Klongchan crooks to pay B3.8bn
The Civil Court has ordered former Klongchan Credit Union Cooperative (KCUC) chairman Supachai Srisupa-aksorn and three former executives to pay 3.8 billion baht in compensation to the embezzlement-hit cooperative.
The three former executives are Saranya Manmad, ex-KCUC deputy manager; Lapas Somkam, former KCUC secretary; and Krisada Meeboonmak, former chief of the KCUC's credit unit.
Twelve people who received money from the former executives were also ordered to return the money. According to the court, Supachai and the three former executives colluded to withdraw 10.48 billion baht in cheques from the KCUC, which is the plaintiff in the case.
They also pulled 1.9 billion baht out of the KCUC's deposits and worked together to lend 11 billion baht to members who had no stake or collateral, both of which are required under regulations.
The executives also unlawfully allowed Supachai to borrow at least 12 billion baht from the KCUC. The offences took place from 2009 to 2012.
The court said the plaintiff's evidence carried weight, and showed that Supachai abused his position in committing the offences. The other three executives, who were taking care of the KCUC's money, also collaborated to commit the offences, according to the court. Supachai and the former executives were ordered to pay a combined 3.8 billion baht to the KCUC with an annual 7.5% interest rate accrued since the complaint was lodged on May 1, 2014.