Property tycoon Anant resigns from LH, LH Bank

Property tycoon Anant resigns from LH, LH Bank

Real estate developer Anant Asavabhokhin, who faces money-laundering charges over land sales tied to an embezzlement case, has resigned from the companies he founded.

In a letter to the Stock Exchange of Thailand, Adisorn Thananan-narapool, director of Land and Houses Plc (LH) said Mr Anant had submitted his resignation as chairman of the board of directors, chairman of the executive board and director of LH, effective from May 22.

In a separate letter to the SET, Sasitorn Phongsathorn, president of LH Financial Group Plc, advised that Mr Anant had resigned as chairman and director of LH Financial Group Plc and Land and Houses Bank Plc, effective from May 19.

Both letters were published on the SET website on Monday.

The Department of Special Investigation (DSI) last week issued a summons for the real estate baron, saying investigators had found clear evidence of links to money laundering in the Klongchan Credit Union Cooperative (KCUC) embezzlement case.

Former KCUC chairman Supachai Srisupa-aksorn used money drawn from KCUC to buy 46 rai of land owned by M-Home STV 2 Co near Wat Phra Dhammakaya in Pathum Thani's Khlong Luang district.

Supachai is currently serving a 16-year jail sentence after admitting to siphoning huge amounts of money from KCUC accounts in 2013.

The 46 rai was sold on Dec 23, 2011 to Mr Anant for 93.7 million baht, well below the estimated value of 281 million baht, the DSI's initial investigation concluded.

The deal caused damage to KCUC, and officials also found that no payment was actually made.

Mr Anant later sold the land for 492 million baht and allegedly donated 303 million baht of the money to the Chan Khonnokyoong Foundation, overseen by the founder and former abbot of Wat Dhammakaya, Phra Dhammajayo.

Do you like the content of this article?
COMMENT (5)