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April 29, 2011

Corporate Officers and Directors and Criminal Liability: Navigating Treacherous Waters

INFORMA, A Business Magazine of the Thai-Italian Chamber of Commerce

Acting as an officer or director for a Thai company can be an honor. It is a position that not only affirms a person’s role in shaping company policies, but can also symbolize that person’s place in the overall economic marketplace. In short, it is a title with responsibility. Most officers and directors accept the fact that they are charged with significant responsibility for the company’s operations. Many, however, believe that they are shielded from personal liability for legal or regulatory violations that the corporate entity commits, so long as such violations are not the result of their direct negligence or intentional wrongdoing. Such thinking may be misguided, as officers and directors may be criminally liable for the offenses committed by other officers or their subordinates.

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David Sulzbacher