Embezzlement alleged at Cirkit
The Securities and Exchange Commission (SEC) has filed criminal complaints with the Department of Special Investigation against five executives of Circuit Electronic Industry Plc (Cirkit) over alleged embezzlement, the watchdog said yesterday.
The five are: Siva Nganthavee, the company's chief executive officer and chairman; Watjana Bhukaswan, vice chairman; Sukit Nganthavee, director; Lee Wolff, managing director; and Somboon Kritcharnchai, deputy managing director.The SEC found that the company's supposed foreign debtor, whom Cirkit claimed had failed to settle Bt3.44 billion in debts between 2003 and 2005, did not exist. Besides, there is evidence that the five executives took part in irregularities, as they were associated with the establishment of a company set up to collect money from Cirkit's customers. Given the failure to collect the Bt3.44-billion in debts, the company had to set up a massive debt-loss reserve. This is blamed for the company going bankrupt last year with liabilities Bt835 million higher than its assets and retained losses amounting to Bt2.66 billion. - The Nation
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