17-8-2023 (BANGKOK) Srettha Thavisin, the prime ministerial candidate for the Pheu Thai Party, addressed allegations on Wednesday regarding a land purchase made by Sansiri Plc, the property development firm he formerly led. Thavisin stated that the acquisition was conducted transparently and at the market price. He was responding to claims made by whistleblower Chuvit Kamolvisit, who accused Sansiri of illicitly purchasing land for the Khun by Yoo luxury condominium through nominee entities.
Chuvit, a former massage parlour tycoon and politician, made the allegations on Tuesday, marking the second time he has accused Sansiri of misconduct during Thavisin’s tenure as CEO. Chuvit argued that Thavisin’s alleged involvement in unethical corporate practices disqualifies him from becoming the prime minister. Pheu Thai is expected to nominate Thavisin to lead a new coalition government in parliament in the coming days.
Chuvit claimed that Sansiri used a company with a housekeeper and a security guard as shareholders to acquire land in the Thong Lor area in 2016. According to him, the nominee company obtained a 1-billion-baht loan to pay the landowner 565 million baht, leaving the purpose of the remaining funds unknown.
Thavisin took to his Facebook page on Wednesday, asserting that the land plot was purchased at the market price of 1.1 million baht per square wah. Sansiri, in a statement to the Stock Exchange of Thailand (SET), refuted allegations that the price paid to the seller, N&N Asset Co Ltd, was misstated. The company insisted that the price reflected the prevailing market values in the area.
Sansiri dismissed the suggestion that the land was bought at an inflated price and should have been acquired for 565 million baht or 650,000 baht per square wah. It described the claim as baseless, stating that no landowners in Thong Lor would sell at such a low price.
Thavisin emphasized his three-decade-long track record of managing Sansiri with good corporate governance and welcomed any investigation based on facts and good intentions.
On Tuesday, Chuvit alleged that the name of a housekeeper had been used as a previous buyer of the land plot. The woman, identified only as Pinit, a 38-year-old, denied any knowledge of the land deal. She clarified that she had worked in Bangkok approximately five years ago and was shocked to discover her name associated with the alleged transaction. Pinit stated that she had never been employed as a housekeeper and had reported her innocence to the police in her hometown of Maha Sarakham.
Sansiri insisted that its land purchasing procedures adhered to legal requirements and were conducted transparently and accountably. The company also stated that its subsidiary, Arnawat Co Ltd, was not a current creditor of N&N Asset, providing a copy of the land mortgage contract filed with the Department of Lands as evidence.
In a separate legal matter, Thavisin is suing Chuvit for defamation, seeking 500 million baht in damages, following previous comments made by Chuvit regarding a land purchase by Sansiri on Sarasin Road in Bangkok.
