Category: The Bangkok Post

Thai authorities have launched a probe into a transnational scam network linked to Chen Zhi, the British-Cambodian businessman behind Prince Holding Group (Prince Group).

The investigation follows asset seizures by both the United States and the United Kingdom, after Mr Chen was charged with fraud and running international scams.

Mr Chen, 38, was indicted on Oct 8 in a Brooklyn federal court on charges of wire fraud conspiracy and money laundering conspiracy, according to court papers made public on Tuesday.

Authorities have seized 127,271 bitcoin – worth about $14.2 billion – in what prosecutors described as the largest forfeiture in US history.

Pol Lt Gen Surapol Prembutr, commissioner of the Cyber Crime Investigation Bureau (CCIB), said Thai authorities will engage with their US counterparts to discuss the asset forfeiture process, including whether the legal proceedings have concluded.

If finalised, Thai investigators will assess whether any of the seized assets are connected to criminal activities within Thailand. Should such links be established, steps will be taken to request the repatriation and seizure of those assets through diplomatic channels, in compliance with international legal frameworks.

Finance Minister Ekniti Nitithanprapas said that measures to combat scammers fall under the scope of the Connect the Dots task force, which aims to integrate and strengthen Thailand’s financial security systems.

When asked whether Thailand would need to revise its asset declaration rules to close existing loopholes, Mr Ekniti confirmed that this issue is being considered as part of the broader work undertaken by the Connect the Dots team.

Permanent secretary for finance Lavaron Sangsnit has already established the Connect the Dots task force. The working group includes key regulatory and enforcement bodies such as the Bank of Thailand, the Securities and Exchange Commission, and the Anti-Money Laundering Office.

Justice Minister Rutthapon Naowarat said the ministry is prepared to pursue legal action on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, following allegations that the Prince Group – under Mr Chen’s direction – established fraudulent operations involving forced labour. These activities are believed to form part of a major scam network based in Cambodia.

Investigations by the media uncovered a website using the same logo and name as Chen’s Prince Group, which claims to have made significant property investments in various locations across Thailand.

Following media reports alleging that Prince Holding Group had invested in Sansiri’s businesses and that there were alleged links between Chen, Prince Group, and the company, Sansiri Plc said that, following an internal review, it found no record of any transactions involving the named individual or entity.

Thailand and Laos are set to inaugurate the Fifth Thai-Lao Friendship Bridge in December, marking a new milestone in regional transport and economic cooperation.

The countries are also moving forward with building a new Mekong railway bridge linking Thailand’s Nong Khai high-speed link to the Laos-China Railway.

The new friendship bridge, connecting Bueng Kan province in Thailand with Bolikhamxay province in Laos, is expected to significantly cut travel time and costs, enhance logistics efficiency, and stimulate trade and tourism.

The progress was announced following Prime Minister Anutin Charnvirakul’s official visit to Vientiane on Thursday, Government House said yesterday.

During talks with Lao Prime Minister Sonexay Siphandone and President Thongloun Sisoulith, both sides reaffirmed their commitment to deepening cooperation in economic, energy, and transport development.

President Thongloun confirmed his readiness to co-preside over the bridge’s opening ceremony, where His Majesty the King will represent Thailand.

Thailand’s Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said connectivity projects form the backbone of regional growth.

“These are more than infrastructure projects — they are bridges of friendship and opportunity for communities on both sides of the Mekong,” he said.

Key initiatives include upgrading the First Thai-Lao Friendship Bridge (Nong Khai-Vientiane) to handle heavier U20 axle loads for improved freight capacity. Meanwhile, a new Mekong railway bridge will be built beside the existing one, with construction expected between 2027 and 2030.

The two governments are also studying a 10-kilometre Vientiane Capital rail link to connect Thailand’s metre-gauge line with the Laos-China standard-gauge network.

Transport Ministry permanent secretary Chayatham Phromsorn said the joint projects aim to make logistics faster, safer, and more cost-effective, establishing Thailand and Laos as a logistics hub in the Greater Mekong subregion.

Thirteen potential scam centre victims, mostly hill tribe members, have been rescued by Thai police in Chanthaburi province as they waited to be transported into Cambodia.

