Court of Appeals sentences Sondhi Limthongkul to 20 years prison

[webfact]

Court of Appeals sentences Sondhi Limthongkul to 20 years prison for violating Securities & Exchange Act
By Digital Content

BANGKOK: -- Thailand's Court of Appeals sentences Sondhi Limthongkul to 20 years prison for violating Securities & Exchange Act, falsifying documents used as collateral for Bt1 billion loan for media empire.


-- TNA 2014-08-07

--------------------------------

UPDATE:

Sonthi gets 85 years but reduced to 20 years for loan guarantee coverup

Full story: http://www.thaivisa.com/forum/topic/749657-court-of-appeals-sentences-sondhi-limthongkul-to-20-years-prison/#entry8210998

[Thai at Heart]

Wowowowowowowowowowow

[casindonet]

Will he serve time in jail?

[pedro01]

Will he serve time in jail?

Not yet.

Bail, then supreme court.

Sent from my iPhone using Thaivisa Connect Thailand

[hanuman2543]

Time to pay China a visit and a promise to come back. Maybe a reunion with his old buddy TS.

[ParadiseLost]

Another Hi-so who turns out to be corrupt scum; when are people going to learn that just because someone displays enormous wealth it does not automatically mean they should be adulated, admired and treated with respect.

Just the opposite, as this sack of <deleted> so clearly shows...

[jacky54]

To be reduced to two years suspended in due course no doubt

[Tatsujin]

And the next announcement will be he gets bail, and the sentence is suspended . . . provided everyone involved gets new Mercedes . . .

[jaidam]

The end of an era. What will ThaiVisa be like without the but but but Sonthi?

[Lite Beer]

Sonthi gets 85 years but reduced to 20 years for loan guarantee coverup

BANGKOK: -- The Appeals Court today sentenced media tycoon Sonthi Limthongkul to serve 85 years in prison after finding him guilty of breaching the Securities and Exchange Act on 17 occasions involving the 1.078 billion baht loan sought from Krung Thai bank since 1996-1997.

The sentence by the Appeals Court was seen to upheld the ruling of the Criminal Court or the court of first instance which earlier ruled him and three other executives of the Manager Media Group of cover-up of information of the loans which its subsidiary, the M Group Plc, sought from the state bank six times amounted to 1.078 billion baht of which the Manager Media Group acted as guarantor of the loans.

Sonthi and the third defendant, Ms Saowalak Thiranujanyong, were sentenced to 85 years in prison, while the fourth defendant 65 years in jail, and the second defendant five years for breaching the securities act on 17 occasions.

But the first court commuted the sentence by one third after their confessions were useful for the trial.

Sonthi and the third defendant received
42 years and six months, while the second defendant gets two ears and six months, and court defendant get
32 years and six months.

However as the law sets maximum prison term for such offences of no more than 20 years combined, Sonthi and two other executives were then have their term reduced to 20 years each.

However the three later appealed with reason that all the 17 occasions they committed the crime, the offence was the same and carries only five years in prison.

Sentencing them on same offence in 17 occasions with 85 years in total for same offence was unfair, they claimed.

They claimed they have intention only to guarantee the loans for only one project of The M Group, and therefore same offence with five years prison term should not be put together.

But the first court reasoned that each offence was committed at different time and place, and therefore all should be handled and ruled separately. Besides the court said covering up such loans by not reporting to the stock market properly would only considered cheating investors in the company’s stocks and its real financial positions.

The three then appealed

But at today’s hearing of the verdict of the Appeals Court, it agreed with the first court’s ruling and upheld its final sentence of 20 year imprisonment.

Their lawyers were seeking temporary release on bails from the court at press time.

Source: http://englishnews.thaipbs.or.th/sonthi-gets-85-years-reduced-20-years-loan-guarantee-coverup/

-- Thai PBS 2014-08-07

[Arkady]

And the next announcement will be he gets bail, and the sentence is suspended . . . provided everyone involved gets new Mercedes . . .

