Prachai acquitted of an embezzlement lawsuit

The Criminal Court on Tuesday acquitted Prachai Leophairattana of charged violation of the Securities and Exchange Act, following his decision to rent TPI Building for 90 years.

Public prosecutors, IRPC Plc and Thai Petrochemical Industry Plc jointly filed a lawsuit against him years ago, after Prachai rented the building to an associated company for Bt956.8 million. They said that the rental period was longer than a permissible period in any law and Prachai did so to embezzle money from TPI. TPI was founded by Prachai but was taken over by creditors.

The court ruled that the decision by Prachai and associates did not cause damage to TPI and that he had no intention to cheat the company. If there were any damage, TPI's rehabilitation planner should have intervened, it said.

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Article source: http://www.thethailandlinks.com/2012/11/13/prachai-acquitted-of-an-embezzlement-lawsuit/