Probe Into Klongchan Credit Union Cooperative Indicates B1.3 Billion Embezzlement

[Jacob Maslow]

A probe into the Klongchan Credit Union Cooperative shows that Supachai Srisuppa-aksorn wrote himself checks in excess of 592 million baht.

Klongchan Credit Union Cooperative has determined that the company’s ex chairman embezzled 1.3 billion baht from the company. An investigation has been on going. Investigators believe that the former chairman wrote himself checks in the amount of 592 million baht.

Supachai Srisuppa-aksorn, the former chairman, wrote an estimated 878 checks in total between 2008 and 2011. Checks made to companies and individuals equated to 11 billion baht in total. Checks written to himself accounted for just 21 of the 878 checks he wrote out. Dhammakaya Temple was the recipient of 15 checks totaling 714 million baht.

The temple has been cooperative and states that the donations will be returned if they are proof that an embezzlement took place.

The Anti-Money Laundering Office has stated that they’ve been contacted by 1,000 members of the cooperative with proof of their financial losses. Complaints first began in July of 2013 when a 100 members filed complaints that Supachai embezzled 16 billion baht. Members were alerted to the issue when they could no longer withdraw funds from their account.

AMLO has stated that they’re still in the process of analyzing 691 cashier checks that the ex executive signed during his time with the cooperative.

Mr Supachai, and those suspected of helping him with the embezzlement, have had 4 billion baht worth of assets seized thus far. A meeting scheduled for Thursday will discuss the possibility of freezing more assets. Assets will be held and auctioned off if embezzlement charges are filed and the suspects are found guilty.

A new investigative team was recently appointed due to the slow workings of the probe.

The Justice Ministry has promised that justice will be found. Suspects have been divided into three groups including fraud, falsifying documents and embezzlement.

Over 1,000 members of the cooperative listened to the probe report in hopes of a resolution soon.

-- 2015-02-12

[arthurboy]

And Supachai and his cronies are still free with no charges brought against them. He is not on secured bail but under the recognizance of his friend from the justice department who has known him for 30 years!

16 billion Baht missing and still counting.

Meanwhile, in the KMITL case where 1.6 billion has been embezzled, many arrests have been made.

What's going on? Mmm...

[wabothai]

For all you Shin lovers. What have you done in your 12 years of ruling to bring all these stealing thugs to justice?

Nothing !!!!!!!!!!!!

[Lupatria]

Buy now I think all honest business people in high positions in this country would fit in a mini van and still have room to pick up hitchhikers.

[Benmart]

For all you Shin lovers. What have you done in your 12 years of ruling to bring all these stealing thugs to justice?

Nothing !!!!!!!!!!!!

I'm not Thai.

I don't have a stake in this affair.

I'm not in charge.

I'm not a judge without personal imperfections.

I'm not privy to the details of Thai politics since all I know is what I read.

I try to keep my finger away from the exclamation-point key.

I try to Live and Let Live.

[wabothai]

Mr. Benmart I rally for intergity, honesty and justice.

I do so in my country of origin.

You don't seem to care and rather shut your eyes.

[laocowboy2]

Make audits compulsory for all funds with assets of over THB xxx. If nobody is auditing the books, money can easily walk.

[issanaus]

And Supachai and his cronies are still free with no charges brought against them. He is not on secured bail but under the recognizance of his friend from the justice department who has known him for 30 years!

16 billion Baht missing and still counting.

Meanwhile, in the KMITL case where 1.6 billion has been embezzled, many arrests have been made.

What's going on? Mmm...

Look at the OP and join the dots .......

[WonnabeBiker]

Excuse me?! Quote: "Supachai Srisuppa-aksorn, the former chairman, wrote an estimated 878 checks in total between 2008 and 2011. Checks made to companies and individuals equated to 11 billion baht in total. Checks written to himself accounted for just 21 of the 878 checks he wrote out. Dhammakaya Temple was the recipient of 15 checks totaling 714 million baht."

Were the CU's accounts not audited?!? No 2-signatures system on bank checks?!?

We had serial embezzlements of utility payments by "managers" at the condo.

While there will always be greedy crooks in high positions, not noticing the racket for years when it involves billions of Baht is the icing on the cake. These CCUs should be closed down right away. But then I read somewhere that they want the government to help them with the PR desaster.

No annual audits, no balancing of the books, no one missing a few billion Baht over the years?!?