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Thai Property executives accused of embezzlement

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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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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Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak

The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.

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The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.

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