Building purchase by the Social Security Office to be investigated

Interior Minister Anutin Charnvirakul has set up a fact-finding committee to investigate the purchase, by the Social Security Office (SSO), of a high-rise building in the Rama 9 area of Bangkok for about 7 billion baht, which is claimed by some to be a highly inflated price.

Interior Permanent Secretary Unsit Sampuntharat, who chairs the committee, said today that he will call a meeting of the panel as soon as possible, in order to meet the 90-day deadline set for the probe to be completed.

The panel comprises seven members, but only five of them have the right to vote. The SSO, which has only its deputy secretary-general on the panel, has no right to vote.

Minister Anutin said he is not worried that some influential figures could be found to be involved in the purchase of the SKYY9 building, noting that he has instructed the committee chairman to do its job straightforwardly and without fear of interference.

The SKYY9 building was purchased by the SSO when it was headed by a secretary-general who is now the permanent secretary of the Labour Ministry.

Labour Minister Phiphat Ratchakitprakarn said today that the ministry is ready to cooperate with the Interior Ministry, to ensure a transparent investigation.

Commenting on the price tag, Phiphat claimed that the SSO had commissioned a real estate company to assess of the value of the property and its potential for revenue generation.

SKYY9 is a 36-storey building, originally called I.C.E Tower, which was left unoccupied as a result of the “Tom Yum Kung” financial crisis of 1977. The building was confiscated and managed by Bangkok Commercial Assets Management, to settle large debts owed to creditors.

It was later sold to CAS Capital (Thailand) for renovation and renamed the CAS Centre. It was eventually sold to the Prime Nine Real Estate company and renamed SKYY9.

Currently SKYY9 is currently 45% occupied. Monthly rent is set at 600 baht per square metre.