Friends of Seri Foundation Controversy
Seripisut is the Chairman of the Friends of Seri Foundation and involved in controversial loans made to businessman and junta-associate Thanaboon Jiranuwat. Thanaboon's construction business was losing money, and he received an 18% interest-rate loan from Seripisut's foundation in September 1996. Thanaboon wrote 14 cheques worth 300,000 baht each to the foundation as repayment. Thanaboon's banks returned the cheques unpaid, and Seripisut sued Thanaboon. Thanaboon was acquitted by the Criminal Court but convicted on appeal. He later appealed to the Supreme Court, arguing the loan agreement violated the foundation's objectives and regulations, and that the interest rate was above Bank of Thailand limits. On 8 February 2007, the Supreme Court upheld Thanaboon's conviction in which Thanaboon was sentenced to 40 months in jail.
Read more about this topic: Seripisut Temiyavet
Famous quotes containing the words friends, foundation and/or controversy:
“All earthly things is but vanity:
Beauty, Strength, and Discretion do man forsake,
Foolish friends and kinsmen, that fair spake—
All fleeth save Good Deeds, and that am I.”
—Unknown. Everyman (l. 870–873)
“But in every constitution some large degree of animal vigor is necessary as material foundation for the higher qualities of the art.”
—Ralph Waldo Emerson (1803–1882)
“Ours was a highly activist administration, with a lot of controversy involved ... but I’m not sure that it would be inconsistent with my own political nature to do it differently if I had it to do all over again.”
—Jimmy Carter (James Earl Carter, Jr.)