The operation took place at a resort on Friday following reports that Thai minors and adults, predominantly from hill tribes, had been deceived into working as website administrators in the neighbouring country, Chanthaburi police said on Saturday.

All 13 victims, aged between 16 and 33, were about to board a Toyota Fortuner and an Isuzu Mu-X with two Thai men waiting to pick them up. The drivers were detained for questioning.

Five of the unwitting recruits were 16 years old, two were 17, one was 18 and another 19. They told investigators they were promised online administrative jobs with a monthly salary of 30,000 baht.

However, police said people who believed the offer were fated to be put to work as call centre scammers, with potential to be exploited for other illegal activities in Cambodia.

The authorities called in the Ministry of Social Development and Human Security to screen all of those rescued.

Friday’s operation was the second of its kind this week. On Monday, Thai soldiers intervened to prevent 11 Thais from being taken across the border from Sa Kaeo province.

Senator and human rights defender Angkhana Neelapaijit has claimed she received death threats targeting herself and her family, prompting the national police to offer protection if requested.

The senator shared evidence of the threats on her Facebook page, questioning how cruel one must be to send death threats to her father, who is over 100 years old. She also posted screenshots of the threats directed at her personally.

Mary Lawlor, the UN Special Rapporteur on human rights defenders, on Thursday expressed concern over reports of death threats and online attacks against Ms Angkhana, saying that “defending truth and justice is not a crime” and that the senator should be protected.

The threats are widely believed to be linked to Ms Angkhana’s comments on the Thai-Cambodian border tensions, particularly her criticism of the use of loud or “ghostly” noises that have disturbed residents along the border.

National police chief Pol Gen Kittharath Punpetch said yesterday that he was aware of the threats against Ms Angkhana and her family through media reports, and urged the senator to file a formal complaint or request police protection if needed.

He said differing opinions are normal in a democracy, but violence or intimidation is unacceptable. He also urged the public to avoid using heated language or resorting to violence when expressing their views.

Fuadi Pitsuwan, a lecturer and former foreign affairs adviser to the now-dissolved Move Forward Party, agreed with Ms Angkhana that the use of sound as a weapon constitutes a human rights violation because it affects civilians indiscriminately.

He warned that such acts, carried out by “non-state actors”, not only breach international human rights principles but could also backfire and harm Thailand’s national interests if reported by international media outlets.

On Thursday, army spokesman Maj Gen Winthai Suvari said some of Ms Angkhana’s comments had been selectively used by Cambodian media to distort Thailand’s image internationally.

He urged Thais to remain united.

Thailand strengthens Confucian scholarships through global partnershipsConfucian studies in Thailand are gaining renewed momentum through research collaborations, youth-focused initiatives, and international partnerships, as highlighted during the 7th meeting of the Executive Committee of the International Confucian Association (ICA), held recently in Xiamen, China.

In his remarks at the meeting, former Deputy Prime Minister Phinij Jarusombat praised the ICA’s growing influence in advancing Confucian research and fostering intercultural dialogue.

He cited the successful ‘Harmonious Civilization Seminar 2025’, held in Bangkok in June, as a prime example of Thailand’s active role in promoting Confucian thought across Southeast Asia.

‘This meeting allows us to reflect on the past, assess the present, and plan for the future,’ Mr Phinij said. ‘The Bangkok seminar vividly demonstrated how Confucian wisdom can engage with global challenges through the exchange of ideas across cultures.’

The 2025 seminar, themed ‘Confucian Philosophy and Global Civilizational Dialogue’, attracted hundreds of participants from political, academic, and business sectors across Asia and beyond. Attended by high-level representatives, including ICA President Sun Chunlan and senior Thai officials, the event established a platform for in-depth exchanges on Confucian values such as benevolence, sincerity, and harmony.

Discussions explored how these principles could inform responses to pressing global issues, including climate change, social fragmentation, and geopolitical tensions.

Delegates also examined Confucian perspectives on education, youth responsibility, and corporate ethics, with the seminar fostering new networks of cross-cultural understanding.