He has already applied for bail pending his appeal to the Supreme Court. He will get bail because he didn't jump nail in this case or on his lese majeste case.

To complete the loop it would be good to see convictions of those responsible for the billion baht loan at Krung Thai bank. It was clear at the time that the loan would never be repaid. Sondhi's business expansion was a standing joke in those days and would have failed even without the Tom Yam Kung crisis that speeded up the train wreck.

Sent from my iPhone using Thaivisa Connect Thailand

[fab4]

The end of an era. What will ThaiVisa be like without the but but but Sonthi?

Don't worry, this will end up the same as the previous 5/6 times he's received bail, thus providing ample opportunity to provide many more perfectly justified "but, but" moments......

Edited August 7, 2014 by fab4

[Just1Voice]

This royalist piece of "Elite" scum will never see a day in jail. Put up 10ml for bond during the appeal to the Supreme Court, which could take another 10 years, and by then either be dead or living somewhere like Dubai next door to his old buddy. Personally, I'd love to see him thoroughly investigated for "unusual wealth", as I'm pretty sure there would be another guilty verdict for that as well. Just another "oxygen thief" with no legitimate reason to be around.

[jayjayjayjay]

Will he serve time in jail?

He might end up neighbours with his nemesis in Dubai, now that would be political justice 555555

[jayjayjayjay]

Another Hi-so who turns out to be corrupt scum; when are people going to learn that just because someone displays enormous wealth it does not automatically mean they should be adulated, admired and treated with respect.

Just the opposite, as this sack of <deleted> so clearly shows...

You only just realised this... I scratch me head and wonder how informed some TV posters are. This guy created the yellow shirts to antaganise Thaksin because Thaksin's administration had written off approximately 1.6 billion baht of non-performing loans to the State controled KrungThai bank, but would not forgive (write-off) another 1 billion. When Sondhi realised he would have to pay this loan back he got upset as he considered himself the King maker of Thaksin. He believed the Thaksin administration was his own making. Spoilt child gets his own back on his paymaster... who was who paymaster anyone can guess. Yellow, Red, now Orange Monk Issara... the foook nose!

[webfact]

Anti-Graft Crusader and Yellowshirt Founder Convicted of Fraud
By Khaosod English


Sondhi Limthongkul, the founder of the “Yellowshirt” political movement that campaigned against government corruption, was convicted of fraud and falsifying loan documents today, 7 Aug 2014.

BANGKOK — Sondhi Limthongkul, the founder of the “Yellowshirt” political movement that campaigned against government corruption, was convicted of fraud and falsifying loan documents today.

Mr. Sondhi and two other executives of Manager Media Group, of which Mr. Sondhi is a founder, were deemed guilty by the Court of Appeals today for falsifying an internal memo that allowed the company to guarantee a 1.078 billion baht loan from Krung Thai Bank to the The M Group, a company that Mr. Sondhi held shares in.

The M Group later defaulted on the loan, forcing Manager Group to pay back the massive debt.

In 2000, the Securities and Exchange Commission (SEC) sued Mr. Sondhi and his associates, Saowalak Teeranuchanyong and Yupin Chantana, for deliberately hiding the loan guarantee from the financial statement the company filed to the stock market. The lower court found the defendants guilty, sentencing Mr. Sondhi and Ms. Saowalak to 42 years in prison, while Ms. Yupin was sentenced to 32 years.

The defendants appealed the ruling, but today, Thailand's Court of Appeals ruled in favour of the lower court’s verdict, dismissing the defendants' claim that they had no intention of committing fraud. According to the judges, the defendants' actions were a grave violation of Thailand’s stock market regulations.

The judges also reaffirmed the prison sentence handed down by the lower court. However, as Thai laws only allow a maximum of 20 years in prison as a punishment for civil cases, the defendants' jail sentences have been accordingly reduced to 20 years.

