In a surprising development, an investigative report has uncovered a questionable $600 million airport contract awarded to Thailand’s Pan Pacific Company by the Maldives government. The deal, signed during a crucial time leading up to parliamentary elections, involves the construction of an international airport in Thinadhoo City. Adding fuel to the fire, the government has controversially handed over 12 islands of the Huvadhoo Atoll to this company.
Pan Pacific Company Limited:
- Registered in Thailand with TSIC number 46414 and registration number 0105532005639.
- Primary business listed as wholesale of clothing.
- CEO: Jirat Petnunthawong.
- Director: Dr. Worachat Petnunthawong.
Financial statistics:
- Total Assets: ฿973,090.00 – $27,164.686 USD
- Registered Capital: ฿1,000,000.00 – $27,911.488 USD
- Total Revenue: ฿0.00
- Net Profit: ฿-3,000.00
- Shareholders Equity: ฿970,000.00
Scrutiny on Pan Pacific Company’s CEO
Jirat ‘Champ’ Petnunthawong, the CEO of Pan Pacific Company Ltd, finds himself under scrutiny as he is also affiliated with several fraudulent companies, two of which are registered in the Maldives.
- OCEAN QUARTIER PROPERTIES Pvt Ltd: Established in 2015, Jirat CEO and his father Vorachart Petnunthawong as board directors.
- Maldives Asset Management PLC
- Solartrax Energy Inter Corporation
- Ocean Quartier – Marine Culture
However, investigations reveal that these entities merely exist on paper, with Ocean Quartier – Marine Culture not even registered on the official business registry website business.egov.mv.
Amidst these revelations, the shady nature of this mega-project deal begs for a deeper exploration to uncover the truth.
Moreover, Jirat’s father, Dr. Worachat Petnunthawong, who serves as a director in Pan Pacific, is also associated with BLOOM (Thailand) Co. Ltd., involved in the “legal” drug (cannabis) business.
Let’s check why this deal is shady
Illegal activities of Petnunthawong family in Thailand further raise red flags:
- Assault case filed against Jirat by Thai celebrity Rusameekae Fagerlund.
- Criminal case against Jirat resulting in a one-year jail sentence.
- Separate legal proceedings leading to 18-month imprisonment and fines for Jirat’s mother and sister.
This isn’t the first instance of illicit dealings involving Jirat and his Maldivian associates. In 2016, Ocean Quartier Properties Pvt Ltd secured a lease for commercial poultry farm development in Noonu Atoll through questionable means. At that time, Mohamed Mohamed Shainee was the Fishery Minister, involving fake environmental impact assessment reports prepared by Water Solutions Pvt Ltd, a surveying company.
In 2019, Jirat registered Maldives Asset Management PLC, purportedly engaging in multimillion-dollar projects in the Maldives. Notably, prominent figures were initially associated with the company as advisors. The company’s website, now offline.
Adding to the list of concerns, Ocean Quartier Properties Pvt Ltd has been flagged for unpaid taxes by the Maldives Inland Revenue Authority (MIRA).
Recent unofficial Meeting with Vice President and Diplomats
Just before this mega deal, we found recent photographs on Jirat’s Instagram account of an unofficial meeting with Vice President Hussain Mohamed Latheef and diplomats in Singapore.
In response to public outcry, the President’s office quickly amended its official press release, changing the contract to a Memorandum of Understanding (MoU).
Difference between a Contract and MoU
A contract is a legally binding agreement between parties that outlines specific terms and obligations, often enforceable by law. On the other hand, a Memorandum of Understanding (MoU) is a less formal agreement that expresses mutual intentions or objectives between parties but may not always be legally binding or enforceable.
The investigation into the $600 million airport contract in the Maldives reveals a web of dubious dealings involving Pan Pacific Company Limited and its CEO, Jirat Petnunthawong. With legal troubles, questionable associations, and past incidents of illicit activities, the legitimacy of the project comes under scrutiny, emphasizing the need for transparency and accountability in government contracts.
