Sunday, April 22, 2007

Bangkok Post Sunday Persepective Report: Siam Commercial Bank Securities Executives Cheating Farang and Thai Investors


A sweet-talking stock broker allegedly is responsible for relieving several dozen investors of their hard-won savings, writes SIRIPORN SACHAMUNEEWONGSE

Bangkok Post

It was in May last year when Michael's friends in Chiang Mai, the Meyers, introduced him to a securities firm in Bangkok , the Siam Commercial Bank Securities (SCBS). The Meyers had initially found out about SCBS and its services from a marketing executive/broker of the company, Mrs Wanavadee Sripurd, who had flown to Chiang Mai to present them an investment proposal that she said allowed prosperous returns on initial investments. The Meyers had invested with Wanavadee, a friendly 33-year-old Thai woman, three months previous and had already made some quick returns.

What do you think happened?

On February 21, the SEC also accused Wanavadee Sripurd of fraud - in the amount of 130 million baht. She is nowhere to be found.

She has been called by the police to come in for questioning, but has thus far failed to show up. As of now there are no arrest warrants out for her.

Siam Commercial Bank did nothing. The Thai police did nothing. They didn't even issue an arrest for this woman who clearly defrauded many people out of their money in the name of Siam Commercial Bank Securities.

Read the rest here. cache

What is the moral of this story? Don't trust a system when there is no rule of law.

Also, there are also those favorite maxims that our elders always taught us : "There is no such thing as a sure thing." That is unless you are part of a criminal conspiracy in Thailand and you have the government protecting your criminal behavior.


Anonymous said...

Also be aware that in LOS, nobody will give a shit. You will get the Bangkok shuffle as people rush to distance themselves from the problem. Then everythig will go horribly quiet and nobody will be able to say who can help. Nobody will take responsibility and you will get the Thai shrug as they say, "not my problem, ergo I dont give a shit". And they wont either unless there is something about it that will kick them in the ass. Enter the long arm of the law. No wait! Thats isnt right, this is Thailand, there *is* no long arm of the law. Not that anyone takes any notice of anyway.

Still, look on the bright side, the woman will be smiling quite a lot.

I suspect the only answer is the Thai hitman. Seeing some of these people beside a lonely road with their heads blown off ought to cause a resurgance of interest in the rule of law. I wonder if Surayud will offer to amnesty the hit men when the police and army cant find them.

Anonymous said...

Anyone fancy opening up a boiler room? Seems a good way to make some money here, given the lack of any sort of response.

I'm thinking Morgan Stanley might be a good name....


hobby said...

It happened on Thaksin's watch - it must be his fault !

Anonymous said...

As I have said before, the biggest problem in Thailand is the corrupt, lazy and incompetent police force, though the new chief is making some encouraging progress. Laws are useless if they are not enforced and the government doesnt seem to realise this. Oddly because it seems perfectly obvious to everyone outside the bizarre goldfish bowl which is Thailand and Thai mentality.

For as long as the police decide which laws to enforce and which not to enforce, and which to enforce unless you are rich, this place will always be a banana republic.