Mr Phinij emphasised that the seminar underscored the vitality of Confucianism in contemporary society. Rather than dwelling on the past, the discussions focused on how Confucian moral wisdom can guide areas such as business ethics, family education, and community governance – even extending to frontier fields like artificial intelligence and digital ethics.

Core Confucian tenets such as ‘Do not do to others what you do not wish for yourself’ and ‘Harmony without uniformity’ were presented as valuable frameworks for global governance and international relations in today’s fragmented world.

Twenty-two Thais and foreigners tested positive for drugs in a raid at an entertainment venue in Ratchaprarop area of Bangkok, where a Nigerian drug dealer was arrested early Saturday.

A report about illegal activities at the venue in Ratchathewi district was reported via hotline 1386 of the Office of the Narcotics Control Board (ONCB), Pol Maj Suriya Singhakamol, secretary-general of the ONCB, said in a briefing. The name of the place was withheld.

Police had been investigating for two months and found that a Nigerian man and his Thai wife sold drugs at the venue, which operated until 7am daily, Pol Maj Suriya said.

At 5am, over 100 officers raided the venue and found more than 120 Thai and foreign patrons.

The Nigerian, whose name was not released, was arrested with 12 grammes of cocaine. Two staff were also arrested with packets of cocaine and crystal methamphetamine.

Of the 127 detainees, 11 Thais and 11 foreigners tested positive for illicit drugs. Other drugs were also found, including many balloons for inhaling nitrous oxide, or laughing gas.

The suspects were taken to Din Daeng police station for prosecution, with foreigners being transferred to the Immigration Bureau for deportation.

The Ratchathewi district office filed charges against the venue manager for operating the business without a permit and outside legal hours.

Thailand’s Atthaya “Jeeno” Thitikul is ranked as the No.1 ladies golfer in the world and she displayed exactly why this is the case with a remarkable come-from-behind display to win the LPGA Shanghai title last Sunday.

On a day of extraordinary high quality golf, Jeeno came from four shots down to force a playoff against Japan’s Minami Katsu and then proceeded to win the title with a birdie at the fifth playoff hole. On her last five holes in regulation, the Thai star recorded three birdies and an eagle.

To overhaul Katsu in that final round 22-year-old Jeeno fired a stunning nine-under par 63. The Japanese player, who began the day with a two-shot lead, which she later extended to four, shot a seven-under 65. Under any normal circumstances that would have guaranteed a victory, but Jeeno ensured it would be anything but normal.

Despite the tension Katsu, who shot an incredible 61 on the second day, displayed tremendous sportsmanship, applauding Jeeno’s brilliant eagle on the 17th hole. The Japanese player told reporters that the final day had been a “great experience,” adding that it had given her confidence.

The impressive galleries in Shanghai also deserve recognition. Although they would obviously have preferred a Chinese player to win the title, they gave enthusiastic applause to both the Thai and Japanese players as they battled it out down the nerve-jangling final stretch. The spectators also kept very quiet when players were putting, something that was not always the case in the Ryder Cup.

Jeeno’s win was all the more impressive considering recent disappointments she has suffered after letting slip tournaments in final hole dramas. She displayed considerable mental strength in not allowing those recent setbacks to unsettle her. It must have been hard for her to shake off the memory of four-putting on the final hole in the Kroger Queen City Championship, which gifted England’s Charley Hull a one-stroke victory.

The Thai star had not played for three weeks after that disappointment and took a much-needed vacation in Canada. The victory in Shanghai came as a great relief for the young Thai. “What happened in the last event was still on my mind,” she admitted. “But I have proved I can come back. It’s a dream come true.”

Jeeno told Golfweek that the dramatic losses had hurt. “I cried quite a lot,” she admitted. “I am human and make mistakes, everyone does.”

With the Shanghai victory, Jeeno also became the first player to win twice on the LPGA tour this year.

Last year, the Thai star decided to use her nickname Jeeno as her professional golf name rather than her first name Atthaya. The reason was simple. “It’s just easier for people to pronounce and remember,” she explained.

