Appeals Court lands verdicts to former Picnic executives
The Appeals Court handed the 12-year imprisonment term to Picnic Plc's former president Theerachanon Lapvisuthisin, former vice president Suphaporn Lapvisuthisin and 22 accomplices, for violating the Securities and Exchange Commission.
The ruling on Feb 21 overturned the lower court's decision in 2006.
"This ruling serves as a reminder to all listed companies' executives, who should be more prudent, uphold honesty, and follow the accounting standards," said Vasant Thienhom, a deputy secretary-general of the Securities and Exchange Commission.
"This demonstrates the efficient cooperation in penalising wrongdoers. We are thankful for related agencies - the Department of Special Investigation and the Attorney General's Office, as well as all officials involved," he added.
In 2005, the SEC filed charges against Theerachanon, Suphaporn and 8 others for violating the securities laws. The number of accomplices was expanded to 22 later.
According to the Appeals Court ruling, Theerachanon and Suphaporn doctored document and illegally boosted the company's gas tank rentals and revenue in 2004. They also submitted the doctored financial statements for board's approval, to convince a Bt85 million loan extension to two sub-contractors - Orn-uma Construction Co Ltd and P Prise Supplies and Construction Co Ltd.
