Krisda Mahanakorn’s 4,340-rai of land to be auctioned off on June 6

The Legal Execution Department will on June 6 stage a major auction of 4,340 rai of land worth an estimated 8.9 billion baht in Suvarnabhumi area of Samut Prakan province confiscated from Krisda Mahanakorn Group or AQ Estate public company.

The department director-general Ms Ruenvadee Suwanmongkol said Friday (April 20) that the state-run Krungthai Bank which owns all 215 land plots totaling 4,340 rai wanted to auction off the entire land in one auction because all the land plots are adjoining as a huge tract of land.

The land plots in question were seized from the Krisda Mahanakorn Group after the group failed to settle its huge debt owed to the bank. The loan was granted to the real estate company over a decade ago during the government of then prime minister Thaksin Shinawatra.

Ms Ruenvadee also disclosed that the department had auctioned two plots of land held under the name of Mr Supachai Srisupa-aksorn, former chairman of Klongchan Credit Union Cooperatives – one plot in Samut Prakan worth about 107 million baht and another plot in Kanchanaburi, worth about 267 million baht.

She said that there are still several land plots in Chiang Rai, Uthai Thani and Nakhon Nayok worth altogether 100 million baht bought by Mr Supachai allegedly with proceeds embezzled from the cooperatives.  

Mr Supachai is currently held in prison on multiple fraud charges for alleged misuse of the cooperatives’ fund for his vested interest.  The alleged fraud has affected about 13,000 members of the cooperatives whose hard-earned savings have been plundered.

Klongchan Credit Union Cooperatives has been placed under a 26-year rehabilitation plan.