The Appeals Court today dropped the petition of the Klongchan Credit Union Cooperative's board seeking to withdraw lawsuit against its former president Supachai Srisupa-aksorn who is now serving 14 years in jail for fraud.
The court gave its reason to drop the board's petition that the board has no authority to withdraw the embezzlement lawsuit against Supachai although the convicted prisoner had already paid 35 million baht to the cooperative for the 22 million baht he embezzled from the cooperative at the time he was the president of the cooperative.
The court said that the Klongchan Credit Union Cooperative is a juristic body established under the Cooperatives Law with the purpose of promoting and protecting the benefits of members.
When the cooperative was damaged by fraud and the official registrar had already halted the board's attempt to withdraw the lawsuit, the financial rehabilitation executive committee which was designated by the board to petition has no authority to withdraw the case, the court said.
The board earlier filed embezzlement charge against Supachai for defrauding 22 million baht from the cooperative's saving fund.
The case was later ruled by the Criminal Court and Supachai was sentenced to 14 years in prison.
After the Appeals Court's ruling, Supachai's lawyer said he would appeal the verdict to the Supreme Court within 15 days.
Supachai is still facing three court cases involving money laundering conspiracy with Phra Dhammachayo who is still at large for defrauding over a billion baht from Klongchan Credit Union Cooperative's saving funds whose members are mostly retired government officials.
Source: Thai Public Broadcasting Service (Thai PBS)