Former Bangkok Bank of Commerce executives get six years for cheats in 1996

[webfact]

Former BBC executives get six years for cheats in 1996



BANGKOK: -- The Supreme Court today sentenced three former executives of the defunct Bangkok Bank of Commerce (BBC) to six years and eight months each in prison after finding them guilty in a conspiracy to embezzle the bank's fund and to improperly lend money to private companies without thorough check of their credibility.

It also ordered them to jointly pay compensation amounted to US$ 85 million for the damages caused to the bank.

The three former executives are Jitasorn Pramoj, former BBC vice president, MR Damrongdej Dissakul, senior executive vice president, and MR Supanee Sarasin, former marketing deputy director.

The ruling by the Supreme Court was seen to uphold earlier verdicts by both the Appeals Court and the Civil Court (court of first instance) which sentenced BBC former president Krirk-kiat Jalichandra in December 2005 to 50 years in prison and a payment of US$ 167 million compensation to the bank.

But Krirk-kiat’s prison term was commuted to 20 years.

The three former executives were given six years and eight months in prison, and US$ 85 million each in compensation, and a fine of 666,666 baht each.

In case of failing to pay fine, the court ordered the confiscation of their assets to cover the fine.

Mr Krirk-kiat had died of lung cancer in 2012.

All the former BBC executives were accused of collaborating with Rakesh Saxena, an Indian financier, in the frauds.

Saxena was Krirk-kiat’s advisor.

Their conspiracy caused the bank to collapse in 1996 and the Bank of Thailand took it over.

The collapse contributed to the Asian financial recession, economic and political crisis and the 1997 devaluation of the baht.

Saxena was at his residence in Prague or Zurich at the time the frauds broke, and he never returned to Thailand.

He lost extradition appeal in Canada and extradited to Thailand in 2009 to face charges. He is still in prison today.

Source: http://englishnews.thaipbs.or.th/former-bbc-executives-get-six-years-for-cheats-in-1996

-- Thai PBS 2015-12-16

[MaiChai]

Almost 20 years on and its still dragging its way through the Thai legal system...

[ratcatcher]

Almost 20 years on and its still dragging its way through the Thai legal system...

Agreed, but when you are dealing with "MR s" as in MR Damrongdej Dissakul, and MR Supanee Sarasin, things do tend to get a little bogged down. After all, these are the chosen ones.

BTW, for those that don't know, MR does not stand for Mister, but Mom Rajawongse. (The Honorable)

https://en.wikipedia.org/wiki/Thai_royal_and_noble_titles

[LannaGuy]

The three former executives were given six years and eight months in prison, and US$ 85 million each in compensation, and a fine of 666,666 baht each.

does anyone understand this? they were given $85m then fined 666,000 baht

[Prbkk]

The very worst of white collar crims, rotten to the core, cost others billions of $$$ in associated losses, desreve much longer sentence

[Prbkk]

The three former executives were given six years and eight months in prison, and US$ 85 million each in compensation, and a fine of 666,666 baht each.

does anyone understand this? they were given $85m then fined 666,000 baht

i believe it's an order to pay compensation not receive it

[worgeordie]

Lets see,are they in the nick or out on bail for another 10 years, 666,666 THB fine, a figure just

pulled from the air,or the Judges lucky number.just hope they do the time,don't expect them to

pay compensation either.

regards Worgeordie

[TallGuyJohninBKK]

Re these 3 guys, the ruling was by the Supreme Court, so that should put an end to the courts' legal process in the case.

There shouldn't be any bail available in the wake of a Supreme Court ruling confirming their conviction.

But, that doesn't foreclose the prospect of them applying for a Royal Pardon or the familiar medical problem requiring hospitalization trick.

Almost 20 years after -- Thai justice, swift and sure.

Edited December 16, 2015 by TallGuyJohninBKK

[Thai at Heart]

Ooooooh. Those are some damn big names.

[Traveling Sailor]

Hmmm. I wonder if these are former Thaksin folks. 20 years does seem like a long time.

[tomacht8]

The three former executives were given six years and eight months in prison, and US$ 85 million each in compensation, and a fine of 666,666 baht each.
In case of failing to pay fine, the court ordered the confiscation of their assets to cover the fine.

