Real estate

Former head of Krisda Mahanakorn property giant gets 860 years in jail


THE former top executive of Krisda Mahanakorn was sentenced to 860 years in jail by the  Central Criminal Court for Corruption and Misconduct Cases today (August 19) on money laundering charges with five other defendants including his son also given lengthy jail terms, Matichon newspaper said.

However as the maximum imprisonment is 20 years the sentences of all six defendants were reduced to this term.

This lawsuit was filed against Mr. Wichai Krisdathanon, 83, former executive of Krisda Mahanakorn as the first defendant;  Mr. Ratchada Krisdathanon, 56, his son and former authorised director of Bonus Born Co. Ltd. as the second defendant; Mr. Bancha Yindee, 63, former authorised director of RK Professional Co. Ltd. and Golden Technology Industrial Park Co. Ltd.  which are subsidiaries of Krisda Mahanakorn as the third defendant; Ms. Petcharat Thepsumritporn, 51, formerly Ratchada’s secretary as the fourth defendant; Mr. Papob Saroma, 69, formerly director of  RK Professional Co. Ltd., Golden Technology Industrial Park Co. Ltd.  and Grand Computer & Communication Co. Ltd. as the fifth defendant; and  Mr. Teerachot Promkun, 58, an employee of Krisda Mahanakorn.

All were charged with money laundering under the Anti-Money Laundering Act, 2004, Sections 4, 5, 9, 60 in conjunction with the Penal Code, Sections 83 and 91.

The prosecutor had said after the approval of a loan to Krisda Mahanakorn and affiliated companies by Krung Thai Bank all the defendants and many others had during September 11, 2003 – December 2004 conspired to launder 10.4 billion baht of the loan by using a juristic company which the first three defendants had authority to act on its behalf to transfer cash.

This transfer was made by the fourth defendant and second defendant who had arranged the commercial bank and trading accounts for the first defendant and his accomplices to transfer cash used to trade stocks. 

The fifth defendant had signed transferring money from Golden Technology Industrial Park Co. Ltd. to Grand Computer & Communication Co. Ltd. which was then used to pay off the purchase of Krisda Mahanakorn’s convertible shares.

The sixth defendant, who was Wichai’s driver, had opened a commercial bank account for Wichai to transfer money to and then cashing the cheques to withdraw it.

The loan from Krung Thai Bank was not used for debt restructuring and additional land purchase as was the purpose with the defendants using the cash to buy and sell stocks and buy land unrelated to Krisda Mahanakorn for personal benefit.

The first three defendants had also been sentenced by the Criminal Division for Political Office Holders of the Supreme Court to 12 years in jail on the charges of lending money while still applying for a loan from Krung Thai Bank.

This court sentenced the first defendant to 860 years, the second defendant to 118 years, the third defendant 416 years, the fourth defendant 38 years, the fifth defendant 235 years and sixth defendant 262 years. However all their sentences were reduced to a maximum of 20 years.


Top:  Central Criminal Court for Corruption and Misconduct Cases. The Thai headline says “860 years in jail!” Photo:

Front Page: The entrance to a Krisda Mahanakorn housing estate at Pinklao. Photo:

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