Coffee and steel magnate Prayudh Mahagitsiri was sentenced to 24 years in jail by a Thai Court after his golf resort development company was alleged to have illegally amassed land in areas designated as national reserved forest and agricultural land reform zones in northeastern Thailand.
According to a regulatory filing made by POSCO Thainox Public Co. Ltd., a joint venture between the Korean steel maker and Prayudh’s company, the Criminal Court for Corruption and Misconduct Cases, Region 3, on Thursday delivered a verdict to jail nine individuals, including government officials and Prayudh’s daughter Ausana, who received a jail term of 12 years. Prayudh has denied wrongdoing, according to local media reports.
The case stemmed from the expansion of the Mountain Creek Golf & Resort & Residence project in Nakhon Ratchasima province, northeast of Bangkok. Following land surveys and consolidation of plots within the area, the government alleged that the 27-hole golf resort’s land area increased by 30 hectares, beyond its original size of 369 hectares. The project, which includes a five-star hotel and a residential estate, was developed by a company linked to Prayudh’s PM Group.
On Friday, a court granted Prayudh and Ausana bail at 1 million baht (US$30,175) each. They are not allowed to leave the country. Prayudh has yet to respond to Forbes Asia’s requests for comment.
With a real-time net worth of $2.6 billion, Prayudh, 79, is among Thailand’s wealthiest. He derives his fortune mainly from interests in Quality Coffee Products, a long-standing joint venture with Swiss multinational food and drink processing conglomerate Nestle that was licensed to produce Nescafé in Thailand.
