SEC Complaint: MFC & Firms Accused of Over-Valuing Skyy9 Building, Misleading Social Security Fund

MGR Online•Politics•1d ago

Reader Briefing

Aspiring MP Suphanat Minchaiyanant files a complaint with the SEC against MFC and two private appraisal firms, alleging they significantly over-valued the Skyy9 building and provided false information to the Social Security Fund, resulting in substantial financial losses.

•Aspiring MP Suphanat Minchaiyanant has filed a complaint with the SEC.
•The complaint targets MFC and two private appraisal firms (Edmund Tie, CPM Capital).
•Accusations include over-appraising the Skyy9 building by nearly 7 billion baht and providing false data to the Social Security Fund.
•The alleged actions resulted in financial damage to the Social Security Fund and its insured individuals.

Overview

•On February 16, 2026, Aspiring MP Suphanat Minchaiyanant filed a complaint with the SEC in order to seek legal action against MFC and two appraisal companies.
•The complaint alleges that MFC and appraisal companies Edmund Tie and CPM Capital provided inflated real estate valuations for the Skyy9 building.
•The Skyy9 building was allegedly over-appraised by nearly 7 billion baht, with land valuations inflated by 50-100% and the total land and building value exceeding 3,500 million baht.
•The companies allegedly provided false information to the Social Security Fund, stating the Skyy9 building had a Gold-level TREES green building certificate, which inflated its valuation.
•The Social Security Fund and its insured individuals suffered financial losses due to these alleged misrepresentations and inappropriate investment decisions.
•Suphanat Minchaiyanant stated that the SEC has been negligent in its oversight of these companies, leading to the prolonged lack of action.
•The complaint also cited an over-appraisal of the Swissotel Ratchada hotel in 2022 (2022), which was later sold for significantly less in 2025 (2025).
•If the SEC continues to be unresponsive, Suphanat Minchaiyanant intends to take further action against the SEC itself.

Full article content is available on the original source.

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Source: MGR Online (Original)

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Key Quotes

Suphanat Minchaiyanant

"Submitted to the Securities and Exchange Commission (SEC) to investigate, revoke licenses, and prosecute MFC and appraisers Edmund Tie and CPM Capital for providing inappropriate and over-market real estate appraisals, and false information to the Social Security Fund, causing damages to the fund and insured individuals."

ยื่นคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์แห่งประเทศไทย (ก.ล.ต.) ให้ตรวจสอบและพิจารณาเพิกถอนใบอนุญาตและดำเนินคดี ต่อ บริษัทจัดการกองทุน MFC และบริษัทประเมิน Edmund Tie และ CPM Capital กรณีจัดทำข้อมูลราคาราคาประเมินอสังหาฯที่ไม่เหมาะสม สูงกว่าราคาตลาด และให้ข้อมูลประกอบการซื้ออสังหาที่เป็นเท็จต่อ กองทุนประกันสังคม จนเป็นเหตุให้กองทุนและผู้ประกันตนเสียหาย

Key Entities

Person

Suphanat(ศุภณัฐ)

Aspiring MP for Bangkok from the People's Party who filed a complaint with the SEC.

Organization

SEC(ก.ล.ต.)ℹ️

The Securities and Exchange Commission of Thailand, which is the subject of the complaint.

MFC

A fund management company accused of over-appraising assets and providing false information.

Edmund Tie

A private appraisal company accused of inflating property valuations.

CPM Capital

A private appraisal company accused of inflating property valuations.

Social Security Fund(กองทุนประกันสังคม)ℹ️

A fund that allegedly suffered financial losses due to the inflated property appraisals.

AWCℹ️

A company mentioned as the buyer of the Swissotel Ratchada for a lower price in 2025 (2025).

Place

Skyy9

A building and land complex whose valuation is at the center of the complaint.

Swissotel Ratchada(Swissotel รัชดา)

A hotel whose appraisal in 2022 (2022) is cited as another instance of over-valuation.

Law

TREES

Thai's Rating for Energy Engineering Standards, a green building certificate that was allegedly misrepresented.