Fraud trial exposes shortfalls in Thai corporate governance

BANGKOK -- In early June, Vonnarat Tangkaravakoon was led into a courtroom, barefoot and handcuffed. He sat hunched as evidence was presented in the criminal case against him and nine other defendants accused of defrauding investors of nearly15 billion baht ($409.8 million), one of the largest fraud cases in recent Thai history. 

During a pause in the proceedings, other defendants were embraced by their parents, spouses and children. None of Vonnarat's relatives, the tycoons behind TOA Paint, was to be seen.