy, committing crimes with in office, performing duties dishonestly, or being corrupted according to other laws. - ศาลฎีกา แผนกคดีอาญาของผู้ดำรงตำแหน่งทางการเมือง
  • transfer: moving someone or something from one place, vehicle, person or group to another - การย้าย
  • unit: a part of a company or organisation that carries out a particular function; a group of people who work or live together, especially for a particular purpose - หน่วย,กอง,กลุ่ม
  • vehicle: a machine that you travel in or on, especially one with an engine that travels on roads, e.g., a car, bus, van, truck, etc. - ยานพาหนะ
  • violation: an action that is against a law, agreement, principle, etc. - การฝ่าฝืน
  • vulnerable: easily damaged or harmed - ซึ่งถูกทำลายได้ง่าย
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