uFun Club prosecutions expected later this week
The number of uFun Club investor complaints in Thailand has risen to almost three hundred, with 292 affiliates having filed claims for 110 million THB ($3.3 million USD).
The latest figures were released as Thai authorities prepare to file criminal cases against uFun Club executives.
Speaking to Thai media, Assistant National Police Chief Pol Lt-General SuwiraSongmeta
affirmed that police had sufficient evidence of wrongdoing by UFUN, so people did not need to be afraid of filing complaints. He said this case would be given to the public prosecutor to take to court this week.
At present police have issued thirteen warrants in connection to the case, with seven arrests made and the remaining six still at large.
Police are looking for six suspects who are believed to have fled the country.
At least three of these suspects are believed to be hiding out in Malaysia who, despite uFun Club losses estimated to be around $1.17 billion, have yet to take any regulatory action against the scheme.
Two of the suspects, General Athiwat Soonpan and his wife, were last believed to be in the US. Over a week ago now Soonpan vowed to return to Thailand “soon” to clear his name.
He hasn’t been seen or heard from in public since, with his current whereabouts unknown.
Meanwhile in Malaysia construction development giant has issued another statement clarifying a series of fabrications pushed by uFun Club and its affiliates.
In a statement published on the Bina Puri website on April 28th, the firm clarifies
that Bangkok Property Co., Ltd (BPCL) is the developer of Bangkok Marina Resort and Spa at Khlong Dan Sub-District, Bang-Bo in SamutPrakan Province Bangkok, Thailand.
Our associate, Bina Puri Holdings (Thailand) Ltd (BPHTL) holds 20 percent (%) share in the company.
UFUN Group (UFUN) through UTR Holding Co., Ltd (UTR) had expressed their interest to purchase 300 units of residential houses of the Bangkok Marina Resort and Spa development and BPCL had reserved the 300 units to UTR at selling price of US50,000 per unit.
However, UTR did not pick up the 300 units residential houses as promised. Therefore, BPCL had cancelled the commitment to reserve the 300 units residential houses to UTR and reduced to only 100 units residential houses at US50,000 per unit.
BINA PURI reiterate that we are not linked at all with “Utokens” and NEVER PARTICIPATE in any promotions of “Utokens” or any other promotions by UFUN Group or Company related to UFUN.
Several reminders and action were taken by Bina Puri to refrain UFUN from informing their members/customers that Bina Puri is a joint venture partner for the “Utokens” promotion.
Below are the chronologies of the purchase of 100 units of residential houses by UFUN and actions taken by Bina Puri to protect our rights and interests:
On 3/7/2014, Bangkok Property Co Ltd had an agreement with UTR Holdings Ltd on the sale of 300 units of residential at the Bangkok Marina Resort and Spa development.
On 9/7/2014, Bina Puri Holdings Bhd wrote a letter of protest to UFUN to refrain them from informing their customers that Bina Puri is a joint venture partner for Utokens. Bina Puri has no relationship with Utokens at all.
On 25/9/2014, Bangkok Property Co Ltd wrote to UTR Holdings Ltd requesting for payments of US$5.0 million for the purchase of 100 units of residential houses.
On 13/11/2014, Bangkok Property Co Ltd announced and advertised in Thailand media and newspapers the following:-
i) Confirming that Bangkok Property Co Ltd had sold ONLY 100 units of residential houses to UTR Holdings Ltd.
ii) Confirming that Bangkok Property Co Ltd had cancelled the selling of balance 200 units residential houses to UTR Holdings Ltd and open these units to other potential buyers.
iii) Declared and announced that Bangkok Property Co Ltd has no relationship with Utokens.
On 25/11/2014, Bina Puri Holdings Bhd in Kuala Lumpur cancelled the selling of 200 units residential houses to UTR Holdings Ltd and declared that Bina Puri has no relationship with Utokens.
Finally on 28/ 11/2014, Bina Puri Holdings Bhd advertised and announced the above details through Malaysia media and newspapers namely THE STAR and SIN CHEW JIT POH.
The latest statement by Bina Puri was issued after Thai police froze the bank accounts of Bina Puri Holdings (Thailand) Ltd.
Meanwhile Bina Puri Holdings have agreed to refund the $5 million in stolen uFun Club investor funds used to purchase the 100 units.
This money has been seized by police, and will be used to compensate uFun Club victims at a later date.
Despite further clarification that uFun Club never held a stake in Bina Puri or any of their associated companies, nor did they ever enter into a partnership with the same, other Malaysian companies are still eager to be paid stolen Ponzi funds.
Recent partnerships with Sagajuta (Sabah) Sdn Bhd and MednSpa have been signed off on, with both companies expected to receive undisclosed amounts of fraudulently obtained investment funds in the near future.
Sagajuta (Sabah) Sdn Bhd, a developer of the Gateway Klang shopping mall project, is of particular concern seeing as funds appear to have been laundered through the firm since uFun Club’s conception.
Mohd Nazifuddin, son of current Malaysian Prime Minister Mohammad Najib Abdul Razak, is Executive Chairman of the firm.
MedNSpa meanwhile are a “health spa and beauty salon” chain who appear to also be based out of Malaysia.
Neither company has thus far raised any concern or objection to being flooded with uFun Club Ponzi funds.