AMLO seizes and impounds 183 million baht assets of former executives of teacher fund

[Lite Beer]

AMLO seizes and impounds 183 million baht assets of former executives of teacher fund and real estate firm

BANGKOK: -- The Anti Money Laundering Office (AMLO) has seized and impounded the assets of former executives of the Office of the Welfare Promotion Commission for Teachers and Education Personnel (OTEP) and Billion Innovated Group worth 183 million baht after finding them guilty in a conspiracy to embezzle up to three billion baht from the OTEP Fund during the period from 2012-2014.

AMLO secretary-general Pol Col Sihanart Prayoonrat said at a press conference Friday that AMLO began investigation of the embezzlement in OTEP soon after a former director of OTEP officially asked AMLO to look into fishy investment by the former OTEP secretary-general in Billion Innovated Group, a real estate company, since 2012.

After the lengthy investigation, AMLO found illegal practice by the former executives of OTEP and the real estate company with conclusion that they colluded in the embezzlement of over two billion baht from the fund.

He said the conspiracy involved a former secretary-general of OTEP, executives of the Teachers Funeral Fund, and four executives of the real estate firm who included its executive director Bundit Krisada.

Pol Col Sihanart said the former OTEP secretary-general was found to be guilty of malfeasance in office after he conspired with executives of the Teacher Funeral Fund to endorse the spending of the fund to invest in the real estate firm three times since 2012.

The return of the money plus interest was guaranteed by promissory notes issued by the firm which promised a 7% interest return after one year and one day.

The AMLO chief said OTEP made three payments to Billion Innovated Group, 500 million baht in June 2012, 2.1 billion baht in December 2013, and 400 million baht in August, 2014.

But he said only the first note carried with bank guarantee but the two other notes have no guarantor.

Besides AMLO also discovered that some of the cheques and crafts offered as collaterals were found to have no money and some documents were also forged.

He also said a claim by the firm to use the borrowed money to invest in solar power plant was a fake as AMLO found no investment in the solar cell project.

He said so far OTEP has been repaid a sum of 500 million baht while the rest 2.5 billion baht have not been paid.

This merely showed that they had conspired in the embezzlement, he added.

Source: http://englishnews.thaipbs.or.th/amlo-seizes-and-impounds-183-million-baht-assets-of-former-executives-of-teacher-fund-and-real-estate-firm

-- Thai PBS 2015-06-06

[FireMedic]

2.2 Billion - 182 million = Where did the rest go?

[peterjackson]

So 93% of the money still missing. Promissory notes with no guarantees = not worth the paper they are written on. The endemic corruption is mind boggling. Thainess and Buddhism, what a match. Presuming those involved are Buddhist.

[ourmanflint]

It makes you wonder just how much money has been stolen and embezzled by the "good" people of Thailand. It seems to be so rife that AMLO could pick any government funded agency at random and find that money destined for better things for the Thai people has been siphoned off to buy handbags and shares in dodgy upcountry resorts.

[zaphod reborn]

I think they would find almost the same level of corruption for any MOE employee, aside from the country's actual educators. It is the primary reason why Thailand spends so much money on education, but has experienced the law of diminishing returns when it comes to results.

Edited June 6, 2015 by zaphod reborn

[jamestip2013]

Lets hope more and more Thai people are learning what many people already know.. That many "good people" often in high positions, influence or wealth are called "hi-so".. Well it turns out that many of these people and more and more each DAY are proven to be "LOW-SO" ... Amazing Thailand ... But we are happy hear. James

[jackanapes]

at the end of the day what is going to happen to the teachers retirement fund ?

[jackanapes]

it seems to be another pandoras box

[razer]

My question is ... If the old democratically elected government was still in office ... would this have ever been uncovered and prosecuted?

It buggers the mind to think how much of this went on and on and on and on and on under the pseudo Thai democracy.

[fxe1200]

My question is ... If the old democratically elected government was still in office ... would this have ever been uncovered and prosecuted?

It buggers the mind to think how much of this went on and on and on and on and on under the pseudo Thai democracy.

For that reason I strongly support the current junta to stay in place until the complete Augiasstall is finally clean, except those issues where the army is involved. This can be done, when the next democratically elected government is ich charge.

[smutcakes]

My question is ... If the old democratically elected government was still in office ... would this have ever been uncovered and prosecuted?

It buggers the mind to think how much of this went on and on and on and on and on under the pseudo Thai democracy.

For that reason I strongly support the current junta to stay in place until the complete Augiasstall is finally clean, except those issues where the army is involved. This can be done, when the next democratically elected government is ich charge.

No Government would dare take on the army. There would be an intervention the moment anything looked like it might touch their gravy train. Unfortunately most Governments are unwilling or unable to tackle the corruption as they are mired in it themselves, but also in doing so would open themselves up to huge opposition, especially if it was taking on corruption in the civil service which after all is like a giant mafia family.

Another issue to note is with army and police ranks being scattered liberally through all the top echelons of state enterprises, those to become difficult to control and root out corruption, as people are scared to touch them.

The Army are really the only organisation that could theoretically take steps to cut it out, but i just don't think there is the desire there to really do it, not to mention they also are mired in massive corruption and don't want to have huge opposition, as after all one of their main supporters is the civil service.

