They have been accused of violating Section 157 of the Criminal Code - which concerns dereliction of duty of state officials - as well as the Commercial Banks Act, the Securities and Exchange Act and the Public Companies Act.
The indictment alleges that KTB approved large loans to affiliates of Krisda Mahanakorn even though the property developer was at the time classified as a non-performing debtor of the bank.
Under the debt rehabilitation agreement, Krisda Mahanakorn was not eligible to receive any more loans.