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The Criminal Court on Wednesday ordered Krirk-kiat Jalichandra, former president of the now-defunct Bangkok Bank of Commerce (BBC), to pay penalties of Bt3.1 billion for approval of a loan which caused damage to the bank.

Krirk-kiat was also ordered to pay BBC's asset managers Bt1.5 billion as debt repayment.

Court rulings have now been handed down for eight embezzlement cases concerning BBC. The previous seven cases led to a 130-year jail term and fines of US$472 million (Bt17 billion) and Bt7.5 billion for Krirk-krai, aside from payments of Bt2.33 billion to BBC's asset managers.

In the latest case, also facing charges were the bank's former executive vice president Ekachai Athikomnantha, former treasury chief Wanchai Thamtitiwat, American Standard Appraisal Co Ltd and its managing director Pairoj Suengsilp.

They were however acquitted on all charges of embezzlement and violating securities laws.

During 1994-1996, Krirk-kiat approved a Bt1-billion loan to For Fifth Orange Co Ltd. Though the collateral was of low value, the bank estimated the land price at Bt832 million - 10 times higher than evaluation price.

The court ruled that the loan approval was against the Bank of Thailand's order that banks must not approve 'clean' loans - those without collateral - to companies that lacked a three-year operating track record.

Krirk-kiat also violated the order that the loan screening committee's approval was required for a loan exceeding Bt30 million.

This lending caused Bt1.57 billion in damage to BBC.