Jeeno is known for her relaxed demeanour on the course with plenty of smiles and laughter. “If I take it too seriously, I won’t win,” she once said. But behind the smiles there is strong discipline and a determination to win.

Jeeno was raised in Ban Pong, Ratchaburi, and was introduced to golf at the age of six by her grandfather. It is important that Thai golf fans don’t expect too much from Jeeno. No one can win every week, even the world No.1. But there is little doubt Jeeno will soon be needing a bigger trophy cabinet.

Asian stocks tracked losses on Wall Street yesterday, as worries about credit quality led to a rout in US regional banking shares. Concerns about trade tensions, a possible tech bubble and the US government shutdown also persisted.

The SET index moved in a range of 1,266.38 and 1,299.43 points this week, before closing yesterday at 1,274.61 down 1% from the previous week, with daily turnover averaging 38.75 billion baht.

NEWSMAKERS: Gold prices hit another record high of $4,379.01 on Friday morning, supported by strong safe-haven buying amid escalating US-China tensions. Thai retail prices reached 67,700 baht per baht-weight (15.2 grammes) for jewellery, while gold bars were sold at 66,900 baht.

The US dollar fell for a fourth day, on track for its biggest weekly drop in more than two months, amid dovish signals from the Fed and worries about US regional banks.

US Treasury officials estimate a government shutdown extending beyond two weeks would cost the US economy up to $15 billion per week. Treasury Secretary Scott Bessent said the shutdown, which began on Oct 1, is already beginning to impact economic strength and efficiency.

The US budget deficit declined 2% to $1.78 trillion for the 2025 fiscal year ended Sept 30 as tariff revenue hit a record high, the Treasury Department said.

The White House is ready to ease tariffs on the US auto industry, a major win for carmakers who have lobbied to reduce the fallout from higher duties on parts. A programme that allows automakers to reduce what they pay in tariffs on imported parts will be extended for five years, sources said.

US President Donald Trump confirmed that trade tensions with China remain high, telling a reporter who asked whether the two countries are headed for a prolonged trade war: “Well, you’re in one now.”

Shares of some US regional banks plunged on news of large write-downs of bad loans. Jefferies Financial Group said it had significant exposure to First Brands, an auto parts maker that has filed for bankruptcy.

The US Energy Information Administration (IEA) expects the global oil market will face a bigger supply surplus of up to 4 million barrels or 4% of global demand, as Opec+ continues increasing production to regain market share from non-members.

The International Monetary Fund (IMF) raised its 2025 global growth forecast to 3.2% and expects 3.1% growth in 2026, saying financial conditions have been resilient to US tariff measures. At the same time, it said Asian economies should focus on boosting domestic demand and regional integration to shield themselves from potential risks arising from global trade tensions.

The US and UK governments have sanctioned Chen Zhi, a Chinese-born Cambodian national and confidant of former prime minister Hun Sen, in a major crackdown on transnational scams. Authorities seized $14 billion worth of bitcoin, the largest crypto seizure in history, from the Prince Group of companies controlled by Chen.

The South Korean government said it plans to use the upcoming Asean summit later this month as a platform to propose a multilateral cooperation framework aimed at addressing organised crime in Cambodia. Korean officials are currently in Cambodia attempting to secure the release of dozens of nationals targeted by scam groups.

Taiwan Semiconductor Manufacturing Company (TSMC) reported third-quarter net profit of $14.8 billion up 39% year-on-year, exceeding market expectations, confirming robust demand for AI chips.

The food and beverage multinational Nestle has announced plans to cut 16,000 jobs worldwide over the next two years, saving the company one billion Swiss francs — double what had been previously planned.

The Chinese carmaker BYD has announced its largest-ever recall, covering 115,000 Tang and Yuan Pro vehicles made between 2015 and 2022 due to design defects and battery-related safety risks.

IKEA said its annual sales fell for a second consecutive year, as the budget furniture retailer stuck to a strategy of cutting prices to attract cash-strapped consumers and gain market share. Global retail sales in the financial year to Aug 31 fell 1% to 44.6 billion euros ($51.9 billion).