[TPI]

It doesn't seem to ever end......on and on and on......corruption, theft, murder, kidnapping, extortion, corruption etc etc. There must be an honest man with a Thai passport somewhere??

[Artisi]

It doesn't seem to ever end......on and on and on......corruption, theft, murder, kidnapping, extortion, corruption etc etc. There must be an honest man with a Thai passport somewhere??

Is there an Eliot Ness in the house?

[Basil B]

Any of them related to the Maxwell's...

[Robby nz]

It doesn't seem to ever end......on and on and on......corruption, theft, murder, kidnapping, extortion, corruption etc etc. There must be an honest man with a Thai passport somewhere??

The vast majority are honest even in the civil service it is only that the dishonest and corrupt seem to be able to buy their way to the top and from there are able to keep the honest ones down.

Thankfully the present lot are actually doing something about it, unlike Yingluck who thought stopping corruption was a great joke, flanked by the corrupt.

[cgphuket]

Thailand, the land of zero accountability.

[wowfactor10]

Poor Thai students..This pretty nasty scam..

[z42]

And these dirty rotten thieves (the investigation / missing money indicates they are precisely that) are where exactly. Bust these people, vip or not these people have no right to enjoy freedom at all. Anger inducing in the extreme

[h90]

2.2 Billion - 182 million = Where did the rest go?

Singapore, Vanuatu, Canal Islands, Gold bars in some hole in the garden?

[Basil B]

2.2 Billion - 182 million = Where did the rest go?

Singapore, Vanuatu, Canal Islands, Gold bars in some hole in the garden?

You forgot Montenegro...

[chilli42]

Just imagine what this money could be doing to improve education, health care etc. The prosperity of the country that is being built on the backs of the people is being squandered to enrich he few. What is really maddening is that the few think it is a big joke/a game they brag about.

[roamer]

21/04/15

Newly-appointed Education Ministry permanent secretary Assoc Prof Dr Kamjorn Tatiyakavee said the most immediate problems he would tackle were the quality of education, corruption and the abuse of power by ministry officials, especially when detected in the OTEP and the OTEP Business Organization.

The new – but wrong – teaching of Thai pronunciations in first grade was also be a priority, he said.

He said Thai education needed to be improved so it can compete regionally and globally.

http://www.thaitribune.org/contents/detail/324?content_id=10270&rand=1432591385

Good to see they are getting to grips with Pt.1.

Pt.2. Whatever...

Pt.3. Hmmm, Pt.1 was the easy bit.

[Acharn]

So 93% of the money still missing. Promissory notes with no guarantees = not worth the paper they are written on. The endemic corruption is mind boggling. Thainess and Buddhism, what a match. Presuming those involved are Buddhist.

LOL! You might want to do some follow-up research on this: http://www.ibtimes.com/vatican-bank-scandal-prosecutor-freezes-accounts-former-execs-embezzlement-reuters-1738114

[Acharn]

I think they would find almost the same level of corruption for any MOE employee, aside from the country's actual educators. It is the primary reason why Thailand spends so much money on education, but has experienced the law of diminishing returns when it comes to results.

Do you have some reference to how much Thailand spends on education? I don't think it's very high, but don't really have any data. I think the problems are more cultural and bureaucratic. They stem from the education system being an uncomfortable combination of the temple minimal teaching of literacy and the Royal system of formal education established by foreigners brought in by kings Rama V and Rama VI. The early bureaucratic system was necessarily staffed by the extended royal family and rich people who held high ranks, and has always been hierarchical and authoritarian. The fact that many of the women who have held power in the system have been extremely prudish and puritanical has led to "education" being regarded as "indoctrination," or as one Thai educator expressed to me, "socialization." It's too bad there is not more Thai history available in English. Apparently Dr. Pasuk Pongphaichit's books are all out of print, leaving only Wyatt's History of Thailand.

[Robby nz]

I think they would find almost the same level of corruption for any MOE employee, aside from the country's actual educators. It is the primary reason why Thailand spends so much money on education, but has experienced the law of diminishing returns when it comes to results.

Do you have some reference to how much Thailand spends on education? I don't think it's very high, but don't really have any data. I think the problems are more cultural and bureaucratic. They stem from the education system being an uncomfortable combination of the temple minimal teaching of literacy and the Royal system of formal education established by foreigners brought in by kings Rama V and Rama VI. The early bureaucratic system was necessarily staffed by the extended royal family and rich people who held high ranks, and has always been hierarchical and authoritarian. The fact that many of the women who have held power in the system have been extremely prudish and puritanical has led to "education" being regarded as "indoctrination," or as one Thai educator expressed to me, "socialization." It's too bad there is not more Thai history available in English. Apparently Dr. Pasuk Pongphaichit's books are all out of print, leaving only Wyatt's History of Thailand.

If you really want to know its quite easy to find out before putting your oar in.

http://asiancorrespondent.com/125880/thai-juntas-2015-draft-budget-infographics/

19.35% of the 2015 national budget, the biggest chunk by far. This has been consistent over the years.

If you look farther you will find it is the highest spend in the region for the worst results.