Bt871m Worth of Gold Seized from Ex-Revenue Chief Sathit Rangkhasiri

[webfact]

Gold confiscated. File photo source: Wikipedia

 

A major corruption ruling has taken the spotlight today. The Criminal Court for Corruption and Misconduct Cases has ordered the confiscation of gold worth approximately Bt871 million from Sathit Rangkhasiri, the former director-general of the Revenue Department.

 

This decision concludes that Sathit was found "unusually rich," leading to the seizure of his vast gold holdings. 

 

On 17th July, the court confirmed that Sathit illegally amassed 15 gold bars weighing a total of 317.99 kilograms. This significant verdict was revealed publicly today by Niwatchai Kasemmongkol, the secretary-general of the National Anti-Corruption Commission (NACC). 

 

Back in October 2016, the NACC charged Sathit with unexplained wealth after discovering his substantial purchase of gold bullion from Hua Seng Heng Commoditas Company Limited. Since 2019, the confiscated gold bars have been under the NACC’s custody, stored securely at the Bank of Thailand.

 

Adding to Sathit’s legal woes, he and another senior revenue official, Siripong Riyakarnthirachote, received life sentences in August 2021. The duo was convicted by the same corruption court for their role in approving fraudulent VAT refunds totaling around three billion baht to 25 companies between 2012 and 2013.

 

Alongside them, a third party, Prasit Ariyachote, was given a six-year prison term for related offences.

 

In a further blow, the court has ordered the convicts to collectively recompense the Revenue Department for the illicit VAT refunds amounting to three billion baht. This ruling aims to recover the significant financial losses caused by the fraudulent activities.

 

Today's development shines a spotlight on the ongoing fight against corruption, marking a substantial victory for transparency and accountability within public offices. The clear message: ill-gotten wealth and fraudulent conduct will not be tolerated.

 

-- 2024-08-02

 

- Cigna offers a variety of health insurance plans designed to meet the minimum requirement for medical treatment coverage, with benefits reaching up to THB 3 million. These plans are tailored to provide comprehensive healthcare solutions for expatriates, ensuring peace of mind and access to quality medical services. To explore the full range of Cigna's expat health insurance options and find a plan that suits your needs, click here for more information.

 

Get our Daily Newsletter - Click HERE to subscribe

[Artisi]

Surely a mistake and a grave misunderstanding, I'm sure it was purchased from his his yearly salary surplus with careful and wise investment strategies. 

He, along with all other upstanding government official would never stoop so low by compromising his ethics and his position of trust. 

[Tropicalevo]

2 hours ago, webfact said:

the confiscated gold bars have been under the NACC’s custody, stored securely at the Bank of Thailand.

They might need to do a regular stock check on the bars.

[Thechook]

Oops, the bank of Thailand have misplaced it

[SAFETY FIRST]

2 hours ago, webfact said:

Sathit illegally amassed 15 gold bars weighing a total of 317.99 kilograms

Gawd, Nothing done in halves here. 

 

I'd like to know how they discovered a third of a tonne of gold missing. 😂

 

The boys are on the ball 

 

[topt]

1 hour ago, SAFETY FIRST said:

Gawd, Nothing done in halves here. 

 

I'd like to know how they discovered a third of a tonne of gold missing. 😂

 

The boys are on the ball 

 

I presume you are taking the pish........

3 hours ago, webfact said:

after discovering his substantial purchase of gold bullion from Hua Seng Heng Commoditas Company Limited.

 

[steven100]

   well,   it's his job to count the gold bars each day when he arrives for work .....

 

20 for the mint .... 1  for me  

20 for the mint ...  1  for me 

20 _____            ...   1 for me 

 

 

He just couldn't bear looking at that gold everyday and thinking about those new properties & cars .....  

[Karma80]

If there was a single story which sums up everything you need to know about Thailand, this is it. Thailand is just an amazing kleptocracy led from the top down.

[chuang]

Nothing suprising

 

[Will B Good]

Worth telling again.....

 

Dam being built near us.....all the villagers who want jobs have to hand in their bank books and passwords.

 

Management book overtime out to them, which the villagers don't actually work, and management withdraw those payments from their bank accounts to divi up between themselves.

 

[CanadaSam]

After reading the negative comments, my 2 cents is, a corrupt gov't official was caught!

 

So this is good news, perhaps even heralding a new era of accountability of gov't officials, for this wonderful country and it's people!

[Ben Zioner]

Now we know why they want to extort us foreigners.

[Will B Good]

7 minutes ago, CanadaSam said:

even heralding a new era of accountability of gov't officials

 

 

Oh boy....just imagine if that came to pass......amazing...🙏

[brianthainess]

11 minutes ago, CanadaSam said:

After reading the negative comments, my 2 cents is, a corrupt gov't official was caught

And two more will pop up tomorrow

[mfd101]

2 down, 99998 to go.

[steven100]

1 hour ago, Karma80 said:

If there was a single story which sums up everything you need to know about Thailand, this is it. Thailand is just an amazing kleptocracy led from the top down.

 

Absolutely ....  a very accurate comment 

[hotchilli]

8 hours ago, webfact said:

This decision concludes that Sathit was found "unusually rich," leading to the seizure of his vast gold holdings. 

He was a very naughty man.

[Grumpy one]

Talk about Sticky Fingers  

[AustinRacing]

Well the recovered loot will go in the pockets of new revenue chief and the cohorts. 

[ThaiFelix]

7 hours ago, SAFETY FIRST said:

Gawd, Nothing done in halves here. 

 

I'd like to know how they discovered a third of a tonne of gold missing. 😂

 

The boys are on the ball 

 

Cant say they were caught with their hands in the till, they took the whole till!!   

[proton]

Come on, innocent until proven guilty, he could have borrowed it all from a friend who is now dead

[ourmanflint]

Now this is how you recompense yourself for not working in the private sector and adding to your starter 18,000 baht government salary. They guy feeling sad about his choices in recent article just needs to read this and learn

[JeffersLos]

The police were seen taking them to the courtroom as evidence.

 

[steven100]

it's in the DNA ... 

[nahkit]

2 hours ago, proton said:

Come on, innocent until proven guilty, he could have borrowed it all from a friend who is now dead

 

"Adding to Sathit’s legal woes, he and another senior revenue official, Siripong Riyakarnthirachote, received life sentences in August 2021. "

 

I'd say that counts as being found guilty.

[GreasyFingers]

Well he was smart enough to buy near the bottom of the market in 2016. Bad luck about the rest.

[ross163103]

It's no wonder they need to tax farang's income with this type of thing going on! And this is probably the tip of the iceberg! 

[klauskunkel]

14 hours ago, webfact said:

Sathit Rangkhasiri, the former director-general of the Revenue Department

only doing his job: he gave the revenue a new general direction, so he can work from his home

... kind of like Trump and those classified files 

[Dave0206]

Obviously they know which companies were guilty of bribing officials to receive illegal vat refunds .So surely its win win make them companies repay 2or 3x the refunds plus you have the bribe monies happy days for the taxation department 

[Hunz Kittisak]

23 hours ago, CanadaSam said:

After reading the negative comments, my 2 cents is, a corrupt gov't official was caught!

 

So this is good news, perhaps even heralding a new era of accountability of gov't officials, for this wonderful country and it's people!

Dun be too happy

Probably a victim of a power struggle 

Purged by rivals within who are just as corrupt if not more.