Japan’s largest gold retailer, Tanaka Precious Metal Group, suspended sales of small gold bars for at least a month, unable to meet frenzied buying interest spurred by the metal’s surge to record highs.

Laos is considering halting electricity supply to cryptocurrency miners by the first quarter of 2026, as it seeks to redirect domestic power to industries that contribute more to economic growth, the country’s deputy energy minister said.

The IMF forecasts that Thailand’s economy will grow this year by around 2%, in line with forecasts from other research institutions, including the University of the Thai Chamber of Commerce (UTCC).

The UTCC estimates the Half-Half Plus co-payment programme and tourism stimulus measures will raise fourth-quarter GDP by between 0.5% and 0.8%, lifting 2025 GDP growth to between 2.0% and 2.2%.

The Energy Regulatory Commission has endorsed direct power purchase agreements (PPA) and four solar projects. The direct PPA programme, covering electricity sales up to 2,000MW, is expected to create 3,000 jobs to support industrial electricity demand.

The ERC has also asked the Ministry of Energy to look at supporting self-generated clean electricity by businesses and ensuring that power tariffs reflect true costs.

The cabinet on Tuesday approved a 1.6 trillion baht investment budget for state-owned enterprises. The investment framework for next year is estimated to lift GDP by 0.3%, said government spokesperson Siripong Angkasakulkiat.

The economic cabinet approved tourism stimulus measures through tax deductions of up to 1.5 times the amount spent. It also pressed for accelerated disbursement of state meeting and seminar budgets to support the hotel industry.

The Industrial Confidence Index for September rose to 87.8, the first gain in seven months, reflecting confidence in the new government’s economic stimulus plans, the Federation of Thai Industries (FTI) said.

Foreign direct investment in the first eight months of 2025 reached 225 billion baht, up 125% year-on-year, with one-third of the investment going to the Eastern Economic Corridor.

The Ministry of Finance said it has made progress in its investigation of grey money flows that may have contributed to the baht strengthening. A working framework is being established in coordination with various agencies, with results expected by December.

The Tourism Authority of Thailand (TAT) has appointed K-pop superstar Lalisa “Lisa” Manobal as its Amazing Thailand Ambassador to promote Thai tourism internationally.

Former Bank of Thailand governor Sethaput Suthiwartnarueput said that 12-month average inflation of 0.5%, below the central bank’s 1-3% target range, reflects declining energy and food prices and is expected to remain low in line with oil prices. However, he said this is not deflation as consumption continues to grow. Average wages in the first half 2025 grew 4.6% while cost of living is stable, he said.

Mr Sethaput, in an open letter to the Ministry of Finance, said the consumer price index would stay below 1% until early 2027, and warned that monetary policy alone may not be able to address the issue.

Foreign tourist arrivals in the week to Oct 12 totalled 522,169, down 13.6% from the week before due to the end of long holidays in China, South Korea and India. Cumulative arrivals for the year reached 25.1 million, down 7.5% year-on-year.

The Ministry of Commerce remains confident that Thai exports will grow 3-5% this year, despite an expected second-half slowdown from the high first-half base, with eight-month exports expanding 13.3% year-on-year. However, it said risks include US tariffs, rapid baht appreciation and SME credit constraints.

COMING UP: On Monday, Germany will update its Producer Price Index and the Conference Board will release US leading economic indicators. On Tuesday, remarks by senior European Central Bank, Bundesbank and Fed officials will be closely watched, along with Japanese trade data. Wednesday will bring a UK consumer price index update and US crude oil inventories.

On Thursday, the US releases jobless claims and existing home sales, and Japan releases inflation figures. On Friday, Russia announces an interest rate decision and the US releases core CPI, manufacturing and services PMI and new home sales figures.

Locally, TMBThanachart Bank on Tuesday will hold a briefing on the financial challenges facing salary earners. The Electronic Transactions Development Agency will hold a forum on regional digital platform governance.

STOCKS TO WATCH: Asia Plus Securities (ASPS) says the global market has entered “risk-off mode”, as capital flows into safe-haven assets such as gold and government bonds. Another sign of growing caution is seen in recent US insider trading data: out of 200 major transactions last week, 197 were net sales, including those of leading firms such as Invidia, CrowdStrike and Dell.

