300M Bounty – Akanat battles Chinese steel investors

"Chinese capital" is rapidly expanding its operations within Thailand, adopting various forms depending on the type of business being conducted, but with a common goal: ensuring the maximum benefit for "Chinese entrepreneurs."

Starting with "zero-dollar tours," the model brings "Chinese tourists" to Thailand, using Chinese guides, Chinese hotels, and Chinese restaurants, often operating through "Thai nominees." Ultimately, money flows from Chinese tourists to Chinese business owners.

Recently, "Chinese capital" has infiltrated the industrial sector, now referred to as "zero-dollar industry." This involves Chinese capital hiring foreign labour, with some companies avoiding taxes by taking advantage of benefits from the Board of Investment (BOI).

At the same time, there are concerns regarding the product standards in industries where "Chinese capital" has invested, as many businesses offer products at lower prices compared to local markets. This is particularly true for the "steel business," which has recently come under scrutiny after the earthquake caused the collapse of the State Audit Office (SAO) building.

Minister of Industry, Akanat Phromphan, is taking serious action to investigate the cause of the SAO building collapse. Steel from the site was tested for quality, revealing that its chemical composition did not meet standards, especially in terms of Yield Stress (the tensile strength at the point of yielding, indicating where a material transitions from elastic to permanent deformation). Additionally, the steel was found to be lighter than the Thai Industrial Standards (TIS) weight per metre, and the Induction Furnace (IF) used in the steel production could not control Boron content.

The substandard steel was sourced from "Xin Ke Yuan Steel Co., Ltd.," a deformed bar manufacturer located in Rayong province, with both Chinese and Thai nominees holding shares in the company.

Previously, Akanat had clashed with "Xin Ke Yuan Steel" when a fire broke out at the company in late 2024. This prompted "Ekanat's team" to investigate the situation, uncovering multiple safety and environmental issues.

During the investigation, they tested the steel's quality and found 2,441 tons of substandard steel, worth approximately 49.2 million baht, leading to legal action.

Afterward, "Akanat" revealed that there was a "bounty of 200-300 million baht" placed on him. He made the revelation during a live questioning session in Parliament on January 23, 2025. He used the occasion to signal to the "shadowy figures" behind the threat.

"I confirm there is no discrimination. Since I became the Minister of Industry, I haven’t just sat idly in an air-conditioned room, but have gone out to inspect and reorganize the industrial sector. On the issue of industrial waste, I ordered the closure and strict legal action, and now they’ve put a bounty on my head of 200-300 million baht to remove me as minister, but I’m not afraid."

He also stated afterward, "The gray capital group has lobbied officials to reconsider. When the officials confirmed that the Minister of Industry had ordered stricter measures, they threatened to spend 200-300 million baht to remove me from office. I believe they can’t do that because I didn’t appoint myself as a minister; it was the Prime Minister who appointed me."

At the time, the focus shifted to the possibility that Akanat might have a problem with the "big names" in the sugar factory industry, as he was linked to the closure of sugar factories, many of which were in constituencies held by members of the ruling coalition.

Behind the scenes, "big government figures" were well aware that Akanat had taken on the challenge of confronting the "giant steel companies" with "Chinese capital" involved, as a result of his decision to close the factories, which had halted steel production.

It is said that "Chinese capital" has been attempting to lobby through various channels. The first move was to offer a deal to the steel quality inspection team, proposing to "fake the inspection results" to allow operations to continue. However, the "Thai Steel Industry Association" refused to cooperate with "Chinese capital."

The hot issue reached "Akanat's" ears, prompting him to give a firm order for the "inspection team" to proceed honestly. Any agency found negligent would be held accountable. The investigation later revealed that the "Chinese-owned steel company" had produced substandard steel, with issues in the mechanical properties.

Nevertheless, "Chinese capital" continued its efforts, making a deal with "networks" to place a bounty of 200-300 million baht and engaged in both underground and official tactics, attempting to remove Akanat from his position as Minister of Industry.

However, this operation failed when Akanat revealed critical information about the deal, stating that "Chinese capital" had lobbied, but no "big names" supported them.

This is the backdrop of the 300 million baht bounty to oust Akanat from the Ministry of Industry, leading up to the moment when the "Chinese steel company" is now under scrutiny regarding the quality of its steel after the earthquake caused the collapse of the SAO building, the only one of its kind in Thailand.