7 firms in 4.4B PN notes tied to PM's tax evasion debate
Get to know the 7 companies in the 9 PN notes worth 4.4 billion baht, linked to "PM Paetongtarn" before thoroughly examined for possible tax evasion of 218.7 million baht.
Prime Minister Paetongtarn Shinawatra has faced intense scrutiny from the very first day of the no-confidence debate. Wiroj Lakkhanaadisorn, an MP and deputy leader of the People's Party (PPLE), dissected the issue of a 393.5-million-baht share transfer to her mother and elder sister, as well as the case of promissory notes (PNs) worth over 4.4 billion baht, which allegedly involved concealed legal transactions and potential tax evasion of at least 218.7 million baht.
One of the key issues raised was the declaration of ownership of nine PNs by family members in Paetongtarn’s asset and liability report upon assuming the premiership in 2024. Wiroj alleged that these transactions should have incurred at least 218.7 million baht in taxes, involving five individuals:
Pintongta Shinawatra Kunakornwong (elder sister) – 4 promissory notes totalling 2,388,724,095.42 baht, used for share payments in P.T. Corporation Ltd., Rend Development Ltd., SC Office Plaza Ltd., and SCK Estate Ltd.. The estimated tax liability is at least 118.9 million baht.
Panthongtae Shinawatra (elder brother) – 1 promissory note worth 335,420,541 baht, used for share payments in Rend Development Ltd.. The estimated tax liability is at least 16.3 million baht.
Bannapot Damapong (maternal uncle ) – 2 promissory notes worth 1,315,460,000 baht, used for share payments in OAIM Management Ltd. and BBD Development Ltd.. The estimated tax liability is at least 65.3 million baht.
Busaba Damapong (aunt-in-law, wife of Bannapot) – 1 promissory note worth 258,400,000 baht, used for share payments in BBD Development Ltd.. The estimated tax liability is at least 12.4 million baht.
Khunying Potjaman Na Pombejra (mother) – 1 promissory note worth 136,517,701.60 baht, used for share payments in OAI Consultant and Management Ltd.. The estimated tax liability is at least 5.8 million baht.
Overview of the Seven Companies Linked to the Nine PN Notes
Currently, members of the Shinawatra family are listed as board members in these companies:
1. P.T. Corporation Ltd.
Registered: August 21, 1981
Capital: 3.7 billion baht
Location: 414 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok
Business Scope: Real estate leasing and business operations
Latest Financial Report (2023):
Total Assets: 3,063,181,964 baht
Total Revenue: 926,655,863 baht
Net Loss: 29,615,586 baht
2. Rend Development Ltd.
Registered: January 2, 1987
Capital: 4.6 billion baht
Location: 1010 Shinawatra Tower 3, Vibhavadi Rangsit Road, Chatuchak, Bangkok
Business Scope: Real estate leasing and public utility services
Latest Financial Report (2023):
Total Assets: 6,297,572,322 baht
Total Revenue: 43,586,370 baht
Net Loss: 138,078,953 baht
3. SC Office Plaza Ltd.
Registered: August 29, 1990
Capital: 1.38 billion baht
Location: 414 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok
Business Scope: Real estate leasing and business operations
Latest Financial Report (2023):
Total Assets: 1,398,007,258 baht
Total Revenue: 18,876,564 baht
Net Loss: 1,816,394 baht
4. SC K Estate Ltd.
Registered: January 16, 1992
Capital: 1.83 billion baht
Location: 426/1, 4, 5 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok
Business Scope: Real estate leasing and business operations
Latest Financial Report (2023):
Total Assets: 1,829,017,933 baht
Total Revenue: 2,890,394 baht
Net Loss: 5,788,639 baht
5. OAI Management Ltd.
Registered: February 27, 1986
Capital: 2.7 billion baht
Location: 414 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok
Business Scope: Real estate leasing and business operations
Latest Financial Report (2023):
Total Assets: 2,685,914,615 baht
Total Revenue: 34,251,501 baht
Net Loss: 827,824 baht
6. B.B.D. Development Ltd.
Registered: June 21, 2006
Capital: 4 billion baht
Location: 1010 Shinawatra Tower 3, 34th Floor, Vibhavadi Rangsit Road, Chatuchak, Bangkok
Business Scope: Real estate leasing and business operations
Latest Financial Report (2023):
Total Assets: 3,061,748,410 baht
Total Revenue: 71,174,770 baht
Net Loss: (Not provided)
7. OAI Consultant and Management Ltd.
Registered: April 27, 1990
Capital: 700 million baht
Location: 474 Soi Ramkhamhaeng 39 (Thepleela 1), Plubpla, Wang Thonglang, Bangkok
Business Scope: Hotel operations
Latest Financial Report (2023):
Total Assets: 431,586,861 baht
Total Revenue: 148,793,678 baht
Net Loss: 5,633,086 baht
All seven companies have the same board members:
Pintongta Shinawatra Kunakornwong
Kanchanapa Honghern
Udomsak Ngowsiri
Despite their connections and financial activities, these seven companies have not yet been formally investigated or subjected to complaints regarding the issues raised in the no-confidence debate.