In terms of strategy, ASPS recommends maintaining a higher cash position to await better entry points. It highlights stocks poised to benefit from a stronger baht and solid third-quarter earnings, namely GULF, BGRIM, BH and ERW.

KGI Securities (Thailand) maintains a positive outlook on tourism-related stocks in light of new domestic tourism stimulus measures. It recommends AAV, CENTEL and ERW, which generate a high proportion of revenue from domestic travellers. AOT is expected to benefit indirectly from an overall increase in travel.

TECHNICAL VIEW: InnovestX Securities sees support at 1,255 points and resistance at 1,315. CGS International Securities (Thailand) sees support at 1,240 points and resistance at 1,300.

The Board of Investment (BoI) has launched the “Thailand FastPass” to speed up processing approvals of multi-billion-baht investment projects, aiming to support the government’s “Quick Big Win” policy.

“Thailand FastPass will be a new weapon in our efforts to draw more investment,” Narit Therdsteerasukdi, secretary-general of the BoI, said after a board meeting chaired by Finance Minister Ekniti Nitithanprapas.

This new investment mechanism supports the Quick Big Win policy, which prioritises swift, impactful and broadly beneficial projects as the Anutin Charnvirakul administration is committed to its pledge to work for four months and then dissolve the House for a general election next year.

Thailand FastPass focuses on new investment projects worth at least 1 billion baht in targeted industries, including digital and artificial intelligence technology, semiconductors and electronics, robotics and automation systems, cars and biotechnology.

These projects must prove they can make a significant contribution to the economy, including increasing local employment and enhancing technological development, said Mr Narit.

“Thailand FastPass will help investors reduce the steps and time needed to establish businesses here,” he said.

“We want to see new investment and the speedy establishment of businesses to drive the economy.”

According to the BoI, up to 70 projects granted investment incentives between 2023 and 2024 have yet to start development. The projects, valued at 300 billion baht in total, are mostly in data centre, electronics and power generation sectors.

One major problem foreign investors face is the lengthy process for seeking long-stay visas and work permits, said Mr Narit.

To address the problem, the BoI set up an ad-hoc panel to help them deal with regulations and paperwork.

He said the panel also works on other issues that may hinder business development, such as power infrastructure and land where factories will be built.

The Football Association of Thailand (FAT) claimed the Asian Football Confederation’s Member Association of the Year Diamond Award for the second consecutive year at the annual gala of the regional body in Saudi Arabia on Thursday night.

FAT president Nualphan Lamsam was in Riyadh to receive the award as Thailand became the first nation to win the honour two years in a row.

It was another memorable milestone for the Thai governing body, which last year won the prestigious honour for the first time in the 30-year history of the award in Seoul, South Korea.

The other two national governing bodies nominated for the award were the Chinese and Vietnamese football federations.

The prestigious honour reflected FAT’s successes on and off the pitch in the past year, including the performance at both club and international levels, management standards and hosting of international tournaments.

The Member Association of the Year Award is divided into four tiers based on ranking groups: Platinum (1-12), Diamond (13-24), Gold (25-36) and Ruby (37-47).

Thailand has also been selected as the host of the AFC Annual Awards 2026, underscoring the nation’s growing reputation and capability to stage international sporting events.

Players honoured

Saudi Arabia captain Salem Al-Dawsari was named Asia’s Player of the Year for a second time and Japan’s Hana Takahashi won the women’s award.

The 34-year-old winger Al-Dawsari finished as top scorer in last season’s AFC Champions League with 10 goals as he helped Al-Hilal reach the semi-finals of the continent’s top club competition.

Al-Dawsari, who also scooped the award in 2022, said: “This achievement is not the end of the road, but rather the beginning of greater ambitions.”

Skippered by Al-Dawsari, Saudi Arabia this week sealed their place at next year’s World Cup in North America.

Urawa Reds defender Takahashi, 25, played a pivotal role for club and country in recent months. The goal-scoring defender helped Urawa win a domestic cup in Japan. bangkok post/afp