Cooperatives boss linked to big investment in Laos
THE SUNDAY NATION

BANGKOK: -- SEARCHES OF a company as part of investigation into an embezzlement scandal involving Credit Union Cooperatives have discovered documents indicating a massive investment in Laos, a source said yesterday.

Officials from the Department of Special Investigation (DSI) and the Anti-Money Laundering Office (Amlo) conducted searches on SW Holding Group Co Ltd yesterday.

Amlo has ordered confiscation of shares in the company after it was found that the co-operatives' former president, Supachai Srisupa-aksorn, had issued cheques for over Bt200 million to the company and some of its executives.

Supachai is accused of embezzling several billion baht from the co-ops.

The cheques are part of 878 cheques for more than Bt11 billion issued by the cooperatives' former executives that are being examined by Amlo as part of its investigation into the case.

Some documents found during the search showed that SW Holding invested about Bt2.5 billion in a mining company in Laos, according to the source familiar with the case. The authorities were investigating to determine as to whether part of the investment came from the money allegedly embezzled from Credit Union. SW Holding has a registered capital of as high as Bt5 billion, according to the source.

The source expressed optimism that all of the ordinary members of the cooperatives would get their money back as much of the embezzled money would be seized and paid back to them.

The authorities have confiscated some important documents from the company, including several land title deeds, in addition to two cars, computers, bank books and a large safe.

Source: http://www.nationmultimedia.com/national/Cooperatives-boss-linked-to-big-investment-in-Laos-30254107.html

-- The Nation 2015-02-15

Modern day reverse Robin Hoods, stealing from the poor & giving to the rich. I always wondered why we never heard about cooperatives here & what they do. Apparently nothing apart from self enrichment.

So much scums being uncovered under the military rule. But I hope these people get real punishment instead of getting slapped and some how forgotten or lost in the judicial system.

Keep digging

In Thailand it seems like stealing is a way of life i hope this government will sort these crooks out,

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

..suddenly everything in this video sounds like a joke.

Edited February 15, 201511 yr by Thailand J

It's good that their getting uncovered but if they don't get serious time incarcerated in an ordinary Thai prison it's no disincentive for other miscreants to try the same con.

It's good that their getting uncovered but if they don't get serious time incarcerated in an ordinary Thai prison it's no disincentive for other miscreants to try the same con.

..suddenly everything in this video sounds like a joke.

Great find...he should win the award of most auspicious fraud.

This theft started around 5 years years ago and concerns first surfaced in late 2012. Supachai and his cronies have methodologically stripped the credit union of 16 billion baht. Staff have also been complicit in this massive fraud.

The DSI has done nothing in the last few years until two weeks ago when investors went to their office to publicly protest and the worse than useless - and probably corrupt - DSI investigation team were replaced.

At long last, it's good to see action being taken. But then again a 16 billion baht fraud makes its own headlines - or should

Supachai et al are still free to come and go as they please.

..suddenly everything in this video sounds like a joke.

Supachai is accused of embezzling several billion baht from the co-ops.

Supachai, the devout buddhist who lives a simple life????

Superchai, who is commited to improving the lives of the poor????

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

Perhaps this is why some countries in the West are trying hard to push for elections - corrupt governments are easily bought.

..suddenly everything in this video sounds like a joke.

The video even uses the "Pirates of the Caribbean" theme as background music. How befitting - and a blunt copyright infringement by whoever produced this video, too, because I doubt they paid any royalty for the track.

Just anpther exam[le of the Creeping Cancer of Western Corporate Capitalism.

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

Perhaps this is why some countries in the West are trying hard to push for elections - corrupt governments are easily bought.

And yet strangely it seems that this was going on under the gaze of the democratically elected government of the time, possibly because it was busy utilizing the DSI for it's own ends!

So much scums being uncovered under the military rule. But I hope these people get real punishment instead of getting slapped and some how forgotten or lost in the judicial system.

It's their job and responsibilties as they are now the government. Nothing unusual.

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..suddenly everything in this video sounds like a joke.

Supachai is accused of embezzling several billion baht from the co-ops.

Supachai, the devout buddhist who lives a simple life????

Superchai, who is commited to improving the lives of the poor????

Maybe he was following Siddhartha's example by being wealthy before he could be poor?

“all of the ordinary members of the cooperatives would get their money back as much of the embezzled money would be seized and paid back to them.”

Doubtful

If SWH had to register a subsidiary in Laos in order to own and operate the mine, then chances are that recovery of subsidiary assets would require a lawsuit to be filed in Laos against the subsidiary. Those assets may include pledge of much of all SWH’s capital as well.

Laos is a communist state. The ability of a Thai getting to trial, much less an award, will be difficult as most likely some Laos government officials may have a vested interest in seeing the subsidiary be left untouched.

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

If your stated aim was stopping or finding corruption, I am amazed how few they found so far. Should be like shooting fish in a barrel.

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

If your stated aim was stopping or finding corruption, I am amazed how few they found so far. Should be like shooting fish in a barrel.

How many corruption cases were stopped under other governments?

So much scums being uncovered under the military rule. But I hope these people get real punishment instead of getting slapped and some how forgotten or lost in the judicial system.

It's their job and responsibilties as they are now the government. Nothing unusual.

IMO it is unusual, and a welcome change.

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

If your stated aim was stopping or finding corruption, I am amazed how few they found so far. Should be like shooting fish in a barrel.

Well that's settled then. No more defending the previous government with regards to corruption. Wonderful.

If they can't pay back every penny of what they have stolen, they should be forced to hard labour for the rest of their lives. Stealing from the poor should be a capital crime.

Wherever you look in Thailand you will find corruption.........from the cops to the top.

It is endemic in a place which is rotten to the core.

Corruption? What corruption?

Lately it seems the corruption that is "suddenly revealed and investigated" Ta Dah! was aligned with...another camp. Very little progress was made -- read here none --in the Koh Samet land encroachment corruption, or much in the way of other current protectorates being affected (though a whopping bunch of subsistence farmers were summarily booted, and very easily at that)!

And what about those cleaned up beaches...um, what, two small beach fronts...and those illegal casinos...um one illegal casino...and those corrupt bureaucrats...um like what -- four?

If you call this dent in the opposition a step in the right direction, you need a better compass. These steps are single movements, single actions, not a dance or even a step. More like the hokey pokey -- you put your right-wing foot in, you take your right wing-foot out.....

Edited February 16, 201511 yr by FangFerang

The hit rate or success rate with the Junta has been rather startling to say the least, one wonders whether this clean up rate will continue with the onset of Democratically Elected Governments, previous track records doesn't show much promise of anything being achieved except corruption.

If your stated aim was stopping or finding corruption, I am amazed how few they found so far. Should be like shooting fish in a barrel.

How many corruption cases were stopped under other governments?

Well, there were some, couldn't estimate in comparison.

I think its fair to say, the biggest difference is the political alignement of those getting prosecuted. I don't think anyone can say that this bunch are remarkably tough on corruption.

Be interesting to know what mine in Laos.

Supachai is accused of embezzling several billion baht from the co-ops.

I hope they can clear all up,
recover the embezzled money,
and if the the suspects are guilty,
then prison without bail.