Sign In  |  Register  |  About San Rafael  |  Contact Us

San Rafael, CA
September 01, 2020 1:37pm
7-Day Forecast | Traffic
  • Search Hotels in San Rafael

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Thai investment bank named PrimeStreet Group is believed to forge paperwork to defraud Hong Kong company

In July 2021, an entity within the PrimeStreet Group, a leading Thai investment bank (“PrimeStreet Group”), entered into a service agreement to assist a subsidiary of a Hong Kong company (the “Company”) to apply for a Thai E-Money licence. The agreement was guaranteed to be completed in full by April 2022. However, one year and eight months after PrimeStreet Group commencing its works, the application for the licence has not yet been completed.

During this period, the Company repeatedly urged the project in-charge of PrimeStreet Group to speed up the progress of the licence application, and repeatedly carried out a series of technical adjustments and revisions to the application documents at the request of PrimeStreet Group. (Figure 1) (Figure 2)

After a continuous series of collaborative efforts, the Company found that it still had not received any approval or response from the Bank of Thailand for the Thai E-Money licence. The Company’s senior management became suspicious about the work progress of PrimeStreet Group, and discussed the same with them several times. During this period, PrimeStreet Group circulated and presented two pre-approval letters from the Bank of Thailand for the E-Money licence application to the Company in order to appease the Company’s suspicions. However, when there was no response from the Bank of Thailand at a later stage, the Company took the initiative to contact senior officials of the Bank of Thailand and was told that the Bank of Thailand had never received any application letter from the Company (which should have been earlier submitted by PrimeStreet Group). The officials also insisted that the Bank of Thailand has never issued such pre-approval letters to the Company either. This means that those two pre-approval letters are believed to be forged. This result was shocking to the senior staff of the Company. (Figure 3,4,5,6)

PrimeStreet Group is Thailand’s leading investment banking, management advisory and fund management service company, providing professional financial services to a sophisticated client base. Their acts mentioned above could be a crime of forgery of a government document under Thai law, and may be punishable up to five years of imprisonment. At present, the Hong Kong company has sought legal assistance from Thai lawyers, and the Thai police have been involved in the investigation. (Figure 7)

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanRafael.com & California Media Partners, LLC. All rights reserved.