PUBLISHED: 14 Mar 2025 at 05:57
The Social Security Fund (SSF) is poised to significantly boost its off-market investments from 10 billion baht to an ambitious 130 billion baht, as reported by a Bangkok MP.
The MP expressed serious concerns regarding this large-scale investment, particularly in light of the controversial purchase of the SKYY9 Centre. This acquisition has raised transparency fears, as the Social Security Office (SSO), which oversees the SSF, was involved in the transaction.
The MP highlighted that the 6.9 billion baht spent on the SKYY9 Centre was part of a larger 9.4 billion baht allocation for off-market investments approved earlier. Reports indicate that 3 billion baht remains earmarked for international investments.
Allegations have surfaced that the SSO may have overvalued the property, with an appraisal suggesting its value at only 3 billion baht. This has led to the Prime Minister ordering a thorough investigation into the acquisition.
While the MP does not oppose off-market investments, there is a call for the SSO to establish proper standards for managing investment risks to ensure favorable returns.
“Without adequate risk management criteria, there is no assurance that a situation like the SKYY9 acquisition won’t reoccur,” stated the MP.
In response, the SSO secretary-general explained that the investment was conducted through a Private Equity Trust, a regulated investment vehicle. Two independent appraisers certified by the regulatory authority indicated the property’s value could be as high as 8 billion baht, although the SSO purchased it for 6.9 billion baht.
In light of these developments, the MP indicated plans to formally request a breakdown of the building’s appraisal details from the SSO, and questioned why the office chose to invest in a single large property rather than a diversified property fund.
