Bangkok: Three Thai citizens accused of being nominees in holding shares for China Railway Co., Ltd. have denied the charges, asserting they are not acting on behalf of another entity. All three individuals acknowledged knowing each other, though the extent of their connection to a Chinese national involved in the case remains under investigation.
According to Thai News Agency, Pol. Lt. Col. Woranan Srilam, Director of the Consumer Protection Division and Deputy Chief of the Special Case Investigation Team, disclosed that the three Thai directors, identified as Mr. Prachuap, Mr. Manas, and Mr. Sophon, have surrendered following the issuance of arrest warrants. They have denied the allegations during questioning. Their decision to surrender followed a request by authorities encouraging them to fulfill their civic duties. The investigation continues to determine any connections between the Thai directors and Mr. Chuanling Zhang, a Chinese state enterprise official.
The investigation focuses on potential violations under the Foreign Business Act of 1999, scrutinizing aspects such as capital, business operations, and authority within the company. The Department of Special Investigation (DSI) has discovered that the Thai directors were previously employees of China Railway Co., Ltd., necessitating further examination of their roles and the financial structure of the firm.
Pol. Lt. Col. Woranan confirmed Mr. Chuanling Zhang's status as a state enterprise official, which was corroborated by Chinese authorities. The reason for the Thai directors' delayed surrender is under review, though it may relate to the recent issuance of arrest warrants. Legal representation accompanied at least one of the suspects during their surrender.
Post-investigation, temporary bail considerations will be made, assessing whether the accused will apply for it. The credibility of their testimonies will determine the progression of the case; if the allegations are refuted effectively, individual case assessments will follow. Among the Thai directors, Mr. Sophon is perceived to hold the highest credibility.
The inquiry also covers the financial operations of China Railway Number 10 (Thailand) Co., Ltd., which involved substantial funds, reportedly sourced from a state-owned enterprise in China. This money was funneled through a foreign bank to support investments and operations in Thailand. The investigation seeks to track the financial origin of the shares held by Chinese stakeholders and the Thai nominees who possess a majority share.
The financial trail of the Thai nominees, who hold 51% of China Railway Number 10 (Thailand) Co., Ltd. shares and have invested over 20 million baht, is under inspection to ensure compliance with Thai business regulations.