Mon, December 3, 2007 : Last updated 19:54 hours
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Home > Politics > Prachai guilty of stock manipulation but still in the race
Prachai guilty of stock manipulation but still in the race
Matchima Thipataya Party leader Prachai Leophairatana was found guilty of violating the stock market regulations and sentenced to three years in jail on Monday. He remains in the race pending the appellate review.
The shares manipulation happened in 2003 when Prachai was the chief executive officer of TPI, the umbrella group of TPI Polene which then applied to become a listed company.
The Criminal Court ruled in favour of the public prosecutors that Prachai and his stock broker Chienchuang Kalayanamitr had conspired to mislead the initial public offering relating to the valuation of TPI Polene at Bt91 billion amounting to Bt89 per share.
Prachai did not step forward to clarify the questionable valuation.
Chienchuan also received the threeyear jail term. His brokerage house and Prachai's TPI were each fined Bt6.9 billion.
The Nation
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