Land & Houses Founder Indicted for Money Laundering in Klongchan Credit Union Scandal
PUBLISHED: August 3, 2024
Prosecutors have delayed court proceedings against Anant Asavabhokhin, the billionaire founder of Land & Houses Plc, on charges of money laundering connected to the notorious Klongchan Credit Union Cooperative (KCUC) embezzlement scandal due to the tycoon’s current health condition. Sources indicate he is in a coma following severe complications from a recent kidney transplant.
At 73 years of age, Mr. Anant was indicted on February 16 after years of dormancy in the case, attributed to the lack of decisive action from the authorities. The Department of Special Investigation (DSI) initially recommended prosecution in 2019, but subsequent attempts to move forward were halted by the Attorney-General’s office.
During this period, Mr. Anant was required to report quarterly to the authorities. His scheduled court appearance on April 2 was missed due to health reasons, prompting his lawyer to request a postponement with medical documentation.
Further court dates in May and June were also rescheduled as prosecutors sought clarity on the legitimacy of his health claims, which ultimately revealed he is suffering from end-stage renal failure.
Having undergone a kidney transplant in Australia, Mr. Anant’s body is rejecting the new organ. He currently requires dialysis three times a week while his health deteriorates due to complications such as heart failure and a brain hemorrhage, making further medical procedures currently unfeasible.
His health has become critical; moving him from a sterile environment poses significant risks, including infection.
Corruption Unraveled
The Klongchan Credit Union scandal, which emerged in 2012, represents one of Thailand’s largest embezzlement cases. Investigations revealed that former chairman Supachai Srisupa-aksorn issued 878 fraudulent cheques to siphon off 12 billion baht from the cooperative’s funds. He is currently serving a 16-year prison term.
Funds misappropriated from the credit union were reportedly funneled into Wat Phra Dhammakaya, a controversial temple with which Mr. Anant has historical ties. Additionally, Supachai had utilized embezzled funds to acquire real estate, some of which was later sold to Land & Houses, then chaired by Mr. Anant.
A further investigation by the National Anti-Corruption Commission (NACC) established complex financial links between Mr. Anant and Phra Dhammachayo, the fugitive former abbot of Wat Phra Dhammakaya. Allegations include significant donations from profits associated with the resale of embezzled land, purchased for 93.8 million baht and sold for nearly 500 million baht.
