Bangkok: Senator Alongkot Woraki has lodged a formal complaint against the Social Security Office (SSO) for buying the SKYY9 building at a price that exceeds its actual market value. The senator is urging the Minister of Labor to take action against the SSO, highlighting concerns over more than 100 funds that could potentially misuse money, leading to future financial damage.
According to Thai News Agency, Mr. Alongkot, who chairs the Senate Budget Management Monitoring Committee, presented documents detailing his observations on the SKYY9 building purchase. The government had appointed a committee to review the budgetary use by the SSO, which invested 7 billion baht in the 36-storey building. The structure includes 93,000 square meters of total space with designated areas for rental and retail purposes. Despite attempts to acquire information from the appraisers, Edmund Tai and Company (Thailand) and CPM Capital Co., Ltd., the committee faced obstructions. The appraisals by these companies exceeded market prices, failing to align with the Land Department's criteria, which considers nearby land information. The committee assessed the building's actual value at 3,428-3,863 million baht.
Mr. Alongkot further pointed out that the appraised rates by the companies were significantly higher than those of officially certified organizations like the Thai Valuers Association. The building was appraised at 61,000-61,800 baht per square meter compared to the official rate of 38,900 baht per square meter. He also noted issues with rental rates and the building's fire protection system. Concerns were raised about the expedited investment process, including the approval of the investment framework and the announcement of joint investment business in the Government Gazette. The transfer of Social Security Fund money into a joint investment business trust was seen as damaging to the fund's value.
Mr. Alongkot emphasized that the SSO's purchase decision could constitute an offense under Section 157 of the Criminal Code. He has called for the Minister of Labor to escalate the matter to the Office of the National Anti-Corruption Commission (NACC), the Central Investigation Bureau, and the Office of the Auditor General. He reported that 133 funds are suspected of having financial issues, collectively managing over 500 billion baht. The Social Security Fund is particularly problematic and under scrutiny by the committee. The Special Committee to Consider the Draft Budget Act for Fiscal Year 2026 will further investigate the potential financial mismanagement to prevent future damages.