Four active and former executives of KC Property Company have been accused by the Securities Exchange Commission of embezzlement for allegedly issuing and selling the firm’s short-term BEs (bills of exchange) for their own benefits.

An informed SEC source said that the accusation against the four was made possible after the auditor had uncovered the illegal transactions made during September 2015 and October 2016 worth about 425 million baht.

The source said that the four suspects forged the company’s meeting minutes and opened bank accounts to receive money transfers from the sale of the BEs without recording the sale in the firm’s book.

Evidence about the case will be forwarded to the Anti-Money Laundering Office and the Department of Special Investigation for further investigations.

Earlier, KC Property Company defaulted the payment of its 3-month old BEs worth about 130 million baht with 7.5 percent interest rate after the payment was due on December 15, 2016.

KC Property’s default as a result of embezzlement implicating its active and former executives was the first case of its kind exposed by the SEC.

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