AMLO's auction a big success
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Hopes to rake in Bt130 million; items seized from former CIB chief Pongpat among those under the hammer
MANY ANTIQUES and other expensive items, including those seized from the network of former Central Investigation Bureau (CIB) chief Pongpat Chayapan, sold like hot cakes on the first day of the auction organised by the Anti-Money Laundering Office (AMLO).
The office expected to earn Bt130 million from the auction yesterday, far exceeding the items’ initial estimated value of Bt50 million. It was later yesterday conclued that the first day auction sold a total of 220 items and earned Bt15.7 million.
Some 500 bidders showed up at the “1st Anti-Money Laundering Auction to Return Money to the Country”, which will run until Sunday at the 2nd Infantry Battalion, 1st Infantry Regiment, in Bangkok’s Lak Si district. Deputy Justice Minister Nivat Meenayotin officially opened the event yesterday.
The most expensive item bought at the auction was a set of four Rolex wristwatches, the starting price of which was set at Bt950,000, but bought by an unnamed bidder for Bt1.5 million.
Some of the items were sold at two or three times their original price.
However, some 21 items – many of them expensive watches – were held back after the former owners wrote in to protest.
AMLO has put some 1,000 seized items up for sale and will be auctioning as many as 250 objects per day. Most of these items are antique furniture, paintings, sculptures, silverware, chinaware, watches and wine.
So far, 1,159 bidders have registered with a total of Bt13.4 million in guarantee money.
The most expensive item in the auction is a century-old oil painting, with the starting price set at Bt15 million. However, no bidders have shown any interest in it yet.
AMLO chief Srihanart Prayoonrat said proceeds from the auction would go into the agency’s bank account.
He also explained that if any item auctioned is found to have been unlawfully acquired, then the amount earned from its sale would be added to the country’s coffers.
However, he said, if any item is found to have been lawfully acquired, then the former owner would be given the proceeds earned from the auction of the item plus interest.
He also confirmed that none of the items would be recalled from the new owners.
Piraya Puttikamontham, a 39-year-old bidder, who bought the first item that went under the hammer – a sandstone Buddha image – said she thought it was a valuable antique and in good condition. The item had a starting price of Bt120,000, while she bought it for Bt270,000.
Saying that though she did not know how much the item was worth, Piraya said she had bought it to help AMLO “return money to the country”.
Pongpat has been sentenced to 10 years in jail, while his five other accomplices received lesser penalties in a money-laundering case.
A second round of auction will be held from March 23-26 and those interested can check out the items on March 21 and 22.
