Parliamentarians Call for SEC Inquiry
The Social Security Office (SSO) has found itself at the centre of controversy following the purchase of the Skyy9 building, with allegations of a significant overvaluation and potential conflict of interest.
In a speech at the Securities and Exchange Commission (SEC) HQ, Opposition People's Party MP Rakchanok Srinork highlighted that she and her team had previously exposed the suspiciously high valuation of the Skyy9 building. The building, it was claimed, was overvalued by approximately 7 billion baht, nearly double the building's estimated true value of 3.4 to 3.8 billion baht.
The discrepancies in the Skyy9 investment have now become part of ongoing legal proceedings. Despite the lower estimated value, the SSO proceeded with a 7-billion-baht investment, the name of the property valuation firm behind the Skyy9 building remains undisclosed publicly.
Opposition MPs Rakchanok Srinork and Sahasawat Khumkhong have petitioned the SEC for an investigation into this firm due to the allegations of overvaluation and potential conflict of interest. The petition, submitted on a specific day but the exact date was not disclosed, has led to a formal probe by the SEC.
The controversy has led to legislative petitions, a committee investigation ordered by former Deputy Prime Minister and Interior Minister Anutin Charnvirakul, and ongoing legal proceedings scrutinizing the SSO’s purchase of the building at an inflated price. However, no public updates indicate that the SEC has completed its investigation or announced findings related explicitly to the valuation firm or resolved the conflict of interest claims.
The high valuation of the Skyy9 building has been widely criticized by the public, causing significant financial damage to the SSO and citizens. The SSO's investment in Skyy9 has been met with widespread criticism, with the public questioning the transparency and accountability of the decision.
The committee established by Anutin Charnvirakul pointed to an abnormal urgency in the SSO's investment decision regarding Skyy9, adding to the concerns surrounding the purchase. As of early August 2025, this reflects the latest publicly available information from August 2025[1][2].
References:
[1] The Nation. (2025, August 10). SEC to probe SSO's Skyy9 building purchase. The Nation. Retrieved from https://www.nationthailand.com/news/40013276
[2] Bangkok Post. (2025, August 11). SEC investigates SSO's Skyy9 purchase. Bangkok Post. Retrieved from https://www.bangkokpost.com/thailand/general/2029149/sec-investigates-ssos-skyy9-purchase
The controversy surrounding the Skyy9 building purchase by the Social Security Office (SSO) has extended to the political arena, with Opposition MPs Rakchanok Srinork and Sahasawat Khumkhong petitioning for an investigation into the property valuation firm involved, due to allegations of overvaluation and potential conflict of interest. This probe, initiated by the Securities and Exchange Commission (SEC), forms part of the ongoing legal proceedings regarding the Skyy9 investment.
The high value assigned to the Skyy9 building has drawn criticism from the public, raising concerns about the financial impact on the SSO and citizens, as well as the transparency and accountability of the investment decision-making process in business, finance, and politics.
