Cooperatives boss linked to big investment in Laos
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SEARCHES OF a company as part of investigation into an embezzlement scandal involving Credit Union Cooperatives have discovered documents indicating a massive investment in Laos, a source said yesterday.
Officials from the Department of Special Investigation (DSI) and the Anti-Money Laundering Office (Amlo) conducted searches on SW Holding Group Co Ltd yesterday.
Amlo has ordered confiscation of shares in the company after it was found that the co-operatives’ former president, Supachai Srisupa-aksorn, had issued cheques for over Bt200 million to the company and some of its executives.
Supachai is accused of embezzling several billion baht from the co-ops.
The cheques are part of 878 cheques for more than Bt11 billion issued by the cooperatives’ former executives that are being examined by Amlo as part of its investigation into the case.
Some documents found during the search showed that SW Holding invested about Bt2.5 billion in a mining company in Laos, according to the source familiar with the case. The authorities were investigating to determine as to whether part of the investment came from the money allegedly embezzled from Credit Union. SW Holding has a registered capital of as high as Bt5 billion, according to the source.
The source expressed optimism that all of the ordinary members of the cooperatives would get their money back as much of the embezzled money would be seized and paid back to them.
The authorities have confiscated some important documents from the company, including several land title deeds, in addition to two cars, computers, bank books and a large safe.
