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Thai firm Billion Innovated faces embezzlement rap

( June 15, 2017, 08:30 GMT | Insight) -- Thailand's National Anti-Corruption Commission has found sufficient grounds behind claims that the Office of the Welfare Promotion Commission for Teachers and Educational Personnel, or Otep, was involved in a 2.1 billion baht ($61.7 million) embezzlement scheme with realty investment firm Billion Innovated Group, the Bangkok Post reports. Thailand's National Anti-Corruption Commission has found sufficient grounds behind claims that the Office of the Welfare Promotion Commission for Teachers and Educational Personnel, or Otep, was involved in a 2.1 billion baht ($61.7 million) embezzlement scheme with realty investment firm Billion Innovated Group, the Bangkok Post reports. Billion Innovated allegedly invited Otep in 2013 to invest in promissory notes worth 2.1 billion baht, which was "carelessly" approved by the Otep committee in just two days, according to NACC Secretary-General Sansern Poljeak. He said the company used mostly counterfeit documents, including land title deeds, cheques and a $100 million HSBC bank draft to guarantee the promissory notes.  ...

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