The billionaire was first given a light, one year sentence over what has been dubbed the “Black Panther” case, increased by an appeals court in 2019.
Premchai’s firm, Italian-Thai Development Company, is behind major infrastructure projects such as Bangkok’s sky train and the capital’s international airport. Until 2016, he was on the Forbes Top 50 richest list for Thailand.
But signs that his status would not protect him emerged earlier this week when Prayut Chan-o-cha, the prime minister, made direct comments on the affair to the press, stressing that “If the court summons you, you should go.”
“You know your game is almost over when the premier of a military government personally comments on your case,” Erich Papart, business editor of the Thai Enquirer, wrote ahead of the verdict.
“Prime Minister General Prayut Chan-ocha said the black panther case against construction billionaire-tycoon Premchai Karnasuta is a parable that should teach people how to avoid such crimes.”
Premchai previously denied the charges, but later apologised for the offence.