Rogue stock investor in insurance firm sent to jail

The Criminal Court gave 50-year-old Kriangkrai three years for failing to report to the Securities and Exchange Commission his acquisition and disposal of shares in the company, plus 18 months for failure to tender for the remaining shares of Inlife when his stake exceeded 25 per cent of total issued shares.

The total term was reduced to 27 months in consideration of his plea of guilty. He won no probation, however, as the court considered that his action had hurt other investors and damaged the investment environment, constituting a threat to national security.

From May 12-28, 1999, Kriangkrai and his associates built up his stake in the insurance company to 30.73 per cent, beyond the 25-per-cent trigger point that necessitates a tender.

The court also found they had tapped Bt118 million from Total Access Communication (DTAC) to finance the purchase of Inlife shares then returned the Bt118 million to DTAC after selling the Inlife shares for Bt235 million and channelling the profit into Kriangkrai's accounts.