Updated: PAD’s Sondhi faces 85 years in jail

28 02 2012

In The Nation it is reported that the Criminal Court has found  People’s Alliance for Democracy leader Sondhi Limthongkul guilty on 15 charges of “business fraud from 1996 to 1998 and sentenced him to serve 85 years in jail.”

As is usual for Sondhi, he has “applied for Bt10 million bail pending the appellate review.”

The case involved “fraudaulent transactions between two listed companies, Manager Media Group and M Group, in order to secure six loans worth Bt1 billion from Krung Thai Bank.” It was stated that Sondhi and three defendants conspired “to doctor the minutes of Manager Media board meetings in order to authorise him to act as loan guarantor for M Group.” Further, “Sondhi had acted without the authorisation and failed to report his liabilities to the stock market.”

The defendants had “pleaded guilty and asked for leniency for a suspended sentence, the court found no grounds for commuting the punishment.”

Update: The Bangkok Post reports that Sondhi was sentenced to 20 years, which is the maximum for the charges. This story has more background on Sondhi’s fraud.



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