A group of Bangchak minority shareholders has petitioned the Democrat Party to expose suspicious overpricing by a subsidiary in purchasing an oil depot in Phetchaburi, fearing it may be a foundation for money laundering.
On 18 June 2026 at the Parliament, Mr. Korn Chatikavanij, a party-list MP of the Democrat Party and member of the Parliamentary Committee on Finance, Banking, Financial Institutions, and Capital Markets, received a letter from Mr. Disadej Hiranjirakun, coordinator of the Bangchak Corporation (BCP) minority shareholders group and coordinator of the Thai Capital Market Minority Shareholders Protection Network. They requested an investigation into the purchase of an oil depot in Phetchaburi Province by BCPG Public Company Limited, a Bangchak subsidiary, due to concerns of links to gray capital networks and overpriced asset acquisition.
Mr. Disadej revealed that the network is concerned about the influx of gray capital into the stock market. They submitted the letter to the Democrat Party to investigate the oil depot purchase deal, finding that in 2010 the depot was offered for sale at only 3 billion baht but was rejected as it was not worth the investment. However, in 2012 the company bought the depot for as high as 9 billion baht. Just three months after the transaction, the depot’s book value dropped to only 6.55 billion baht, creating an immediate negative difference of 2.45 billion baht. Shareholders suspect collusion to inflate the asset value to benefit certain individuals and harm the Thai capital market.
The complainants request a full investigation into all financial transactions and related parties, including whether this constitutes an organized crime plan to allocate profits, serves as a basis for money laundering, and involves transnational capital using the stock market to invest illicit funds, possibly with Bangchak executives facilitating. They urge strict legal action.
Mr. Korn responded that the acquisition deal through Bangchak’s subsidiary Asia Link Terminal is suspicious with many involved parties, damaging the reputation of the Thai capital market. He will immediately bring the complainants to submit the matter to Mr. Juti Krairiksh, Chairman of the Parliamentary Finance Committee, coinciding with a meeting including representatives from the SEC, Anti-Money Laundering Office, and National Anti-Corruption Commission. The case will also be submitted to the Parliamentary Anti-Money Laundering Committee for parallel investigation, as the complainants had previously filed complaints with the DSI, Anti-Money Laundering Office, and SEC. It is expected that the DSI will decide within this week whether to accept the case as a special investigation.
“A clear irregularity is that the Bangchak subsidiary’s board resolved to buy shares of the oil depot on 15 November 2022, but Asia Link Terminal—the subsidiary company used for the purchase—was only officially registered a month later on 16 December 2022. This means the share purchase was approved before the company even existed. Moreover, the purchase price was as high as 9 billion baht without any profit or loss data from the target company, clearly abnormal,” Mr. Korn stated.
Additionally, Mr. Korn revealed that Bangchak previously had some shares seized by the Anti-Money Laundering Office due to links to transnational money laundering by Mr. Ben Smith. The subsidiary used to buy the overpriced Phetchaburi oil depot through “Sia Tue” also had some shares seized. If society reviews the names of the board members who approved this acquisition, the picture will become clear. The Democrat Party affirms it will pursue a thorough investigation to expose the financial routes and bring all involved parties to justice.