Suphanut Challenges Property Valuation Companies for SKYY9 Building Overpricing

Suphanut Meenchainan, a prospective Bangkok MP from the People's Party, filed a complaint with the Securities and Exchange Commission (SEC) requesting investigation and potential license revocation against fund management company MFC and valuation firms Edmund Tie and CPM Capital. He highlighted four key issues: 1. Land price for SKYY9 building was overvalued by 50-100%, with companies estimating 1.35-1.45 million baht per square wah compared to actual market rates of 500,000-900,000 baht. 2. Building valuation was significantly higher than the Ministry of Interior's assessment, which placed total land and building value at no more than 3,500 million baht. 3. False claims about the building having a Gold-level green building certification, which artificially inflated property value. 4. Overvaluation of the Swissotel Ratchada hotel by up to 6,000 million baht during COVID-19, whereas it was later purchased for only 4,415 million baht. Suphanut emphasized that the SEC has been negligent in holding these companies accountable, potentially causing significant financial damage to the Social Security Fund, employers, and insured workers.