Kularb Kaew case finally in the hands of the police
The Commerce Ministry's Business Development Department has transferred to the police the results of its investigation into Kularb Kaew Co Ltd, and whether it is likely to have breached the Foreign Business Act, the department said yesterday.
The ministry decided to pass the case to the Thung Mahamek police station, nearby Kularb Kaew's office, for further investigation. Police are expected to tackle issues pointed out in the department's report and later file it as a petition to the Criminal Court. Department deputy-director general Dusit Uchupong-amorn said the investigation results covered about 1,000 pages. They were handed to police last Thursday evening. From now on, the Commerce Ministry will be a witness in the case and willing to assist police investigations. The initial probe proves that all financial support for Thai investors in Kularb Kaew tended to have come from foreigners, Dusit said. The suspect investors include Surin Upatkoon, a Malaysia-based Thai businessman who is currently Kularb Kaew's major shareholder, and two former shareholders, Pong Sarasin and Suphadej Poonpipat, who allegedly acted as nominees of Singapore's Temasek Holdings. "The ministry has looked into the company's overall transactions," Dusit said. "Our initial investigation will prove that these three stakeholders of the firm are likely to have breached Article 36." Article 36 of the Foreign Business Act provides that any Thai national who aids a foreign business operation and takes part in the business by showing that they are the sole owners of the business, faces three years in jail and a fine between Bt100,000 and Bt1 million, or both. The Court will also order a stop to the aiding or abetting of the joint business operation. However, Dusit did not reveal details of the proof he claims is contained in the report handed to police. He said the ministry had no authority to decide whether Kularb Kaew is a nominee of Temasek. It has merely noticed that many issues in Kularb Kaew's financial transactions and sources of capital investment from major shareholders in Shin Corp might have breached the Foreign Business Act. For almost nine months, the ministry has been under pressure to come up with a ruling on whether Kularb Kaew Co Ltd was acting as a nominee of Temasek in its takeover of Shin Corp Plc. Dusit said the department's investigative team had ended its task last month. It reviewed the initial results of the investigation and adjusted some points to pass on evidence that was as clear as possible to police.
Petchanet Pratruangkrai The Nation
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