Friday, October 25, 2013

Friday, October 25, 2013
A company run by an Australian born Sri Lankan and employing foreign salesmen looks like it may have taken Thai citizens for a stunning 1,600 million baht (£31.65 million) by selling them trees, er, in Thailand.

At a meeting of the Touchwood Investors Group last night investors from the Thailand, the Philippines and Dubai were counting the cost of a debacle and discussing the possibilities of taking civil and/or criminal action.

But the outlook does not look good. Investor Anuphong Dundhanasam said:

 “We have been to the DSI, CSD, Thonglor Police (Touchwood Forestry has an office in Ekamai) and other government agencies and their advice so far is that it is a civil matter. However we do have one criminal option open.”

Touchwood is based in Sri Lanka, but set up offices and companies in Thailand, Dubai and Hong Kong.
People were approached to invest in bamboo and agarwood with amazing returns promised. Agarwood is burned for its perfumed smell by the way and is used in Buddhist ceremonies.  It comes from the Aquilaria tree.

In Thailand Touchwood set up plantations in Kabin Buri and Prachin Buri. But, say investors, bad management led to a catastrophic failure.
Touchwood plantation Prachin Buri

Roscoe Maloney
Touchwood’s MD Roscoe Maloney an Australian with Sri Lankan citizenship is reported to be in Cambodia.

Thai investors are not happy with the Thais whom Roscoe left in control. The whole project is looking like a ‘pump and dump’.

Investors want to know where their money went. There's talk about involving the Anti-Money-Launder-Office. They are not the only people looking for the money. Apparently there is an outstanding tax bill of 25 million baht. A major Thai investor is currently connected to the current government. In fact this man has a controlling share. So why is everything so quiet on that front - ask investors.

Some 60 per cent of the investors are Thai - among the 40 per cent foreign investment the Investors Group confirms it has its fair share of British pensioners believing they have their own tree somewhere in the tropical forest. In fact some 50 Brits have lost some £2 million.

However to find their money they might have to go through this minefield of companies set up in Thailand, two of which were set up long after the problems started.








Directors, present or past:

นาง น้ำค้าง คุณแก้ว
{Mrs Namkhang Kungaew}

นาง มาลา ปรียาดาร์ชานี คูมาริฮามาย ดิซซาพาลา มูดิยานเซลาเก
{Mrs Mala Priyadachani Khumarihamai Ditsaphala Mudiyanselake}

นาง สร้อย มาโลนี่
{Mrs Sroy Maloney}

นาง สวาร์นา แจมบูรีโกดา กามาชชิกช์ มาโลนี
นาง สวาร์นา แจมบูรีโกดา กามาชชิกช์ มาโลนี่
{Mrs Sawana Chaemburikoda Kamatchik Maloney}

นาง อารุณี ทิพย์พิลา
{Mrs Arunee Thippila}

นาย กฤษดา หฤษฏาพันธุ์
{Mr Kritda Haruesataphan}

นาย ณรรถพล ประสพโชค
{Mr Nararotphon Prasopchok}

นาย ปิแอร์ ซาเลนเจอร์ แอนโทนี่ มาโลนี่
{Mr Pierre Salinger Anthony Maloney}

นาย รอสโคว แอนโทนี่ มาโลนี่
{Mr Roscoe Anthony Maloney}

นาย ลอเร้น ซาว จอซย์ เรเนอร์
{Mr Loren Sao Jose "Raynor"}

นาย สวามี่ พันดิท อะซิตา โกราลาช
นาย สวามี่ พันดิท อะซิตา โกราลาซ
{Mr Sawami Phandit Asita Koralat}

นาย อัมราสิริ แจมบูรีโกดา กามาชชิกช์
{Mr Amrasiri Chaemburikoda Kamachachik}

นาย ฮิมลาล บารัล
{Mr Himlal Baran}


Born2Serf said...

Locals are just as easily scammed as farangs. All the more reason to do something about such criminals. The problem is, of course, that the Thai government, the governing local elite and criminality are inextricably linked. The sole idea that the local elite has is to keep the rest of us brainwashed, ignorant, gullible and easily scammed by their snakeoil salesmen. The whole red-yellow squabble is nothing more than a nasty long-term spat over who controls the scam that is government here. Not that it is really much better anywhere else in the world these days, with the lie that belies all free market economics. What is really necessary here, and in the whole world, is a revival of plain common sense and mass skepticism. It is obvious that careerist political people and public officials everywhere have become little more than the paid-off stooges of the multinationals, the free market scammers and cross-border criminals. The only way to effect significant change against such obstacles is to bypass them completely. Lodging a complaint with your local MP or official, you will only ever end up with your complaint in the wastebin. I note that Andrew still believes in trying to do things through the usual formal channels, but I can't help thinking his real success is waking up the ordinary public about such scams.

teddy said...

Must be around 3 years ago I attended one of the promotion events,even then it had the smell of a scam. Pretty Thai girl,English guy sat in background prompting her,so obvious a scam,like virtually everything in Thailand. I would not trust my own shadow here.

Frying Scotsman said...

Yet another one for you to Investigate. Forest Tech Asia, who's CEO is Pierre Maloney, none other than the brother of Roscoe. They were trying to sell expats mango plantations a couple of months back. It seems their impressive web site has now disappeared. More disappointed punters about to appear I think. The penchant for the farang, to be parted from his hard earned cash here in Thailand, used to surprise me. Not any longer

Sam said...

Thais scammed by sweet.

Andrew Drummond said...

His name is above, Frying

Sho Kinokinya said...

Pierre Maloney of Forestech and Roscoe Maloney of Touchwood have become notorious in both Melbourne and Bangkok. They are known in the financial services industry as borderline con-men to be avoided at all costs. They have both been involved in scandals like this before, and I am sure they will be back to scam again before the year is out.

Miranda Wynn said...

You're right - everyone "in the know" avoids businesses run by Roscoe Maloney or Pierre Maloney. It is sad that so many have lost their savings to these crooks. Let's hope this is the last time we hear from them.