Mr. Sondhi contested the ruling and is currently awaiting the court's decision on whether he will be granted a bail release, according to his lawyer, Suwat Abhaibhakdi.

After his political talk show was axed from the state-owned Channel 9 TV, Mr. Sondhi embarked on a campaign against the government of Prime Minister Thaksin Shinawatra in 2005.

Mr. Sondhi founded the People's Alliance for Democracy (PAD), which later became known as the Yellowshirts for adopting yellow - His Majesty the King's personal colour - as the group's symbol. Mr. Sondhi accused Mr. Thaksin of corruption, abuse of power, and plotting to overthrow the monarchy.

Street protests led by the PAD eventually led to the military coup against Mr. Thaksin on 19 September 2006. Mr. Sondhi returned to the political spotlight in 2008 when he led the PAD campaign against the pro-Thaksin government of former PM Samak Sundaravej. The PAD achieved its victory when the court issued two rulings that removed Mr. Samak and the next Prime Minister, who was also allied to Mr. Thaksin, from office.

Mr. Sondhi later announced the disbandment of the PAD in 2009 and has kept a low profile ever since.

Source: http://en.khaosod.co.th/detail.php?newsid=1407398579


-- Khaosod English 2014-08-07

[shirtless]

he is a fine example of thai financial management

[h90]

Will he serve time in jail?

Do you know any rich in Thailand, no matter from which political side, who ever served time in jail?

[AleG]

Just goes to show how moronic the mindless sheep who followed the PAD and their reincarnations up until the PDRC.

The leader of the group being as corrupt as Thaksin! Well i think most people with half a brain new this already.

Pity the self portrayed 'educated' middle class who followed them are so brain dead!

The only mindless thing is your misguided gloating, painting everyone and everything that goes against Thaksin and his minions as being Yellow Shirts and Sondhi's "sheep".

[AGareth2]

irony

[metisdead]

Off topic posts and replies have been removed.

[behonset]

finally a chinese/ thai gets caught for swindling

[NelsonHubbucks]

Boom Boom Boom Another one bite's the dust

[ALLSEEINGEYE]

Glad to see this decision come down even though it is yet to be seen if he will actually spend any time behind bars. Even if the verdict does stand, let's face it, you can chop your wife into pieces and flush her down the crapper and still be back in society in 10 yrs in Thailand. How long (if any time at all) do you think this clown will really serve?

Good thing neither of these two, true criminals, had the audacity to pick a wild mushroom in a national park or they would really see how tough the Thai justice system could be.

[cms22]

Why act surprised? This was never about corruption because all these arrogant so-called elite individuals all do corruption (look at Suthep's past). This is about holding power and removing all those who contest it. Simple.

[laocowboy2]

And the next announcement will be he gets bail, and the sentence is suspended . . . provided everyone involved gets new Mercedes . . .

He has already applied for bail pending his appeal to the Supreme Court. He will get bail because he didn't jump nail in this case or on his lese majeste case.

To complete the loop it would be good to see convictions of those responsible for the billion baht loan at Krung Thai bank. It was clear at the time that the loan would never be repaid. Sondhi's business expansion was a standing joke in those days and would have failed even without the Tom Yam Kung crisis that speeded up the train wreck.

Sent from my iPhone using Thaivisa Connect Thailand

A great deal of very dodgy lending at KTB in those days - although to be fair, it has been cleaned up since then.

For a real tale of bank robbery, look up the rise and fall of Bangkok Bank of Commerce on the internet. Thailand's own mini-BCCI.

[max72]

Suthep next ?

[Thai at Heart]

At the end of the day, this Thai Chinese turf war plunged the entire country into chaos.

Thaksin cutting Sondhi off at the knees to get his TV channels and his company rehabilitated ended up with nearly 10 years of mess for Thailand. What a mess.

[Mango Bob]

This news just makes my day. But too bad he is going to be given bail again.

[Mango Bob]

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Suthep next ?

I could only hope so.