Does this mean, that the scammers were allowed to keep the embezzled money from 1996 until today?
For almost 20 years, running free on bail and with pockets full of stolen money?
Has been made previously ever a damage compensation payment?
Fraudsters heaven.
Incredibly.

Edited December 16, 2015 by tomacht8

[LannaGuy]

The three former executives were given six years and eight months in prison, and US$ 85 million each in compensation, and a fine of 666,666 baht each.

does anyone understand this? they were given $85m then fined 666,000 baht

i believe it's an order to pay compensation not receive it

ya just teasing

[nithisa78]

Almost 20 years on and its still dragging its way through the Thai legal system...

Must remind you of how little you know and how you've been dragging yourself through lack of life and spirit.

[nithisa78]

Lets see,are they in the nick or out on bail for another 10 years, 666,666 THB fine, a figure just

pulled from the air,or the Judges lucky number.just hope they do the time,don't expect them to

pay compensation either.

regards Worgeordie

yes despite what we read here -their lives are better than yours.

[MaiChai]

Almost 20 years on and its still dragging its way through the Thai legal system...

Must remind you of how little you know and how you've been dragging yourself through lack of life and spirit.

You've lost me there.

[metisdead]

One post removed:

2) You will not use ThaiVisa.com to post any material which is knowingly or can be reasonably construed as false, inaccurate, invasive of a person's privacy, or otherwise in violation of any law.

You also agree not to post negative comments criticizing the legal proceedings or judgments of any Thai court of law.

[ALLSEEINGEYE]

might not really be what most of us consider justice, definitely not swift justice and it still remains to be seen how much time they will really serve.

But I for one am impressed to see top exec bankers from anywhere in the world get convicted of a crime and actually serve some time.

There are thousand more of these parasites that deserve to get jail or worse for the millions of lives they have ruined and will likely continue to ruin.

I am not a religious man but if there is a hell i really hope there is an extra special place there for these kinds of scumbags.

[Orac]

Ooooooh. Those are some damn big names.

Huge names. Jitasorn Pramoj doesn't have his Na Ayuthaya bit quoted in the article for some reason - the other two are sister and brother. Massive links to big business and the Democrat Party. To see members of these particular families receive custodial sentences in Thailand is surprise.

Bit more background here

http://www.nationmultimedia.com/2005/12/29/headlines/data/headlines_19537547.html

Edited December 16, 2015 by Orac

[Suradit69]

In the west bank & Wall Street executives who cause billions of dollars in losses through (what should be) criminal activity usually walk away with millions in separation benefits along with the millions they paid themselves while committing crimes while customers, lower level employees and the government get stuck with the losses.

For example ...

[retarius]

Presumably they are all (except the dead one) still out on bail and have spent the 85 million already; and none have seen the inside of a jail cell ever?

[retarius]

In the west bank & Wall Street executives who cause billions of dollars in losses through (what should be) criminal activity usually walk away with millions in separation benefits along with the millions they paid themselves while committing crimes while customers, lower level employees and the government get stuck with the losses.

For example ...

Staggering isn;t it....nearly $400 million to Cayne for bankrupting the company...there is something really, really worng here.

[ratcatcher]

In the west bank & Wall Street executives who cause billions of dollars in losses through (what should be) criminal activity usually walk away with millions in separation benefits along with the millions they paid themselves while committing crimes while customers, lower level employees and the government get stuck with the losses.

For example ...

Staggering isn;t it....nearly $400 million to Cayne for bankrupting the company...there is something really, really worng here.

No, not at all.................

[tomacht8]

Presumably they are all (except the dead one) still out on bail and have spent the 85 million already; and none have seen the inside of a jail cell ever?

I think so.

Probably all family members are well off, including the gardener and the chauffeur.

[Orac]

Presumably they are all (except the dead one) still out on bail and have spent the 85 million already; and none have seen the inside of a jail cell ever?

I think so.

Probably all family members are well off, including the gardener and the chauffeur.

Todays Bangkok Post article states they are all now in jail which is a real surprise - wonder how long before a royal pardon is given.

It does seem a bit odd to me that it is just these three left to carry the can given that they just appear to be family members there as benchwarmers rather than key players in what went on there.

There is no question about the families being well off here - they are from 'old money' and are key establishment players.

Edited December 17, 2015 by Orac

[Rancid]

Never easy to get a bankster behind bars, Iceland being the rare exception, too well connected and live under their own set of laws. Few states even dare.