4-8-2023 (BANGKOK) The renowned property developer, Sansiri Plc, issued a staunch defense on Thursday for their former chief executive, Srettha Thavisin, who is now the prime ministerial candidate for the Pheu Thai Party. The defense comes in response to serious allegations of tax evasion made by whistleblower Chuvit Kamolvisit.
Chuvit Kamolvisit, previously known as a massage parlour tycoon, presented documents claiming to have strong evidence of irregularities in a land purchase made by Sansiri in August 2019, during Srettha Thavisin’s tenure as the company’s chief executive.
According to Chuvit Kamolvisit, Mr. Srettha and Sansiri colluded with the landowners to evade 521 million baht in taxes on the acquisition of a prime 400-square-wah land plot on Sarasin Road in Bangkok. The reported purchase price for the site was a staggering 1.57 billion baht, making it the most expensive land acquisition in the company’s history.
Chuvit Kamolvisit alleged that Mr. Srettha personally approved the purchase and sale agreement with the 12 individuals who collectively owned the land. These 12 owners formed an “ordinary partnership,” making each of them liable for excise tax on the sale proceeds, totaling 521 million baht. To circumvent this substantial tax payment, Chuvit claimed that the 12 individuals individually transferred smaller plots to Sansiri over a 12-day period, which were subject to different tax treatment compared to the ordinary partnership.
According to Chuvit, only 59.2 million baht in taxes were eventually paid on the transaction. He pointed out that Mr. Srettha could not deny his involvement in the case, as the company’s minutes clearly showed his appearance and signature on the documents, which were separated into 12 copies with different sellers’ names mentioned.
In response, Sansiri released a statement asserting that the sellers were responsible for taxes and ownership transfer fees related to the land sale, while the company’s duty was limited to making payments at the agreed prices and facilitating the land ownership transfer. They denied any knowledge or involvement in the sellers’ tax payments.
The company insisted that the land ownership transfer followed proper procedures, laws, and regulations set by the Department of Land. They further emphasized their strict adherence to good governance and the rule of law in their business operations.
Chuvit Kamolvisit criticized the authorities’ handling of the situation, contrasting it with the disqualification faced by Move Forward Party leader Pita Limjaroenrat for owning shares in a defunct TV company. He argued that Mr. Srettha’s alleged tax evasion had resulted in damages of 521 million baht to the state, warranting a serious investigation.
Chuvit pledged to present all the documents to senators and the House speaker for their consideration and decision on whether to support a person accused of tax evasion. He also intended to forward his information to the Securities and Exchange Commission for further scrutiny.
It’s important to note that Chuvit Kamolvisit clarified that his actions were not motivated by personal revenge or disappointment related to Sansiri’s decision not to purchase a plot of land he owned. He maintained that he had no objection to a prime minister from the Pheu Thai Party and expressed his personal support for legal expert Chaikasem Nitisiri, who enjoys the full support of Thaksin Shinawatra, the founder and influential figure behind the party.
