Two condominium developers told to return money received from Ufun to AMLO

[webfact]

Two condominium developers told to return money received from Ufun to AMLO

BANGKOK: -- Developers of two condominium projects have been told by the police to hand over about 200 million baht in cash paid by Ufun Store Company for the purchase of 146 condominium units to the Anti-Money Laundering Office.

Ms Kanokporn Thongjai, a representative of Bangkok Benapouri (Thailand), developer of Bangkok Marina Resort and Spa condominium project and Mr Chanin Chatrasrichart, owner of @Room 46 condominium in Bang Na met with Pol Lt-Gen Suwira Songmetta, the assistant police chief in charge of probing the Ufun pyramid scheme, at the Crime Suppression Division head office on Wednesday for discussion about the condominium units bought by Ufun allegedly with money cheated from its investors.

Also present at the discussion were Pol Col Angkoon Klaikloeng, deputy commander of the CSD’s consumer protection affairs and Mr Witthayaporn Chanthavat from AMLO.

The discussion covered two options: that the two developers hand over the money they received from Ufun to AMLO or the AMLO impound all the condominium units bought by Ufun for public auction to raise money to compensate the affected investors of Ufun Store.

Ufun bought 100 units in Bangkok Marina Resort and Spa condominium project and 46 units in @Room 46 project.

The meeting was inconclusive and it was suggested that public receivers might have to file bankruptcy lawsuit against Ufun in order that its seized assets would be put on auction.

Pol Lt-Gen Suwira said police had drawn up a diagram showing the money trail of Ufun and its network of brokers who convinced members of the public to invest with Ufun.

Source: http://englishnews.thaipbs.or.th/two-condomium-developers-told-to-return-money-received-from-ufun-to-amlo


-- Thai PBS 2015-05-14

[trogers]

Poor developers. Suddenly, their number of unsold stock takes a leap. And with all the publicity, may not be sold for a long time.

[keestha]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

[trogers]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

Not completely true. Questions should be asked when huge amounts are involved especially when payments are through cash, and not bank transactions.

[steelepulse]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

Not completely true. Questions should be asked when huge amounts are involved especially when payments are through cash, and not bank transactions.

Playing devils advocate, what happens if developer in question asked them where they got their money and the answer was " We have a successful business and made the money from that and now we want to invest it"? Is it up to a seller to do due diligence and hire forensic accountants to determine where the money came from if it looks a bit dodgy?

If so, what happens when a high ranking gov't official pays a lot of money for something way over his legal pay grade?

Edited May 14, 2015 by steelepulse

[trogers]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

Not completely true. Questions should be asked when huge amounts are involved especially when payments are through cash, and not bank transactions.

Playing devils advocate, what happens if developer in question asked them where they got their money and the answer was " We have a successful business and made the money from that and now we want to invest it"? Is it up to a seller to do due diligence and hire forensic accountants to determine where the money came from if it looks a bit dodgy?

If so, what happens when a high ranking gov't official pays a lot of money for something way over his legal pay grade?

No need. I willingly accept company or bank cheques.

Had this experience in 1995 when a Malaysian walked into the company with a briefcase full of cash to buy our tower cranes. Here we are talking of tens of millions, not a 7-Eleven transaction.

[mango66]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

No !

Its not the trouth !

At least not in educated country !

you always will losse stolen goods or stolen money, even if you refounded with good money or goods !!

It is your responsability to check, if its suspius,

but in any case you would loose it;

You just thinking about, how is it in a law less country like Thailand !1

Here, everything is possible,

you need just thb ;

[Thai at Heart]

Give the developers the benefit of the doubt, possibly they didn't know the money paid to them was obtained fraudulently. It is not the responsibility of the seller to verify that the buyer obtained the money in a legal way.

That is quite funny, because that is precisely the situation in the UK. Your lawyer has to certify that the money you use to buy a property is taxed and legally obtained. Isnt' legality a bitch......

I know, because a mate of mine is going to get into some monster trouble in the next few months because he signed off on a purchase for something that subsequently proved not to be legit. Just imagine if they had the same system in Thailand. Business would grind to a halt in minutes.