The Chulalongkorn University Saving Cooperative (CUSC) has been barred from paying dividends and refunds, worth 750 million baht, to its members as irregularities were found in the assets of two other cooperatives in which the CUSC had deposited its money.
The order was made by the Cooperative Promotion Department (CPD) chief Phichet Wiriyapaha, who serves as registrar of cooperatives nationwide.
Mr Phichet made the decision based on the audit report of the CUSC's financial statement.
The CUSC deposited more than 215 million baht with Mongkol Setthi Credit Union Cooperative (MSCUC), which failed to pay the principle and interest to the CUSC on the due date of March 6, 2015.
The CUSC later sued MSCUC, demanding payment. The MSCUC agreed to sell Saha Life Insurance Plc's shares it held to raise the money to settle the payment.
The Legal Execution Department (LED)'s panel assessed the insurance firm's shares held by the MSCUC to be valued at 145.92 million baht.
The CUSC claimed its right as creditor to solely take the 145 million baht although this could need confirmation from the LED's panel.
The MSCUC was found to have been embroiled in the scandal-hit Klongchan Credit Union Cooperative (KCUC). The MSCUC, located in the compound of Wat Phra Dhammakaya, was founded by former KCUC chairman Supachai Srisupa-aksorn, who has been imprisoned since 2016 for siphoning off 22.1 million baht from the KCUC.
The MSCUC received money from the KCUC which it lent to Wat Phra Dhammakaya's followers who needed money to donate to the temple.
Another irregularity was found in the appraisal of land plots placed as deposit collateral by the Khehasathan Noppakao Ruamjai Cooperative (KNRC) with the CUSC, which deposited 915 million baht with the KNRC.
A private appraisal company had estimated the land plots to be worth about 35.52 million baht in June last year, as opposed to 432.22 million baht appraised by land officials in January this year, said Mr Phichet, citing the auditor.
