Thailand probes Malaysian company allegedly into illegal businesses
BANGKOK: Thailand has set up a powerful multiagency committee to intensify its ongoing probe into a Malaysian company allegedly engaged in large-scale illegal businesses, including money laundering, in the kingdom.
The company, which has wide business interests in Thailand, has been under the spotlight in Malaysia recently for allegations of spearheading a complex pyramid scheme involving thousands of investors and millions of ringgit.
“The investigation is ongoing. We had a meeting with various government agencies in charge of law enforcement, including from the Narcotics Suppression Bureau (NSB),” a high-ranking official said to Bernama recently.
Other agencies involved in the investigation include the Anti-Money Laundering Office (AMLO), Department of Special Investigation (DSI), Revenue Department, Customs Department, Office of Narcotics Control Board (ONCB) and Department of Business Development.
Representatives from the country’s central bank, Bank of Thailand (BoT), are also assisting in the investigation.
The committee held a meeting recently, according to the source, where it discussed ways to plot new and aggressive moves in the effort to bring to book the Malaysian company for its alleged illegal activities in Thailand.
“We will come up with a new strategy and methods in our investigation,” he said, adding that each agency will be tasked with specific responsibilities. He declined to elaborate.
The authorities had also investigated the company to determine if it has any links with the local drug trade, but found no such evidence.
According to the source, Thai authorities actually began investigating the company about a year ago, starting with its five subsidiaries and expanded the probe as the true extent of the company’s alleged involvement in illicit activities began to surface.
The company, which has been operating in Thailand for several years, has been known to be involved in various businesses including hotel and resort, entertainment, restaurant, money exchange and apartment.
Most of the businesses it is involved in are located in southern Thailand, in bustling towns like Hatyai and Danok, and other southern provinces.
Thailand’s intensification of the investigation into the company is a continuation of more than a year of probes beginning with a raid on a company-linked hotel in southern Thailand in January last year, where the authorities found cash in various foreign currencies worth 83 million Baht (about RM10.3 million).
The raid on the hotel was part of an investigation into the highprofile murder of a 54-year-old Malaysian man in December 2015. The man was shot dead in broad daylight by assailants using an M-16 assault rifle while he was driving his Mercedes Benz with a female companion en route to Hatyai Airport.
The woman suffered severe injuries but survived.
In response to the January 2016 raid, which led to the discovery of a large amount of foreign currencies, Thai police had roped in the DSI and several other agencies, including AMLO, in their investigation to trace the money trail. The source also said that the multi-agency investigation committee probing the company was also monitoring developments on the recent investigations conducted by the Malaysian authorities on the company.
“We observed with keen interest the ongoing probe by our Malaysian counterparts,” said the source, which preferred to remain anonymous due to the sensitivity of the information shared.
Authorities in Malaysia have been raiding the company’s premises and offices as well freezing its accounts containing millions of ringgit in deposits in their ongoing probe into the company.