BANGKOK, Aug 3 (TNA) – Real estate developer Sansiri Plc issued a statement, clarifying that Pheu Thai prime minister candidate, Mr. Srettha Thavisin was not involved in alleged tax avoidance regarding land transactions and the company always complies with the law in doing businesses.
The company’s statement came after the allegations that Mr. Srettha’s involvement resulted in the government loss in revenue amounting to several hundred million baht.
The company explained the land sale-purchase agreements between Sansiri and the sellers were legally structured to assign the tax liabilities, fees, and expenses related to the transfer of land ownership solely to the sellers. It is the responsibility of the sellers to pay the aforementioned taxes.
Sansiri’s role was limited to making full payment according to the agreed-upon price and receiving the land transfer.
The company denies any involvement in any tax-related practices of the sellers as alleged and did not benefit from any tax savings or reduced expenses in the sellers’ land transfer process.
The statement further specified that in land transactions conducted by Sansiri, Srettha Thavisin, the then – chief executive only participated in the approval process for land acquisition based on figures and data prepared and presented by Sansiri’s land acquisition team.
The decision was presented to the company’s management for approval and subsequently to the board of directors for further authorization of the land purchase and investment.
Mr. Srettha, in his role only approved the price and investment amount, while the contract execution, payment, and land transfer were the responsibility of the land acquisition team, who handled all management and coordination. (TNA)
