Jump to content
BANGKOK
Sign in to follow this  
JLT

Promenada - The Beginning of The End?

Recommended Posts

Re laundering: Who's gonna audit the place, the IRS? Remember, this here's Thailand, not Kansas. Dang, they probably washed millions just building the place.

If there is suspicion of money laundering then it would be Thailand’s Anti-Money Laundering Office.

But the idea of building a multi-billion baht mall to launder money seems ridiculous, and in the building process itself, only the construction companies have income (to be inflated to hide money from illegal activity), but the origin of this income is easy to track, as it’s all paid by a single entity.

  • Like 1

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

He/she has no evidence and it's somewhat libelous/defamatory to even make the allegation.

Share this post


Link to post
Share on other sites

They must be showing the Miami Vice reruns again on WeTV; never fails. And for the third time, the company is ECC, with ticker symbol PL (for Pole Land) on the Warsaw Exchang).

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

I myself proposed it as a possibility. If I remember correctly there was a financial crisis in the middle of the construction . My statement was just a possibility. Perhaps some one else made a direct accusation I don't know and would also disagree with it. I see no problem in looking at all the possibilities.

So far all we have is opinions based on IF. We still have no idea of what the planning was when it was first proposed. I personally think they had taken a long view on the whole thing depending more on future growth in the area. But there again is just an opinion the same as every one else on this thread other than the ones that say they need more customers. That is a given fact.

Share this post


Link to post
Share on other sites

If you are not sure what defamation, libel, etc., look at the forum rules. Seems easy to understand to me.

Even if true, apparently such inferrance of possibilities can cause a problem.

Share this post


Link to post
Share on other sites

Interesting. I went to their grand opening and met the GM guy, a farang. But the Promenada in that link said it was "delivered" in 2005. If I recall, the grand opening of the Promenada CM was in July 2013.

there are 2 promenada malls by this company. One in Warsaw and one in Chiang Mai. The one in Warsaw, their flagship, was opened in 2005 and the one in Chiang Mai in Q3 2013.

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

Money laundering .......

You have 1B in drugs money.

Borrow 1B from bank using land as security.

Buy land for 1B, create legit construction company, build for .5B but charge 1B.

You now have a legit 0.5B profits in a legit construction company.

Bank repossessed failed land and building.

Your 1B drugs, is now 0.5B construction profits.

Bank has their money back.

Everyone happy.

Edited by AnotherOneAmerican

Share this post


Link to post
Share on other sites

Wasn't there an article in City Life , where Pim interviewed an officer of the parent company? This was about a year or so ago.

Share this post


Link to post
Share on other sites

that must be why it is quite difficult to get more than 50% LTV on land, and that is if it is improved.

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

Money laundering .......

You have 1B in drugs money.

Borrow 1B from bank using land as security.

Buy land for 1B, create legit construction company, build for .5B but charge 1B.

You now have a legit 0.5B profits in a legit construction company.

Bank repossessed failed land and building.

Your 1B drugs, is now 0.5B construction profits.

Bank has their money back.

Everyone happy.

that's pure fantasy from yourself, you have no idea what due dilligence banks are doing these days.

and by the way did you see any bank repossessing land?

you guys have to be more careful about what rumours you are spreading about businesses that are active in Thailand. One day they may go after you. Just because you are posting anonymous doesn't mean you can write everything you want.

Share this post


Link to post
Share on other sites

Do you have any evidence or specific observations that leads you to believe that Dutch investor built this mall for money laundering purposes or is this just a conspiracy theory? I don't like people making allegations without giving any justifications for it.

Also thinking about it. So if they really wanted to "clean" some proceeds from criminal activities, would you really build such a big mall which is probably very hard to sell and even if you do, all transactions are very clearly traceable? Personally I doubt it, but please share with me your case for this.

Money laundering .......

You have 1B in drugs money.

Borrow 1B from bank using land as security.

Buy land for 1B, create legit construction company, build for .5B but charge 1B.

You now have a legit 0.5B profits in a legit construction company.

Bank repossessed failed land and building.

Your 1B drugs, is now 0.5B construction profits.

Bank has their money back.

Everyone happy.

that's pure fantasy from yourself, you have no idea what due dilligence banks are doing these days.

and by the way did you see any bank repossessing land?

you guys have to be more careful about what rumours you are spreading about businesses that are active in Thailand. One day they may go after you. Just because you are posting anonymous doesn't mean you can write everything you want.

I was in my bank Siam commercial and asked about repossessions. They pointed me over to another office in the bank. I take that to mean yes they do repossess. Not likely to be the case here but can not really say what is happening.

No one so far has been able to come up with the history just current situation absolutely no idea of what knowledge and willingness they had when they started the project.

Share this post


Link to post
Share on other sites

you guys have to be more careful about what rumours you are spreading about businesses that are active in Thailand. One day they may go after you. Just because you are posting anonymous doesn't mean you can write everything you want.

You asked how anyone could launder money this way, I explained it to you.

Have no idea about this particular property, only know how to launder using construction and land purchase.

Share this post


Link to post
Share on other sites

I'm still a fan of relocating all of the Loi Kroh bars to Promenda!....and perhaps a chunk of the karoke bars as well

Aircon, lighting, good food available, parking (undercover for bikes no less when it rains), no wandering LBs, reduction in criticism of the Loi Kroh street, bigger bars, better furniture and seating, large flat screen TVs, tuk tuk, tour buses and taxi ranks, perhaps a medical practice, neon neon neon, fully utilize the alfresco areas, decent toilets, could cater for Malaysian/Koreans/Japanese/Chinese visitors, ATMs, .plenty of places to launch lanterns/fireworks at festivals/parties, clean, no hawkers, easy obstacle free walking from one venue to another ....a veritable tourist Mecca smile.png

Done properly would sh*t on Soi Cowboy, Patpong etc but alas with current regime do not see this as a happening....maybe my dream complex name of Thaksinland is simply going to far.

I have a dream.......

This is a really good idea, but a little before its time unfortunately. Public morality would make it politically impossible. Thailand, rather than owning its reputation and capitalizing on it, is determined to try to shake it off. I anticipate continued announcements of initiaves to convert Pattaya into the world's premier family destination.

I think that leaves us with the plausible casino idea. I imagine it would be very popular with the Chinese market.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...