Treasury to launch e-auction website with Krungthai Bank to dispose of confiscated property

“Currently the department has more than 700 properties that were seized from corruption and money laundering cases that have become state properties,” said director-general Yutthana Yimkarun. “We are planning to auction these properties off to increase state revenue, and with the help of Krungthai Bank, which has more than 10 years of experience in sales of foreclosure property, we aim to create a fast and transparent online auctioning platform where participants can place their bids in real time.”
Krungthai Bank president Payong Srivanich added that the website was being designed to be compatible with multiple devices, including computers, laptops, tablets and smartphones to enable users to bid at any place and any time according to the new normal trend.
“The Treasury Department would be the first government agency to use an e-auction platform, which would also help officials in issuing documentation to bid winners in a fast and efficient manner,” he said. “The website will be ready for use within December.”
Payong added that to register for e-bidding, applicants must submit valid address, e-mail and phone numbers as well as a deposit of Bt10,000 via the bank’s e-payment system.
“The website would support multiple payment methods, including credit and debit cards, QR code payment and Krungthai Fast Pay,” he said.
“Once have registered, you can place your bid and see the results in real time. The website will alert you when the highest bid price changes and when the bid time is almost over. Officials from the Treasury Department will contact the bid winner directly when the bid is over to notify contract details. As for those who did not win, the system will transfer the deposit back to the bank account specified during registration.”