Thai probe into M’sian money game firm

> Company allegedly causes kingdom to lose millions of baht

BANGKOK: A Malaysian money game company with deep business interests in southern Thailand has been accused of being a “transnational crime syndicate” and having caused the kingdom to suffer financial losses worth “billions of baht” (1 billion baht = RM125 million).

The accusation against the company, which faces a similar probe by Malaysian authorities, was levelled by a joint committee set up by the Thai government to investigate the firm during its latest meeting days ago.

“The representative from the AttorneyGeneral’s Office concluded (during the meeting) that all government agencies involved in the investigation focus on the main accusation (against the Malaysian company) of it being a transnational crime syndicate.

“All agencies involved in the investigation have been told to speed up their investigations,” said a high-ranking source who declined to reveal his identity due to the sensitivity of information, reported Bernama.

The committee, which was only set up several months ago, comprises representatives from the AttorneyGeneral’s Office, Department of Special Investigation, Narcotics Suppression Bureau, Office of Narcotics Control Board and Anti-Money Laundering Office

According to him, the company’s illogical business operations, which “defy any business sense” because it continued to pour in money to expand the business despite posting significant financial losses each year, had aroused the suspicion of the authorities.

“It (the Malaysian company and its subsidiaries) posted losses almost every year and did not pay taxes but, at the same time, undertook aggressive expansion in its investment. It does not really make any business sense,” according to him.

Malaysia has also set up a task force to probe the firm, with the team consisting of the National Revenue Recovery Enforcement Team, Attorney-General’s Chambers and Customs Department.