After the embezzlement came to light in December 2014, KMITL and police accused the bank of not providing all the evidence needed for the investigation. This prompted SCB’s executive chairman Vichit Suraphongchai to step out on February 13 to declare the bank’s intention to supply all the requested documents to KMITL this month to help solve the case.
The documents, pertaining to 68 key financial transactions, could enable the university to prepare a case and ended the scandal in which around B1.58 billion went missing from its accounts at two banks, including those at SCB.
Mr Vichit said today (February 27) the bank would pay B1.5 billion, the estimated amount missing from SCB accounts to show its responsibility and in line with good governance principles since one of its employees was a key suspect in the case.
He said if the case dragged on any longer, the image of both the bank and the university would be tarnished.
Mr Vichit said the bank would also cooperate fully with police, including allowing them to interrogate its employees.
Monai Krairiksh, acting rector of KMITL, said today the institution was satisfied with the agreement reached with the bank and would like to the case to serve as a precedent for other universities.
He said KMITL had also improved its financial management by making all transactions traceable. The institution also checked all transactions in 2008 and found no more irregularities.
As well, both sides agreed that if the actual damage was less than B1.5 billion, the university will return the balance to SCB.
The university also has another B80 million missing from its accounts at Bank of Ayutthaya.
The police this week charged three former KMITL’s executives including former rector Thawil Phuengma with theft, document forgery, abuse of power, negligence of duty, and money laundering. They are now released on bail.
Another 11 persons were allegedly involved in the case. Eight of them are now detained, including former SCB branch manager Songklod Sriprasong. The rest are still at large.
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