SSO’s true property investing questioned
The government has set up an inquiry panel to investigate the People’s Party’s allegations that the Social Security Office ( SSO ) spent an excessive 7 billion baht to purchase the SKYY9 Centre on Rama IX Road with a claimed appraisal price of just 3 billion baht.
Prime Minister Paetongtarn Shinawatra said on Tuesday she instructed Interior Minister Anutin Charnvirakul to shape the screen.
” The state is duty-bound to assure clarity and protect the country’s objectives. Accountability is a priority”, she said.
Mr Anutin, who also serves as a deputy prime minister, said that he has previously signed an order to form the panels, chaired by the permanent director for inside, Unsit Sampuntharat.
He also explained that while the SSO is under the Labour Ministry, he even serves as a deputy prime minister who oversees the Labour Ministry.
Mr Anutin said that Labour Minister Phiphat Ratchakitprakarn has even asked him to investigate the issue. He added that the alleged excessive saving occurred when the present permanent secretary for employment formerly served as the secretary-general of the SSO.
Mr Anutin likewise said that when the permanent secretary for employment is being investigated, the standard who leads the exploration may carry the same level to ensure a smooth research.
When asked if the sensor may rely only on the SSO’s order of the SKYY9 Centre or include additional expenditures by the SSO, Mr Anutin said he does not reduce the scope of the investigation.
He said he instructed the board to cover up the sensor as quickly as possible and assured that there would be no interference in it to maintain justice for all involved.
An descriptive pictures of the SKYY9 Centre, the tower in query on Rama IX Road in Bangkok.
This follows Rukchanok Srinork, a People’s Party MP for Bangkok and a spokesperson for the House commission studying and monitoring position fiscal planning and spending, raising concerns about SSO spending, which included a 2.2-million-baht international study trip by SSO officials, the 100-million-baht yearly cost of running its hotline, and 450 million baht to print calendars.
On Monday, Ms Rukchanok also raised suspicions about the SSO’s purchase of the SKYY9 Centre on Rama IX Road with the building’s worth estimated at 3 billion baht, but the SSO bought it for more than twice that amount.
” Has anyone benefited from it”? she asked.
Sahassawat Kumkong, a People’s Party MP for Chon Buri, also said that the current permanent secretary for labour, Boonsong Thapchaiyut, served as the SSO’s secretary-general at the time of the purchase.
In response to the allegations, the SSO’s current secretary-general, Marasri Jairangsee, said yesterday that the SSO invested in buying the building via the Private Equity Trust, an investment vehicle under the Trust for Transactions in the Capital Market Act, regulated by the Securities and Exchange Commission ( SEC ).
Ms Marasri said the purchase is a sound investment as it is regulated by concerned agencies under the law. She said two independent estimators certified by the SEC estimated the price of the building.
Ms Marasri said the price was estimated at 7.3 billion baht based on the income approach formula, but if the cost approach is used, the building’s value is estimated at 8 billion baht.
However, she said the SSO invested only 6.9 billion baht to buy the building.
Suchart Chomklin, deputy commerce minister, who was a former labour minister, said the 3 billion baht was the appraisal price made during the Tom Yum Kung financial crisis in 1997.
The SSO is the secretariat of the Social Security Fund, Thailand’s largest public fund, valued at 2.65 trillion baht. It provides welfare and financial security for 24 million members.
The SSO has defended its administrative budget allocation, saying it complies with the Social Security Act, which caps spending at 10 % of annual contributions.
In 2024, the SSO allocated only 3 %, well below the legal limit, it said.