Labour groups seek probe into Social Security Office’s Sripanwa REIT investment

A network of labour groups is demanding that Thailand’s Ministry of Labour set up a panel to investigate the Social Security Office’s investment in Sripanwa Real Estate Investment Trust (REIT) and reform its investment processes, to ensure transparency and good governance.

Their demand is contained in a petition letter, addressed to Labour Minister Suchart Chomklin, in his capacity as Chairman of the Social Security Committee. The letter was received by Mr. Sutthi Sokosol, Permanent Secretary at the Labour Ministry.

The labour groups say in the petition that they would like to know how much money from the Social Security Fund was invested in the Sripanwa REIT, how many shares it owns and how much profit or loss the office has made so far.

They are also demanding that the Office of Social Security be independent from political interference and that its board be elected, rather than appointed.

The labour groups’ move against the Social Security Office and the Sripanwa REIT is believed to be politically motivated, after an executive of the Sripanwa Hotel in Phuket criticized the Free People Movement’s protests against the Government and demands for reform of the Monarchy.

In addition to the Sripanwa REIT, the Social Security Office has invested social security funds in many other private companies.

 

Source: Thai Public Broadcasting Service (Thai PBS)