Shareholders File Complaint with DSI to Investigate BCPG's 9-Billion-Baht Phetchaburi Oil Storage Purchase as Overpriced
BCPG minority shareholders filed a DSI complaint alleging the company overpaid 9 billion baht for a Phetchaburi oil storage facility worth only 6.55 billion baht, suspecting collusion and fraud that harmed investors.
On May 21, 2569, a group of BCP minority shareholders filed a formal complaint with DSI Director-General Yutthana Phraedum at DSI headquarters on Chaengwattana Road in Bangkok, requesting an investigation into BCPG's 9-billion-baht purchase of an oil storage facility and land in Phetchaburi province. The complaint alleges the transaction is overpriced, as accounting records show the asset's value at only 6.55 billion baht, potentially causing shareholder losses and suggesting possible collusion to inflate asset values.
According to initial information, in 2553 a seller offered the same facility to BCP for only 3 billion baht, but the company deemed it not worthwhile. However, on December 30, 2565, BCPG purchased the same asset for 9 billion baht. Within three months of the acquisition, media and social media reports indicated the facility's book value had already declined to 6.55 billion baht—a loss of 2.45 billion baht from the purchase price.
Shareholders have expressed suspicion that the transaction may involve collusion to artificially inflate the asset's value for personal gain at the expense of shareholders and the Thai capital market. The complaint requests DSI to investigate whether the transaction involves criminal conspiracy, money laundering, and violations of the Special Cases Investigation Act of 2547, as well as to examine all parties involved in the sale proposal, pricing assessment, approval process, and payment procedures.
