No more SSF secrecy

The latest finding showing the Social Security Fund (SSF) purchased the SKYY9 building in Bangkok at double the market value has put a huge question mark over the governance of the country’s biggest pension fund.

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The preliminary fact-finding mission confirmed the SKYY9 Centre on Rama IX Road was worth about 3 billion baht at the time it was bought between 2022 and 2023.

However, the SSF purchased it for 7 billion baht in 2022 when Suchart Chomklin was labour minister under the former administration of Prayut Chan-o-cha.

The policies of the SSF are proposed by its secretariat office, known as the Social Security Office (SSO), which falls under the Ministry of Labour. In major investment cases like this one, the SSO hires a professional asset management firm to appraise the property value and give advice on the investment.

Eventually, members of the SSF board made the final decision on this investment. Needless to say, some politicians and relatives are accused of being involved in this pricey deal.