The Criminal Court yesterday sentenced three former Daido executives - former president Shisiro Fukuda, Pisan Jaraslertrangsi, a former vice president for finance and accounting, and Kanchanok (or Natchaporn Likitsirisap or Rassarin Surapattanapaisan, a
However, the court suspended their sentences for two years.
In addition, Budget Management and Design Co, Montian Pongkiatkong and Chai Pongthanawaranont (or Kittiwut Athawatanat) were convicted as aiders or abettors.
On October 4, 2005, the Securities and Exchange Commission filed a criminal complaint with the Department of Special Investigation (DSI) against Fukuda, Pisan and Kanchanok (or Natchaporn or Rassarin). The SEC accused them of falsifying documents and accounting records in the Daido financial statements for the year 2002 and for the first and second quarters of 2003 and thus misled shareholders and investors about Daido’s true financial condition. The DSI and public prosecutors probed the case and decided to pursue charges against them as well as Budget Management and Design Co, Montian and Chai (or Kittiwut). They were charged with several offences under the Securities and Exchange Act, including fraud, embezzlement and forgery.
On October 28, the Criminal Court ruled that Fukuda, Pisan and Kanchanok (or Natchaporn or Rassarin) were guilty of several offences under the SEA and the Penal Code, while Budget Management and Design Co, Montian and Chai (or Kittiwut) were guilty of aiding or abetting document falsification. However, as all the defendants pleaded guilty, the court reduced the punishments by half.
Accordingly, Fukuda was convicted on 11 counts, and Pisan and Kanchanok (or Natchaporn or Rassarin) were each convicted on nine counts; all three faced prison terms and fines of more than Bt1 million. Budget Management and Design was convicted on one count with a fine of Bt1,000. Montian and Chai (or Kittiwut) were each convicted on one count with a four-month prison sentence and a fine of Bt1,000.