KMITL ups pressure on SCB to submit all documents in embezzlement case

[Lite Beer]

KMITL ups pressure on SCB to submit all documents in embezzlement case
CHULEEPORN ARAMNET
THE NATION

BANGKOK: -- Officials at King Mongkut's Institute of Technology Ladkrabang (KMITL) are now increasing pressure on Siam Commercial Bank (SCB), saying it has so far been uncooperative with the probe into the embezzlement of more than Bt1.58 billion. Yesterday, the institute closed three SCB accounts with deposits totalling Bt52 million and it is encouraging staff, students and lecturers to do the same.

KMITL has also decided to stop using the bank for its payroll from next month.

"We must step up pressure on SCB so it submits key evidence in the embezzlement case to us and to the police," KMITL's acting president Prof Dr Monai Krairiksh told a gathering of students and staff.

Assoc Prof Chamroon Laosinwattana, acting KMITL vice president, said despite repeated requests the bank had chosen not to submit all documents needed for the investigation.

He said: "Our first request was made on January 5. We listed exactly what information was needed, but we received less than half of what we asked for."

Chamroon said if SCB provided all the documents requested it would become clear who the culprits are.

"We now have doubts about SCB's good governance principles," he said. KMITL believed that without these documents, proceedings against wrongdoers would be affected.

Up to Bt1.5 billion of the Bt1.58 billion allegedly embezzled under the care of SCB.

Many students have posted photos of themselves closing their SCB bank accounts on social media to show their support for KMITL.

Meanwhile, Monai said that in the wake of the embezzlement scandal, he has decided not to run for the post of KMITL president. "Before the scandal broke, I was planning to run for the post," he said.

KMITL also plans to discuss the case at the upcoming Council of University Presidents of Thailand meeting so other institutions can learn lessons from what happened.

Source: http://www.nationmultimedia.com/national/KMITL-ups-pressure-on-SCB-to-submit-all-documents--30253584.html

-- The Nation 2015-02-07

[NongKhaiKid]

Ehm, shouldn't it be the investigators who are there banging the SCB table ?

Oh i forgot, SCB is a rather large national institution, connected and so on.

[ChrisY1]

I would imagine that the SCB will ensure that any blame is not theirs......and will go to any lengths to achieve this.

[CWMcMurray]

Shouldn't the one in Thailand who's stated main goal is to clean up corruption in the country be on this one?

If I'm KMITL, I know who I would be asking for help.

Edited February 7, 2015 by CWMcMurray

[Chang_paarp]

SCB 's actions sets up a red flag as to what is in these documents and who they implicate. The cops should have someone posted beside the shredders.

[NCC1701A]

so approximately $48 million USD is gone and the bank is not cooperating with investigators?

i am taking my money out of this bank today.

besides Bangkok Bank, any suggestions for a bank? what about k bank? i see their ATMs everywhere.

[Kf6vci]

What's wrong with all parties concerned?!? This is a major embezzlement case. Surely, the bank should have burned the midnight oil, producing complete sets of all documents when the scandal broke?!

Why hasn't the institution asked a judge to subpoena those records?

Why hasn't the Police asked for them?

I recall announcements about this or that person possible being questioned at some point in the future. This is shockingly wrong.

Such crimes are evil and need to be cleared up ruthless and above all quickly.

[pedro01]

SCB 's actions sets up a red flag as to what is in these documents and who they implicate. The cops should have someone posted beside the shredders.

There may not be any documents.

Which means someone at the bank was in on it.

[NongKhaiKid]

What's wrong with all parties concerned?!? This is a major embezzlement case. Surely, the bank should have burned the midnight oil, producing complete sets of all documents when the scandal broke?!

Why hasn't the institution asked a judge to subpoena those records?

Why hasn't the Police asked for them?

I recall announcements about this or that person possible being questioned at some point in the future. This is shockingly wrong.

Such crimes are evil and need to be cleared up ruthless and above all quickly.

You are absolutely right but I doubt SCB will ' co-operate 'in any way until a thorough arse covering exercise has been done. It will then be interesting how many relevant documents can't be located ( shredded ).

Meanwhile the BIB will continue in their own relentless way summonsing people for interview at a time convenient to them and if the family water buffalo is off colour don't hesitate to ask for a new appointment.

This is a major case involving national institutions and therefore important names so be careful not to ruffle feathers but equally this is the sort of thing the govt should insist is a priority rather than some of the happiness projects.

Edited February 7, 2015 by NongKhaiKid

[siampolee]

Now one is led to wonder at the quality of the mismanagement teams at both S.C.B.from the branch level through to the board of directors level as well as the mismanagement structure at K.M.I.T.L..

How was it possible to have such large scale transactions conducted without any checks( no pun intended) or balances within the bank and of course K.M.I.T.L.? It would suggest a total lack of ethics and a controlled system or collusion between the staff of all the entities involved in the matter

Memories of the old Bangkok Bank of Commerce debacle springs to mind and the subsequent fall out from that matter that had a profound affect on the economy and also the people politically and business wise who were linked to the matter who in the main made enormous financial gains from the manipulation of the old now defunct B.B.C.

[WitawatWatawit]

Siampolee is right. By all means kick SCB in the gonads, and hard, but let's also look closely at the procedures of KMITL. This is a huge amount of money for such an institution to lose, and it did not happen overnight. So where were KMITL's management and auditors?

[docshock13]

Have to agree with all posts! One word can describe why police hasnt come down on SCB and KMITL (possibly) cooked the books: collusion. I suspect there are some very well-connected and powerful people that may be involved. Gotta give them a headstart to hide their assets, flee the country or likely both.

[shirtless]

It appears that scb may have something or someone to hide , I cant believe this country,

[Pib]

What's wrong with all parties concerned?!? This is a major embezzlement case. Surely, the bank should have burned the midnight oil, producing complete sets of all documents when the scandal broke?!

Why hasn't the institution asked a judge to subpoena those records?

Why hasn't the Police asked for them?

I recall announcements about this or that person possible being questioned at some point in the future. This is shockingly wrong.

Such crimes are evil and need to be cleared up ruthless and above all quickly.

It may be SCB has produced all documents that can be released pending a court order which apparently no one has went after yet or they are still awaiting certain police or court action. Makes me wonder if the KMITL folks are just demanding docs without going through the required legal process to get them released....and maybe the police is waiting for a court order also. And we all know that in Thailand the legal process is a l......o.....n......g one which gives the crooks plenty of time to hide their tracks.

[WitawatWatawit]

@pib - you may be right for you seldom, if ever, hear the word "subpoena" bandied about. But this issue is way too big in moral and financial terms. SCB should be volunteering all available information it is legally obligated to - no questions asked, no prevarication and no delay. Otherwise it's corporate image risks severe harm. Already something is starting to smell, yet SCB is making no effort at damage control.

[rickirs]

No one needs to wait on the police or the courts. If the Junta government wants the documents, it needs no subpeona or due process to get them under Article 44. As in other incidents it can just send soldiers in unannounced and gather want it wants. The fact that the Junta hasn't gotten very involved directly in this huge act of corruption related to the M* doesn't seem favorable to KMITL.