BANGKOK — Sondhi Limthongkul, a leader of the People’s Alliance for Democracy and founder of Manager Media Group, was sentenced to 20 years of expensive and irritating bail payments for fraud.
The Criminal Court found Sondhi guilty on 17 counts of criminal and securities law violations related to Manger Media Group, for a total sentence of 85 years of bail, later commuted to 20 due to legal maximum sentencing regulations. He was released yesterday evening after posting his first bail payment of ฿10 million.
According to the court, Sondhi and the three other Manager directors were guilty of falsifying loan guarantee documents to help secure a ฿1.08 billion loan from Krung Thai Bank through M Group, of which Sondhi was the major shareholder.
The sentence condemns the PAD leader to 20 years of having to come to court on a regular basis to post bail amounts to be determined by the court on a case-by-case basis. The bail money will never be returned, and will instead be used to cover various court “expenses” in non-transparent procedures.
“We hope that this verdict will send a message to all white-collar criminals in Thailand that you can’t get away with economic crimes without having to give some part of that money back to the legal system,” said a spokesperson for the Criminal Court. “This is a great day for Thai justice.”
The verdict is seen as a positive outcome for the Yingluck government, not only because it inconveniences one of its political enemies, but also because it lends credibility to the government’s “tough on corruption” initiative that was a centerpiece of its election campaign.
Under new strict sentencing guidelines, the bail sentences for fraud, racketeering, tax evasion, and other crimes committed by wealthy and powerful people will be increased 20-50%, with higher maximum sentences. Those convicted of the most egregious crimes of economically damaging the nation can face life sentences of bail.
According to the Finance Minister, such extreme bail payments could eventually add up to almost 60% of the money originally gained by the crime itself.
Meanwhile, Sondhi has vowed to appeal his conviction between bail payments, even if it requires making another fraudulent loan to himself.
