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‘Thaksin’s ex-broker moving to transfer control of P10-B Sta. Ana racetrack’

- Perseus Echeminada -

A Malaysian businessman who allegedly brokered an anomalous real estate deal in Thailand that led to the ouster of Prime Minister Thaksin Shinawatra, is reportedly laying the groundwork for the transfer of control over the P10-billion Sta. Ana race track to a small losing company dominated by foreign investors.

Lawyer Brigido Dulay, spokesman for the minority shareholders of the Philippine Racing Club (PRC), said at the weekly Kapihan sa Sulo Hotel Forum that Sorin Upatkom is allegedly working behind the scene to take over the 25-hectare prime property located at the boundary of Manila and Makati.

“Upatkom, a low but very influential international broker, is leading a group of Malaysian nationals representing the Magnum investment holdings to take control of the prime property,” Dulay said.

He said the PRC board, dominated by Malaysian investors, has allegedly moved to acquire a small and losing company – JTH Davies Holdings – in preparation for a share swap arrangement.

“We questioned the group’s subsequent move to transfer the ownership of the P10-billion Sta. Ana property to this small moribund P25-million firm by a shell company by way of a so-called swap deal,” Dulay said.

“Their swap scenario is simple as it is highly questionable – trade the title of the P10-billion Sta. Ana property with shares in this small bleeding firm,” Dulay said.

The lawyer said the minority stockholders of the PRC, who are all Filipinos, have already sought the help of a court to stop the allegedly anomalous deal.

He also expressed concern that Upatcom might get involved in a politically sensitive transaction in the Philippines just like what he allegedly did in Thailand.

The corruption case against Thaksin involved a prime property in Bangkok valued at $24.5 million. His wife, Pojamarn, is also a respondent in the case.

Thaksin, a billionaire in the telecommunications sector before he joined politics, was prime minister of Thailand from 2001 until his ouster in 2006 following a military uprising.

A MALAYSIAN

COUNTRY

DAVIES HOLDINGS

DULAY

LAWYER BRIGIDO DULAY

PLACE

REGION

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