100 units bought by UFUN at Bangkok Marina seized

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100 units bought by UFUN at Bangkok Marina seized
THE NATION



BANGKOK: -- THE CONSUMER Protection Police Division (CPPD) yesterday impounded 100 housing units worth Bt165 million that UFUN Store, which is in the centre of pyramid-scheme allegations, had allegedly bought at the Bangkok Marina Resort & Spa Project Project in Samut Prakan's Bang Bo district.

Assistant national police chief Lt-General Suwira Songmetta, who is leading the investigation, accompanied CPPD deputy chief Pol Colonel Angkul Klaikleung to the site yesterday to inspect and impound the 100 units, which are still under construction.

Suwira said this operation stemmed from a search at the head office of Bina Puri (Thailand) Co Ltd on Wednesday in Bangkok's Bang Na area, which confirmed UFUN's purchase of property.

He added that the units have been impounded so the Anti-Money-Laundering Office (AMLO) can later auction them and compensate the affected persons, he said.

Suwira also thanked members of the project for cooperating with police and pointed out that neither the owner nor executives of Bangkok Marina were involved in this case. He added that investigators had learned that UFUN had used the Bangkok Marina brand for commercial gains without their consent.

Since the owner of Bangkok Marina is willing to return the money that UFUN had paid for the units, police will first impound the properties, Suwira said. He added that Bangkok Marina was already discussing this option with its mother company, Bina Puri, in Malaysia. The other option would be for AMLO to auction the 100 units once construction has been completed.

Meanwhile, Suwira pointed out that only 100 of Bangkok Marina's 800 units had been bought by UFUN and that the remaining 700 can be sold as per normal.

Pairat Chanchaikaew, an advisor to the Bangkok Marina project, filed a police complaint on Wednesday claiming that UFUN had used the resort's name to build its credibility. He said the complaint was made to clarify that neither Bangkok Marina nor its mother company in Malaysia had anything to do with UFUN.

Pairat also told police that UFUN had in 2013 bought a 13 per cent stake worth Bt17 million in Bina Puri (Thailand) - but did not nominate a board representative so it played no part in the company's management. He added that the 100 units in Bangkok Marina Resort & Spa Project had been bought by UFUN's subsidiary UTR Co.

Meanwhile, although there is a difference of opinion over whether UFUN operated a pyramid scheme, national police chief Pol General Somyos Pumpanmuang said yesterday that he had confidence in the work and evidence-gathering efforts made by the team of investigators.

"I'm confident in Lt-General Suwira and the team says they have enough evidence of the company's wrongdoing to prosecute them," he said, adding that Suwira had been gathering information since late last year.

Somyos said he had instructed Suwira and his team - including officials from the Consumer Protection Board and the Amlo - to study this sensitive and complicated case very carefully. So far, six of the 13 suspects have been arrested in relation to this case.

Up to 159 people - claiming to have suffered losses worth Bt46 million - have filed complaints against UFUN at the Consumer Protection Police Division. The company reportedly has 120,000 members in Thailand, and police speculate that based on this figure, damages could be as high as Bt38 billion.

A plaintiff said he had invested Bt17,500 with the firm last October at the invitation of a friend and was told he did not have to do anything, but would get a 10-per-cent interest in U-tokens. However, he said, when he tried to withdraw his investment after not getting anything for a whole month, the company would not let him, saying he had to find more members to earn profits.

"Something wasn't right, and I thought I might have been duped. So I filed a police complaint," he said.

In related news, UFUN Store's lawyer in Thailand, Jessada Jandee, told a Bangkok press conference on Wednesday that the company's business was legal and only benefited people. He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons, and the facts and information that led to the issuing of those warrants.

He said the firm had never prevented members from withdrawing their capital.

Meanwhile, UFUN Co executive chairman Daniel Tay appeared in another YouTube clip on Wednesday calling on UFUN members, especially those in Thailand, not to believe rumours and to remain calm. Tay said he - and other UFUN leaders - would refrain from any interviews as the matter should be left up to the lawyers.

Source: http://www.nationmultimedia.com/national/100-units-bought-by-UFUN-at-Bangkok-Marina-seized-30258640.html


-- The Nation 2015-04-24

[Bluespunk]

"He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons"

Because your clients would have run away?

[NongKhaiKid]

"He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons"

Because your clients would have run away?

In addition to your valid point it also raises the regular question as to why the BIB telegraph their moves in advance in many cases yet not in this one ?

[thesetat2013]

"He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons"

Because your clients would have run away?

I would have to disagree with your reasoning. Never has the threat of fleeing stopped the police from advertising who they are investigating and whether or not they are seeking warrants for people. Just the opposite in fact which is proven weekly with releases by them of this nature. Sometimes I think the police actually want these people to flee from what I read in the papers. Then they act surprised when they go to serve warrants and find their suspect has left the country.

[Bluespunk]

"He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons"

Because your clients would have run away?

I would have to disagree with your reasoning. Never has the threat of fleeing stopped the police from advertising who they are investigating and whether or not they are seeking warrants for people. Just the opposite in fact which is proven weekly with releases by them of this nature. Sometimes I think the police actually want these people to flee from what I read in the papers. Then they act surprised when they go to serve warrants and find their suspect has left the country.

Well, as a glass half full guy, I'm going to go with....they're learning?

Don't hold me to that though.......

[ChrisY1]

They're dreaming if they think the Malaysians will pay then the money spent by Ufun"......

That these schemes can continue operating in modern times for so long, indicates the level of regulation in Thailand........of course, there are no doubt many officials that have been caught up in this as well".....

[Bluespunk]

What's also interesting is the report talks about information found in the Bina Puri building in Bang Na complex. I know that this is a completely different building from the one UFUN occupied, on the other side of the road in actuality.

There was no indication that both companies were linked on either building.

Edited April 24, 2015 by Bluespunk

[Anthony5]

"He said the firm had tasked him with investigating two points: why Thai police had issued arrest warrants without prior summons"

Because your clients would have run away?

I would have to disagree with your reasoning. Never has the threat of fleeing stopped the police from advertising who they are investigating and whether or not they are seeking warrants for people. Just the opposite in fact which is proven weekly with releases by them of this nature. Sometimes I think the police actually want these people to flee from what I read in the papers. Then they act surprised when they go to serve warrants and find their suspect has left the country.

I recall that from when I was young, about 50 years ago.

10-9-8-7-6 who is'nt gone will be seen 5-4-3-2-1 here I come.

Since we know that Thailand is at least 50 years behind with the rest of the world, that could explain the reasoning.

[slapout]

thay tried to hide behind various company names/individuals, claim endorsement from other companies who it seems were paid monies thus hiding their real purpose scam people out of their hard earned money.

the AMLO had better take what cash they can get from those who offer to return same and stay out of trying to sieze and sell, finshed units in a complex that in all likelyhood will end up with such a tarnished reputation it will never be completed by present developers.

[MyFriend You]

Up to 159 people - claiming to have suffered losses worth Bt46 million

When you think about it, thats not a lot of money - the 100 apartments in the marina would be worth much more than that,,,,,,,,,,,,,,,,I think there's a few hundred million baht missing in their figures somewhere............that can't be accurate.