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Criminal Court sentenced former POWER-P executives for preparation of incorrect accounts and fraud



Thursday 23 April 2015 | No. 51 / 2015



Bangkok, April 23, 2015 ?The Criminal Court sentenced 3 former executives of POWER-P Plc. (POWER), namely Ratchasak Susewi, Phongsak Khongpanyakul, and Siriporn Tangmitpracha as well as an accessory, Kachen or Komgrich Luechanya or Chitsanucha Piyakanin), to imprisonment for permitting or participating in the preparation of incorrect or inaccurate accounts and public fraud.

Previously, on November 8, 2006, the SEC filed a criminal complaint with the Department of Special Investigation against the above 4 persons. The principals were 3 ex-POWER-P executives responsible for the company operation, namely (1) Ratchasak, Chairman and Chief Executive Officer, (2) Phongsak, Deputy Managing Director-Finance and Accounting, and (3) Siriporn, Business Development Director. They were found permitting or participating in the preparation of incorrect and inaccurate accounts in the company?s 2004 financial statements by recognizing revenues from providing services of feasibility studies and funding sources for construction projects, despite the fact that the services did not exist, with intent to deceive other persons. The said action was in violation of Section 312 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Penal Code. Komgrich as aider or abettor was also named in the complaint for violating Section 312 in conjunction with Section 315 of the SEA.

On December 29, 2014, the Criminal Court ruled against Ratchasak, Phongsak, and Siriporn for violating Sections 306 and 312 of the SEA in conjunction with Section 83 and 343 of the Penal Code. They were sentenced to 8-year imprisonment each while Ratchasak must reimburse an aggrieved person in the amount of 878,169.19 baht. In addition, Kachen (or Komgrich or Chitsanucha) was sentenced to 8-year imprisonment for violating Section 315 of the SEA in conjunction with Sections 83 and 343 of the Penal Code.



Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter,
please go to compliant filed with inquiry officer












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No. 51 / 2015 Thursday 23 April 2015
Criminal Court sentenced former POWER-P executives for preparation of incorrect accounts and fraud


Bangkok, April 23, 2015 ?The Criminal Court sentenced 3 former executives of POWER-P Plc. (POWER), namely Ratchasak Susewi, Phongsak Khongpanyakul, and Siriporn Tangmitpracha as well as an accessory, Kachen or Komgrich Luechanya or Chitsanucha Piyakanin), to imprisonment for permitting or participating in the preparation of incorrect or inaccurate accounts and public fraud.

Previously, on November 8, 2006, the SEC filed a criminal complaint with the Department of Special Investigation against the above 4 persons. The principals were 3 ex-POWER-P executives responsible for the company operation, namely (1) Ratchasak, Chairman and Chief Executive Officer, (2) Phongsak, Deputy Managing Director-Finance and Accounting, and (3) Siriporn, Business Development Director. They were found permitting or participating in the preparation of incorrect and inaccurate accounts in the company?s 2004 financial statements by recognizing revenues from providing services of feasibility studies and funding sources for construction projects, despite the fact that the services did not exist, with intent to deceive other persons. The said action was in violation of Section 312 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Penal Code. Komgrich as aider or abettor was also named in the complaint for violating Section 312 in conjunction with Section 315 of the SEA.

On December 29, 2014, the Criminal Court ruled against Ratchasak, Phongsak, and Siriporn for violating Sections 306 and 312 of the SEA in conjunction with Section 83 and 343 of the Penal Code. They were sentenced to 8-year imprisonment each while Ratchasak must reimburse an aggrieved person in the amount of 878,169.19 baht. In addition, Kachen (or Komgrich or Chitsanucha) was sentenced to 8-year imprisonment for violating Section 315 of the SEA in conjunction with Sections 83 and 343 of the Penal Code.



Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter,
please go to compliant filed with inquiry officer