SCB and KMITL Agree on a Financial Remedy of up to Baht 1.5 Billion Embezzlement Probe by the Police to Continue

Stocks and Financial Services Press Releases Friday February 27, 2015 12:01
Bangkok--27 Feb--Siam Commercial Bank

The Siam Commercial Bank Public Company Limited (SCB) and King Mongkut’s Institute of Technology Ladkrabang (KMITL) announced that both had reached an agreement on the embezzlement incident. SCB has offered financial compensation of up to Baht 1.5 billion to KMITL on the embezzlement related losses suffered by KMITL based on the Institute’s preliminary assessment. However, if the actual loss sustained by KMITL amounts to less than Baht 1.5 billion, the compensation payment will be reduced accordingly. This accord in no way affects the ongoing criminal proceedings against the persons being investigated for the fraud. In fact, SCB and KMITL reaffirmed their commitment to cooperate fully with the current investigation by the Royal Thai Police. Further, from this point forward, any information or news relating to the embezzlement will be provided only by the law enforcement authorities, to avoid the risk of jeopardizing the criminal proceedings.

Dr. Vichit Suraphongchai, Chairman of the SCB Executive Committee, stated that “the compensation SCB has offered, of up to Baht 1.5 billion, is grounded on its commitment to the principles of good corporate governance and a deep sense of responsibility towards its customers and Thai society. Given that a SCB employee is involved in the embezzlement, SCB is demonstrating its accountability for the wrongdoing. In addition, if the current conflict between SCB and KMITL is unduly prolonged, it may have a severe detrimental impact on the standing of, and the public confidence in, both SCB and KMITL and may even impair the reputation of Thailand’s economic and educational sectors, given the position of SCB as a major bank in Thailand and of KMITL as a leading academic institute in the country. With this early accord, both SCB and KMITL have sought to avoid further adverse impact. In this context, the investigation and legal actions against wrongdoers will continue and both SCB and KMITL will provide full cooperation to the Police to facilitate the investigation and consequent legal proceedings.”

Professor Monai Krairiksh, Acting Rectorof KMITL, notes that “on behalf of KMITL, I would like to thank SCB for demonstrating responsibility for the damage caused by this unfortunate incident. Like SCB, KMITL wishes to prevent any recurrence of this type of loss and is urgently establishing appropriate preventive and corrective measures, including tightening of the internal controls relating to financial management and transactions, as a deterrence against fraud. Also, with respect to the criminal investigation, KMITL will provide its full cooperation to the law enforcement agencies in bringing the perpetrators to justice and to achieving an equitable outcome for all parties concerned.”

SCB and KMITL took the opportunity to express their sincere appreciation to the assistance and cooperation provided by a number of parties, including the Police and members of the media, which has contributed to the progress of the investigation. Both SCB and KMITL are confident that justice will soon be served and the guilty persons convicted.

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