The Supreme Court has denied bail for media tycoon and former yellow shirt leader Sondhi Limthongkul after the Appeals Court confirmed his 20-year prison sentence for violating the Securities and Exchange Act.
His lawyer submitted a Bt10-million bail application as he plans to appeal to the Supreme Court.
The Supreme Court turned down the release request Friday because it believed Sondhi might attempt to flee the country.
The Appeals Court on Thursday upheld the primary court's verdict.
Sondhi was accused of falsifying documents that were used as collateral for a Bt1-billion loan for his media empire, the Manager Media Group.
In its verdict, the court stated that Sondhi and three other Manager Media Group board members falsified a loan guarantee document from 1996 to 1998 to get the Krungthai Bank loan for a private company in which Sondhi was the majority shareholder.
It said the other board members were not aware of the fraud and did not give their approval.
The court also ruled that Sondhi and the three board members committed accounting fraud by not including the company's status as the loan guarantor in its financial report, which misled investors.