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Thai Police Say Oil trading Is `a Mask for Illegal Activity'.
Sep. 5--Oil trading is a mask for illegal business conducted by people alleged to have laundered 7.5 billion baht, according to the police and the Thai Petrochemical Industry Group.
The state-run Petroleum Authority of Thailand (PTT), meanwhile, denied any involvement with the suspects, who claimed their companies partnered the PTT in trading oil to Burma.
Prasith Chalsithichoke, the head of oil marketing at the TPI Group, said that the group, which owns the country's smallest private oil refinery, had sold fuel oil to Eastern Petropower Co and that Pol Col Vorapong Futrakul, a former deputy commander of the Economic Crime Investigation Division (ECID), had acted as the company's guarantor.
The ECID on Friday arrested Sirinra Mahamad on a charge of illegally transferring more than 7.5 billion baht out of the country through 109 transactions.
The police later issued an arrest warrant for Ms Sirinra's elder sister, Rosarin Chorpradit, for alleged involvement in the transfers.
The police said the sisters had established several companies to trade in oil and added that the pair were believed to have been involved in oil smuggling.
Pol Col Vorapong has been transferred to Khon Kaen for the duration of the investigations.
- Thailand Oil Firm to Check Data on Past Deals.
- News wire article from: Bangkok Post (Bangkok, Thailand) September 6, 2001 700+ words
...International, Thanasub Thavee and Eastern Petropower -- were not on the list of...Rosarin has once brought Pol Col Vorapong Futrakul to PTT headquarters...again last year when she used Eastern Petropower to compete with the state oil...
- Thai Panel to Investigate Possible Tax Fraud in Money Transfer.
- News wire article from: Bangkok Post (Bangkok, Thailand) September 5, 2001 700+ words
...billion baht out of the country through three companies. Pol Col Vorapong Futrakul, deputy ECID commander, has also been transferred...been traced to any politicians. He said the transfer of Pol Col Vorapong stemmed from an investigation which found that he had approved...
- Thai Retail Distributor Denies Involvement in Money-Laundering Scam.
- News wire article from: Bangkok Post (Bangkok, Thailand) September 11, 2001 700+ words
...of baht were transferred abroad between 1998 and 2000 through Rattanakosin International, Thanasap Tavee and Eastern Petropower. Police suspect that the funds were gained illicitly through oil smuggling or trade in illegal drugs. However...
- Bangkok Bank Says They Kept Authorities Abreast of Transfers.
- News wire article from: Bangkok Post (Bangkok, Thailand) September 5, 2001 700+ words
...fake credit documentation. Most of the transactions were made by Ratanakosin International, Thanasap Thavee and Eastern Petropower, through Bangkok Bank. Mr Chatri said while documentation presented by the companies was complete based on regulatory...
- Money Laundering `Rampant' in Thailand, Local Banks Say.
- Newspaper article from: Knight Ridder/Tribune Business News September 4, 2001 700+ words
...transfers. In the Sarinra case, the funds that passed through Ratanakosin International, Thanasap Thavee and Eastern Petropower probably came from other parties, Pol Col Pirapan said. Suchart Jaovisidha, a deputy finance minister, said...
