Top Executives of Thai Samsung Electronics Arrested

Park Kwang-kee, managing director of Thai Samsung Electronics Co. Ltd., a Samsung subsidiary in Thailand, and Kim Chung-jun, the company's general manager, were arrested in Bangkok and turned over to the police's economic and cyber crime division under charges of fraud. Police Lt. Col. Phuthorn Pritsanananthakul said two Thai companies had filed fraud charges against the two executives though the details of the complaints have not been released. According to Pritsanananthakul, Sam Corp. filed a criminal complaint, alleging losses of $1.9 million because of fraud by Samsung, while Triple A Prompt filed a civil suit against Samsung last week, demanding compensation of $17.3 million.Kim, allowed to speak to reporters at a news conference at the economic and cyber crime division, denied the allegations and said they were the result of a business dispute. "We are restructuring our strategy in order to better serve the Thai market," he said. "During this restructuring, maybe some of our business partners lose some benefits." He said the matter was under investigation and was expected to be resolved soon in court. "We are very sure that we will win the case," he said. It is unknown whether the two will be let out on bail at this moment. View: Full Story on SiliconValley.com Read full story...

 


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