FOREIGNERS SELLING THAI TREES TO THAIS. WAS IT A SCAM?-

Andrew Drummond | Oct 25, 2013

INVESTORS CASH GOES UP IN SMOKE-

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.