In a tale reminiscent of a high-stakes detective thriller, all eyes are now on the Ministry of Labour as it gears up to uncover the truth behind what might be the most talked-about building purchase in recent Thai history. The story begins with the Social Security Office (SSO) allegedly spending a jaw-dropping 7 billion baht on the SKYY9 Centre, a famed edifice on Rama IX Road, which appraisal whispers suggest should have cost no more than 3 billion baht.
As the intrigue unfurls, Labour Minister Phiphat Ratchakitprakarn stepped into the spotlight with a commitment to transparency. “The acquisition of SKYY9 is being prepared for a vortex of scrutiny,” declared Mr. Phiphat. Following his emphatic pledge, the Ministry has welcomed an inquiry committee ready to dissect every facet of this puzzling transaction.
Prime Minister Paetongtarn Shinawatra played her card on Tuesday, summoning Interior Minister Anutin Charnvirakul to assemble a formidable panel tasked with diving deep into the murky depths of the SKYY9 saga. Serving as deputy prime minister, Mr. Anutin oversees the Labour Ministry, which provides him an eagle-eyed vantage point over the unfolding drama. Moreover, the plot thickens as Mr. Phiphat urges for further delving into the depths of this grand purchase.
Mr. Anutin hinted at the timing of this enigmatic expenditure, pointing to the current permanent secretary for labor, who was then acting as the SSO’s secretary-general during the deal. “When unraveling such sagas, the ranks must match to ensure smooth sailing,” elucidated Mr. Anutin, framing the investigation path with precision.
Meanwhile, holding his cards close to his chest, Boonsong Thapchaiyut, now the permanent secretary for labor, abstained from commentary. Though his nod sufficed as an acknowledgment of the queries, it left much to the imagination.
In a twist, Deputy Commerce Minister Suchart Chomklin emerged as one of the saga’s side characters following fierce allegations from Rukchanok Srinork, a fiery People’s Party MP for Bangkok. Ms. Rukchanok alleged excessive buying and implicated Mr. Suchart in the embroiling story, only to be met with defamation counters on social media. “Politics are dirty enough without twisting the truth,” Mr. Suchart exclaimed, alluding to his former tenure as labor minister back in 2022-2023.
The plot thickens with Ms. Rukchanok leveling more ammunition on Monday, suggesting the SKYY9 Centre was mysteriously priced above market worth, involving a trust with questionable investments. Her revelations don’t stop there—she insisted the SSO acquired not just a building but an entangled entity steeped in over 2 billion baht of debt.
Adding fuel to the fire, the SSO’s current secretary-general, Marasri Jairangsee, defends the acquisition as a meticulously planned investment. “Through the Private Equity Trust, endorsed by the Securities and Exchange Commission, the SKYY9 Centre was valued using independent estimators,” Ms. Marasri clarified. Using the income approach, they pegged the building at a crisp 7.3 billion baht, whereas the cost approach ticked it up slightly to 8 billion baht. Yet, she emphasizes, the SSO’s expenditure didn’t breach the 6.9 billion baht mark.
In the corridors of power and beyond, whispers swirl, alliances face tests, and characters weigh in, making the SKYY9 Centre saga a suspenseful chapter in Bangkok’s bustling narrative. With panels poised and speculation rife, everyone waits with bated breath for the next reveal in this gripping governmental whodunit.
This SKYY9 Centre scandal reeks of corruption. 7 billion baht? That’s double the market value! How does this even happen without someone getting suspicious?
Exactly! There’s no way that could slip through unnoticed. Someone’s pockets definitely got lined.
I think it’s more complicated than just corruption. Real estate deals like these often involve layers of transactions.
Complicated, sure, but it’s still public money we’re talking about. Who’s accountable here?
But can’t we just wait for the inquiry results? Jumping to conclusions never helps.
I think the valuation makes sense with the right financial models. The income approach and cost approach seem reasonable to some extent.
You’d think so, but how do you explain the 2 billion baht debt allegedly involved?
The debt could be a normal part of the business operations tied to the Trust. It’s not unusual in high-value investments.
Can’t help but feel like this is all a political play by Rukchanok to discredit her opponents.
Politics is always dirty. But if there’s truth in her claims, it needs to come to light.
Don’t be naive, such claims are usually meant to shift public focus, but the numbers don’t lie.
The SSO should be more transparent. Lack of communication fuels suspicion. We deserve answers!
People keep yelling corruption… hate to break it, but it’s almost an institutional problem everywhere.
True, but just accepting it as ‘normal’ isn’t the answer. Accountability is needed.
Ugh, cynicism aside, the government’s spending should always be scrutinized.
Ms. Rukchanok might have a point. Her claims shouldn’t be dismissed as just political maneuvering.
All this fuss about a building? There are bigger issues out there. This isn’t worth the energy.
It’s about the principle – if officials can squander funds here, where else are they doing it?
Fair point, but we should triage our outrage. Bigger fish to fry, so to speak.
It’s hard to fully grasp the scope of this. Too much information with too little clarity.
The thing is, public trust gets shaken with these accusations. Even if there was no wrongdoing, the damage is done.
True, and regaining that trust is hard, especially with speculative news floating around.
Absolutely, and in today’s world, perception is reality for many people.
Let’s not forget, public officials need to remember they’re spending taxpayer money, not monopoly money.
If the SKYY9 Centre is indeed an entangled mess of a deal, I hope MPs have the spine to overhaul the system.
Long-standing practices are hard to change. Reform needs both political will and public pressure.
Probably a case study in how political and economic interests collide. Could be a great lesson for public policy courses.
Also a good example of why transparency in government finance is crucial.