The Central Criminal Court for Corruption and Misconduct Cases yesterday sentenced a former executive of real estate developer Krisdamahanakorn and five others to 20 years in jail each for money laundering in connection with the Krungthai Bank (KTB) loan scandal.
According to prosecutors, between September 2003 and December 2004 the six were complicit in money laundering involving a loan of 10.4 billion baht from KTB. The six defendants were Krisdamahanakorn owner Wichai Krisdathanon; his son, Ratchada Krisdathanon; Bancha Yindee, a former executive of RK Professional Co and Golden Technology Industrial Park Co, both of which are the company's affiliates; Phetcharat Thepsamritporn, a former secretary of Ratchada; Paphop Saroma, a former executive of the two affiliates as well as Grand Computer and Communication; and Thirachote Promkhun, a staff member of Krisdamahanakorn.
The first three defendants used their companies to transfer money and receive transferred money, violating a law on offences committed by state officials and the Securities and Exchange Act.
The six defendants also used Grand Computer and Communication and Grand Satellite Communication Co to transfer money and receive transferred money. The court found the six defendants guilty of violating the Anti-Money Laundering Act as well as the Criminal Code.
Wichai was found guilty of 133 offences and sentenced to 860 years in jail, while the others were found guilty of five to 52 counts each and given sentences ranging from 38 to 416 years in jail.
However, since the Anti-Money Laundering Act stipulates a jail sentence of no more than 10 years for each offence, the maximum jail sentence for each of the six defendants was reduced to 20 years.
The first and third defendants were also ordered by the court to pay more than 8.8 billion baht instead of having their assets confiscated, while the four others were ordered to pay amounts ranging between 5.8 million baht and 2.7 billion baht instead of having their assets seized.