Lawmakers Call for SEC Inquiry
The Securities and Exchange Commission (SEC) is currently investigating a property valuation firm behind the Skyy9 building, following a petition by opposition People’s Party (PP) MPs Rakchanok Srinork and Sahasawat Khumkhong. The name of the valuation firm, however, remains undisclosed publicly.
The petition stems from allegations of a 7-billion-baht overvaluation of the Skyy9 building, nearly double the building’s assessed value, which ranges between 3.4 and 3.8 billion baht. The Social Security Office (SSO) invested 7 billion baht in the building, an investment that has been widely criticised.
The investigation, which began in mid-2025, was prompted by the findings of a committee appointed by former Deputy Prime Minister Anutin Charnvirakul. The committee discovered an abnormal urgency in the SSO’s investment decision regarding the Skyy9 building.
The ongoing investigation has been met with concerns over transparency, evidence integrity, and investigation delays. MPs have voiced their concerns, highlighting the financial damage caused by the discrepancies in the SSO's investment in the Skyy9 building, not only to the SSO but also to citizens.
The Skyy9 building's overvaluation and the SSO's investment are part of the ongoing legal proceedings. The PP MPs' petition to the SEC is part of their efforts to expose and address these suspiciously high valuations.
The exact location of the Skyy9 building is unspecified. However, the controversy surrounding the building continues to garner attention, with many questioning the integrity of the property valuation process and calling for transparency and accountability.
In summary, the SEC is currently investigating a property valuation firm over allegations of a 7-billion-baht overvaluation of the Skyy9 building. The investigation follows a petition by PP MPs, who have raised concerns over transparency, evidence integrity, and investigation delays. The Skyy9 building's overvaluation and the SSO's investment are part of ongoing legal proceedings, with the PP MPs seeking to expose and address these issues.
The petition from People's Party MPs, Rakchanok Srinork and Sahasawat Khumkhong, has sparked questions in the realm of politics and general news about the integrity of the property valuation industry, given the suspected 7-billion-baht overvaluation of the Skyy9 building. Finance professionals are also monitoring the situation closely, as the Social Security Office (SSO) had invested 7 billion baht in the building, which has been met with widespread criticism. The business community is also engaged, particularly in discussions surrounding transparency and accountability in the property valuation process.
