Briefs

The Transport Ministry yesterday awarded contracts to three companies to build a motorway between Pattaya and Map Ta Phut for Bt14.2 billion.

The 31.5-kilometre section will connect the 51km Chon Buri-Pattaya motorway, which is now under construction, from the Pattaya-Rayong Intersection through Bang Lamung district in Chon Buri to Highway No 3 or Sukhumvit Road at tambon Ban Chang.

Transport Minister Arkhom Termpittayapaisit said the five contracts inked yesterday were part of the 13 contracts earmarked for the project. 

The remaining eight contracts are in the process of selecting and negotiating with contractors.

“We expect to sign all contracts by next month. Construction will commence this year and will be completed in 2019.”

 

TRADE MISSES TARGET

The value of border trade between Thailand and Laos, Cambodia, Myanmar and Malaysia, plus border trade between Thailand and Singapore, southern China and Vietnam, reached only Bt1.4 trillion last year, missing the target of Bt1.5 trillion.

 Adul Chotinisakorn, deputy director-general of the Foreign Trade Department, said yesterday that the shortfall was due to the softening global economy and the relocation of the production bases of foreign electronic-goods companies from Thailand to its neighbours. 

The Commerce Ministry this year will focus on encouraging Thai businesses to expand more abroad. 

Overseas investment by Thai businesses in the first nine months of last year jumped 143 per cent to US$6.8 billion (Bt240 billion).

The department plans to promote border trade and investment between Thailand and Cambodia first and to dismantle their trade hurdles.

To provide information on the three border special economic zones of Sa Kaew, Mae Sot and Songkhla provinces, it will hold an open house on February 29 at Siam Paragon in Bangkok. 

 

SEC AGAINST BRITON

The Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD Police) against Richard Dunston Malpass, a British national, for allegedly operating a securities business without a licence. 

Several foreign investors informed the SEC that Malpass, who resided in Thailand, had solicited them to transfer their pension funds from overseas to make investments based on his advice for the sake of tax benefits and long-term return. The investors followed his advice but suffered losses. 

Malpass was not licensed to operate a securities business pursuant to the Securities and Exchange Act of 1992, the SEC says. His action was allegedly in violation of Section 90 and liable to penalties under Section 289, which are imprisonment for a term of two to five years and a fine of Bt200,000-Bt500,000, plus a daily fine of Bt10,000 until the period of violation ends. Those who may have been affected by Malpass’ operation should give their accounts to the ECD Police for further investigation by calling 0-2237-1199.