Opposition MP presents documents alleging irregularities in SSO's Skyy9 building purchase

The opposition has alleged irregularities in the SSO’s 7-billion-baht purchase of a debt-ridden firm to acquire a building worth only 3 billion baht.

Rukchanok Srinork, an MP from the opposition People’s Party (PP), on Tuesday revealed documents from the investigation into the Prime Asset Private Equity Trust, which involved the controversial purchase of the Skyy9 building by the Social Security Office (SSO).

The opposition has alleged irregularities in the SSO’s 7-billion-baht purchase of a debt-ridden firm to acquire a building worth only 3 billion baht.

In a Facebook post, Rukchanok stated that a well-wisher had sent the documents for her to review, including a summary of the investigation regarding the Skyy9 building purchase. The findings suggest that there were indeed irregularities in the process.



The documents, two pages in total, outline the following:

“After reviewing various pieces of evidence and testimonies from the involved parties, it was found that the investment process by the SSO, which uses funds from contributors, employers, and the government, was rushed and irregular. The SSO had been entrusted with managing the funds of the Social Security Fund according to its legal objectives. However, the investment in the Prime Asset Private Equity Trust was made with large sums of money without adequate checks or evaluations of the property being purchased. The SSO, in its role as an investor, should have conducted thorough and careful screening, which was not the case in this instance.

The investment process in the Prime Asset Private Equity Trust was unusually rushed. This started with the Social Security Board’s announcement on August 1, 2022, regarding the investment in the Prime Asset Private Equity Trust. The process, including the appointment of an advisory committee for non-market assets and the approval of investment frameworks, was completed within a very short period of time. MFC Asset Management Plc sent investment invitation documents just 5 days after the Secretary-General of the SSO approved the investment framework. The SSO continued presenting the information to the committee and advisory subcommittee over this short time period.The SSO convened the Investment Committee and Advisory Subcommittee for Non-Market Assets before the announcement was made in the Royal Gazette, meaning that other potential investors and the public were not informed of this. This lack of transparency prevented other asset management firms from proposing their own investment plans, despite the claim that two firms had submitted proposals but were disqualified.

Furthermore, the Investment Committee and the Advisory Subcommittee approved an investment of 4.6 billion baht despite multiple concerns, such as the need for an independent asset valuation before making the decision. It was also recommended that the building’s stability should be verified, highlighting that the investment proposal was not sufficiently vetted.

MFC Asset Management followed the recommendations from the Investment Committee and the Advisory Subcommittee for Non-Market Assets and submitted the findings for the SSO. The office’s Secretary-General (Boonsong Thapchaiyuth, now Permanent Secretary of the Ministry of Labor) acknowledged the review and signed the trust establishment contract for the Prime Asset Private Equity Trust the following day. However, there was no evidence to show that the trust establishment contract had been thoroughly reviewed, nor was there a check on the accuracy of the asset valuation or verification of important information before proceeding.

The consideration of the investment plan for the Prime Asset Private Equity Trust revealed several concerns from the relevant committees and subcommittees. However, there was no invitation for MFC Asset Management Plc, the company that initiated the investment proposal, to directly clarify the information to the committee and subcommittee. Instead, staff from the office provided the explanation. Furthermore, some information was found to be inconsistent, such as claims that the Skyy9 building had received Green certification, when, in fact, it had not been certified. Additionally, the office did not have a proper method for reviewing the accuracy of the property valuation, relying solely on the MFC Asset Management’s valuation and financial advisors, which resulted in an asset evaluation that did not meet the standards.

The property valuation method presented by MFC Asset Management was based on an income approach, rather than the more suitable market comparison approach for a real estate asset like the Skyy9 building, which is an apartment complex. When compared to the valuation conducted by the working group and the Valuers Association of Thailand, the valuation submitted by MFC was significantly higher, which led to the Skyy9 project (also known as the Cas Centre) being overvalued. This, in turn, resulted in AGRE101 Co., Ltd. (now Prime Nine Real Estate Co., Ltd.), the owner of the property, being valued much higher than its actual worth, leading to the Social Security Fund investing at an inflated price.

The actions in the process of reviewing the investment of the Social Security Fund into the Prime Asset Private Equity Trust demonstrate a rush and lack of thorough verification to ensure that the investment was appropriate and worthwhile. The invested amount, when compared to the findings from the property valuation team and the Valuers Association of Thailand, showed significant discrepancies, indicating a lack of care in the decision-making process. This has resulted in financial losses for the Social Security Fund due to the lack of due diligence and careful consideration required in government operations.”

(2025/06/04-00:00)