Football club owner faces assets seizure

[Lite Beer]

Football club owner faces assets seizure
Piyanut Tumnukasetchai
The Nation

BANGKOK: -- Businessman Samrit a suspect in OTEP loan case

A HIGH-PROFILE businessman is among several suspects facing assets seizure over allegations of borrowing money illegally from a fund administered by the Office of the Welfare Promotion Commission for Teachers and Educational Personnel's (OTEP).

The fund has suffered losses of about Bt2.5 billion through its purchases of Billion Innovated Group promissory notes, which were approved by OTEP's board.

Key suspects include Billion Innovated Group's founder Samrit Bunditkitsada and some OTEP/fund executives.

Samrit, a major shareholder of Promise Insurance, is widely known among football fans for running the Police United Football Club and taking over Reading Football Club.

Hundreds of teachers complained recently about management of the fund, as they suspect they were cheated.

"We have already frozen about Bt183 million in assets of these suspects and related people," Anti-Money Laundering Office (AMLO) secretary-general Seehanat Prayoonrat said yesterday.

Samrit's shares in Promise Insurance, for example, had been frozen, he said. They are worth about Bt71 million. In addition, bank accounts of Promise Insurance and Police United FC will be suspended for 10 days too. Both accounts have cash of about Bt43 million.

The moves are on top of the seizure of several land-rights documents and bank accounts of other suspects.

"Moreover, we will try to track down the rest of the money that came from OTEP", Seehanat said. He said the suspects may have hidden a huge sum of assets acquired through ill-gotten gain.

Seehanat said AMLO's actions were based on probe results that showed irregularities in OTEP's decision to hand over money to Billion Innovated Group.

According to the Department of Special Investigation (DSI), Billion Innovated Group used false surety, including falsified bank guarantees, forged bills of exchange, and falsified certificates of shares in Reading FC to secure the Bt2.5 billion from OTEP.

The DSI has asked the National Anti-Corruption Commission to take action against the OTEP administrators and officials involved in granting the loans. Other accomplices will also be held responsible for abetting or supporting officials' wrongdoing.

Seehanat said evidence suggested the suspects had committed wrongdoing under anti-money laundering laws.

Source: http://www.nationmultimedia.com/national/Football-club-owner-faces-assets-seizure-30261729.html

-- The Nation 2015-06-06

[Happy Grumpy]

ill-gotten gain.

In Thailand?

I find that hard to believe.

[Toknarok]

Seems like anything to do with football is tainted these days.

[ezzra]

Few more mega baht seizures like that and the one we have seen lately, and Thailand can dig it

self out the deflation/recession it in now....

[BigBadGeordie]

Thailand, football, corruption, shocked. NOT

[smedly]

ill-gotten gain.

In Thailand?

I find that hard to believe.

every time I read a story like this my imagination goes into hyperdrive with visions of all these influential people normally seen in suits sitting at a medieval banquet stuffing and gorging themselves from big plates of 1k baht notes that keep streaming to the table

Office of the Welfare Promotion Commission for Teachers and Educational Personnel (OTEP)

Billion Innovated Group

Promise Insurance

and Reading FC caught up in the middle of it.

and again just a fraction of the disease that grips this country, it is honestly shocking reading as more and more revelations of scams fraud thieving and corruption are uncovered on a daily basis

Only one way to deal with it, long jail terms - asset seizures and a government with a PM that doesn't want a share of the spoils who is willing to pursue these criminals on behalf of the Thai people and put National interest first.

[Lupatria]

Thailand: The country where a "Blatter" is born every minute...

[joebrown]

Manchester City, Birmingham City and now Reading! IMHO UK football clubs should steer well clear of SE Asia buyers, for obvious reasons.

[northernphil]

Manchester City, Birmingham City and now Reading! IMHO UK football clubs should steer well clear of SE Asia buyers, for obvious reasons.

and SE Asian bars.

[elgordo38]

ill-gotten gain.

In Thailand?

I find that hard to believe.

every time I read a story like this my imagination goes into hyperdrive with visions of all these influential people normally seen in suits sitting at a medieval banquet stuffing and gorging themselves from big plates of 1k baht notes that keep streaming to the table

Office of the Welfare Promotion Commission for Teachers and Educational Personnel (OTEP)

Billion Innovated Group

Promise Insurance

and Reading FC caught up in the middle of it.

and again just a fraction of the disease that grips this country, it is honestly shocking reading as more and more revelations of scams fraud thieving and corruption are uncovered on a daily basis

Only one way to deal with it, long jail terms - asset seizures and a government with a PM that doesn't want a share of the spoils who is willing to pursue these criminals on behalf of the Thai people and put National interest first.

As one banker stated "If your not cheating your not trying" This seems to be the mantra of big business today. Also as Leona Helmsley stated "Only the little people pay taxes"

[NongKhaiKid]

Manchester City, Birmingham City and now Reading! IMHO UK football clubs should steer well clear of SE Asia buyers, for obvious reasons.

Another dilemma for the English FA who must have previously found him to be a 'fit and proper ' person to own the club.

[cookee68]

Manchester City, Birmingham City and now Reading! IMHO UK football clubs should steer well clear of SE Asia buyers, for obvious reasons.

and SE Asian bars.

And half the women

[worzel]

Seems like anything to do with football is tainted these days.

fifa and thailand identical twins no