The Department of Special Investigation has resolved that former executives of Thanasin Insurance should face charges for doctoring financial statements and using false documents.
DSI spokesman Pol Colonel Narat Sawettanant said yesterday that the seven former executives had violated the Public Companies Act, the Insurance Act and the Criminal Code. They also caused damages worth Bt300 million.
The case has been forwarded to state prosecutors.
The insurance company was stopped from doing business in early 2007 and the Office of Insurance Commission and DSI later launched a joint investigation into its transactions.
Narat said the probe found that the executives had concealed facts about the firm's true financial situation. The investigation also secured evidence showing that they had doctored the firm's accounts to convince others that its capital met legal requirements.
In February this year, Supachai Srisupaaksorn, president of Klongchan Credit Union Cooperative, joined up with friends and cooperatives to buy an 80 per cent stake in Thanasin for Bt324 million. Thanasin was subsequently renamed Union Inter Insurance, even though about 20 per cent of the stake is still held by some 30 original shareholders. The firm was recently allowed to resume business.
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