Labour Minister Phiphat Ratchakitprakarn. Picture courtesy Bangkok Post

 

In a move to ensure transparency, the Ministry of Labour has pledged full cooperation with an inquiry into alleged overpayment by the Social Security Office (SSO) for the SKYY9 Centre on Rama IX Road. The office reportedly spent 6.9 billion baht on a building purportedly worth only 3 billion baht.

 

Labour Minister Phiphat Ratchakitprakarn reaffirmed the ministry's commitment to transparency in the ongoing investigation. "We welcome scrutiny of the SKYY9 purchase. The SSO engaged independent appraisers to evaluate whether the investment was prudent," Phiphat stated.

 

The inquiry panel consists of seven members, including high-ranking officials from the Labour Ministry and the SSO. This follows Prime Minister Paetongtarn Shinawatra's directive to Interior Minister Anutin Charnvirakul to spearhead the investigation.

 

Despite the SSO’s affiliation with the Labour Ministry, Anutin clarified his involvement stems from his concurrent role as Deputy Prime Minister overseeing the ministry.

 

Complications arise as the current permanent secretary for labour, Boonsong Thapchaiyut, was the SSO's secretary-general during the transaction. While declined to comment, Boonsong merely acknowledged the legal compliance query with a nod.

Allegations of the purchase price being inflated have been publicly challenged by Deputy Commerce Minister Suchart Chomklin. He refuted accusations by Rukchanok Srinork, a People's Party MP, accusing her of distorting facts through political manoeuvring.

 

The SKYY9 Centre’s complex history reveals a building once stalled by the 1997 financial crisis and later frequently changing hands, acquiring varied appraisals. The SSO contends its 6.9 billion baht purchase aligns with an SEC-certified estimation, despite public scepticism.

 

Implemented through a Private Equity Trust under SEC regulation, the SSO’s investment in SKYY9 came after multiple renovative resales, sparking debate over valuation techniques. Interestingly, despite the controversy, 45% of SKYY9's space is reportedly occupied or soon-to-be, with rental rates standing at 600 baht per square metre.

 

Prompted by possible irregularities, the inquiry seeks to unravel the intricacies of the SSO's hefty commitment. Whether the amount reflects the centre’s true market value or an oversight in fiduciary responsibility remains under close examination. Both governmental accountability and stakeholder trust hinge on the investigation’s transparency and resolution, reported Bangkok Post.

 

-- 2025-03-13

 

 

Not in the slightest bit surprised

7 hours ago, webfact said:

In a move to ensure transparency, the Ministry of Labour has pledged full cooperation with an inquiry into alleged overpayment by the Social Security Office (SSO) for the SKYY9 Centre on Rama IX Road. The office reportedly spent 6.9 billion baht on a building purportedly worth only 3 billion baht.

 

What is the local Department of Lands valuation for the plot with building.......