20-Year Jail Term and Fine Imposed Against Former Chairman and President of Nippon Pack (Thailand) PLC

Wichai Chaisathaporn, the former chairman and president of Nippon Pack (Thailand) PLC, was found guilty by the Criminal Court of misappropriating company assets and falsifying documents and accounting records in violation of Sections 281/2, 307, 308, 311, 312 and 313 of the Securities Exchange Act B.E. 2535.  Mr.

Mr. Chaisathaporn received a 20-year jail sentence and was ordered to pay a fine of 2,540,000 THB.  The jail sentence was suspended for three years, however.

The case against Mr. Chaisathaporn was the result of the SEC's criminal complaint filed with the Department of Special Investigation in May 2010.  Regarding the case, Mr. Vasant Thienhom, the SEC Deputy Secretary-General, said that "the SEC, as the capital market regulator, strictly pursues legal actions against wrongdoers to propel the whole market confidence.  The success of outcome and damage alleviation for NIPPON occurred from the integrated efforts of enforcement authorities, namely inquiry officials under the Bureau of Financial and Banking Crime of the Department of Special Investigations, and public prosecutors under the Department of Special Litigation of the Office of the Attorney General."

Further details on the case can be found here on the SEC's website.