M’sian firm accused of being crime ring

Conglomerate’s shady business activity prompts probe by both Thailand and Putrajaya

BANGKOK: A Malaysian company with deep business interests in southern Thailand has been accused of being a “transnational crime syndicate” and of causing the kingdom to suffer financial losses of “billions of baht”.

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 recent meeting.

“The representative from the Attorney-General’s Office concluded that all government agencies involved in the investigation are focused on the main charge of the Malaysian company being a transnational crime syndicate.

“All the agencies have been told to speed up their investigation,” said a high-ranking source, who requested anonymity.

The committee comprises representatives from the AttorneyGeneral’s Office, Department of Special Investigation, Narcotics Suppression Bureau, Office of Narcotics Control Board and AntiMoney Laundering Office.

Other agencies in the panel are the Revenue Department, Department of Business Development and Bank of Thailand.

It is the first time that Thailand has set up a powerful multi-agency committee to investigate a particular company, said the source.

He said the company’s operations, which defied any business sense because it continued to pour in money to expand its business despite posting significant financial losses each year, aroused the suspicion of the authorities.

Malaysia has also set up a task force to investigate the company with the National Revenue Recovery Enforcement Team, AttorneyGeneral’s Chambers, Royal Customs and Excise Department, Malaysian Anti- Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia, Immigration Department and the police.

The task force is spearheaded by the Domestic Trade, Cooperatives and Consumerism Ministry.

According to the ministry in May, the authorities froze 91 bank accounts in eight local banks amounting to RM177mil, which were linked to the company.

The company has at least 20 subsidiaries in Thailand, which operate restaurants, money changers, entertainment outlets and even theme parks and hotels.