Company paid Bt130m to two linked to major party; officials follow 'money trail'
The Bank of Thailand has found that Golden Technology Industrial Park Ltd issued two cheques worth more than Bt130 million made payable to two people associated with a big political party.
Weerachat Sribunya, BOT's director, Legal Proceeding Office, said: "We have found the trail of money."
Golden Technology Industrial Park, linked to Krisda Mahanakorn, issued two cheques; one worth around Bt100 million, and the other Bt30 million, were made payable to two people associated with a major political party.
"But we don't know what the money is for," he said, and refused to disclose the names of those related to the political party.
Golden Technology was one of the non-performing-borrowers of the state-run Krung Thai Bank. The company was partly blamed for the high amount of Krung Thai Bank's non-performing-loans worth around Bt40 billion during the tenure of Viroj Nualkhair, the former president.
Golden Technology sought Bt9.9 billion from Krung Thai Bank by using a 4,000 rai plot of land close to Suvarnabhumi area as collateral, saying it needed the money to refinance debts with Bangkok Bank worth Bt8 billion, and the other Bt1.9 billion to acquire new land.
However, the Bank of Thailand later found the company used only Bt4.45 billion to refinance the debt borrowed from Bangkok Bank - the other Bt3.5 billion was misused.
The scandal happened about two years ago when banking authorities discovered that Krung Thai Bank misallocated loans worth a combined Bt40 billion. It was forced to set aside loan-loss reserves to cover the high level of non-performing loans. Later on, Viroj was forced out of his presidency.
At the same time, Tarisa Watta-nagase, the Bank of Thailand's governor-designate, said the bank would look into the allegations over the land sold to a spouse of a politician.
However, she said the Financial Institution Development Fund, which owned the land plot, had complied with all the regulations in the sale of the plot.
The Assets Examination Com-mittee (AEC) is investigating whe-ther Khunying Pojaman Shinawa-tra, the wife of the deposed prime minister, might have violated the law with her Bt772 million purchase of land on Ratchadaphisek Road in Bangkok.
The law prohibits state officials and their spouses from engaging in contractual agreements with state agencies.
Former senator Chirmsak Pinthong said yesterday he personally raised the issue a few years ago that Pojaman Shinawatra's land purchase contained irregularities as established in the Counter Corruption Act.
However, the National Counter-Corruption Commission refused to take any action.
He then filed the case with the Crime Suppression Division. The commander of the division Maj-General Kosin Hinthao accepted the case but had made no progress since then, Chirmsak said.
Democrat Party leader Abhisit Vejjajiva said Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula should not have presumed that Pojaman's buying of the land plot was legal. In fact, he should have shown his willingness to co-operate with the investigation while he chaired the Thai Assets Management Corporation (TAMC) then.
A source said on Sunday the Assets Examination Committee (AEC) was investigating whether there was any evidence of Thaksin's acknowledgement in the transaction. However, AEC chairman Nam Yimyaem said yesterday he had not yet ordered any action concerning the case.
As the wife of a prime minister, Pojaman may not have been legally entitled to buy the plot - which was government property - the source added.
Pojaman bought the plot in 2003 from the Financial Institutions Development Fund, the government's financial-rescue arm.
Under anti-graft law, prime ministers and other Cabinet members cannot enter into business contracts with the state.
Moreover, Article 122 of the Counter Corruption Act stipulates the ban on Cabinet members applies to spouses as well. The ban covers equity stakes in companies engaging in joint ventures with the government.
Source: The Nation
I guess this one counters the "no evidence of corruption claim".
Bank Of Thailand finds suspicious cheques
Bank Of Thailand finds suspicious cheques
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
