Inside the short, stormy tenure of Thai deputy finance minister who quit over Cambodia scam allegations
Former Krungthai Bank executive quit from his post as the country’s deputy finance minister a day after he was questioned about his ties to regional scam networks
[SINGAPORE] In a dramatic turn of events, Thailand’s Deputy Finance Minister Vorapak Tanyawong resigned on Wednesday (Oct 22), capping a 33-day run consumed by scrutiny over alleged ties to regional financial networks and Cambodian tycoon Yim Leak.
Vorapak’s resignation came a day after Prime Minister Anutin Charnvirakul asked for a written answer to claims of his links to South-east Asian scam networks.
The former Krungthai Bank executive denied the allegations, calling them distorted. Shortly after, he announced his intention to file defamation complaints and said he was resigning to prevent his personal matters from “becoming a burden to the government”. He was reported to have submitted a three-page document in response.
Anutin told media later in the day that a new deputy finance minister will not be appointed due to time constraints, as the House of Representatives must be dissolved by Jan 31. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas will continue running the department with the support of his vice-ministers, added the prime minister.
Vorapak, who?
The 61-year-old banking veteran was formerly the president and chief executive of state-owned Krungthai Bank, and had held senior roles in Bank of America (Thailand), Deutsche Bank (Thailand), JPMorganChase and Siam Commercial Bank.
After he retired from his post at Krungthai Bank in 2016, he worked as a consultant and executive coach for several international financial institutions, including as a senior adviser at McKinsey & Company (Thailand).
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His first venture into politics was when he became chief adviser to former deputy prime minister and finance minister Pichai Chunhavajira last year, English-language Thai news website The Nation reported.
Vorapak was appointed the kingdom’s deputy finance minister on Sep 19 this year. Anutin then told reporters that Vorapak was picked for his experience as Pichai’s chief adviser during the Paetongtarn government, and that some projects needed continuity.
He added that Vorapak was familiar with the workings of the Finance Ministry, had negotiated with the US on import tariffs before, and had engaged with several director-generals of crucial departments, according to media reports.
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Anutin was then quoted as saying that the most important reason for his pick was because he has known Vorapak for more than three decades and knows his wife well.
Singapore ties
BT earlier reported based on corporate filings that Vorapak co-founded Finansa Investment, which was the largest shareholder, as at Jul 29, of Thai-listed financial service provider Finansia X.
Singapore-licensed fund manager Capital Asia Investments (CAI) – in the spotlight for scooping up and flipping multi-million dollar shares of Thai sector stalwarts in a series of complex deals – owns the 24.14 per cent stake on behalf of Finansa Investment, BT reported.
Registry records list Finansa Investment at the same address as CAI. The fund manager’s Singaporean co-founder Eugene Tang, 47, was also listed as Finansa Investment’s director.
Links to Cambodian elites?
Last month, Vorapak took to Facebook to deny what he described as allegations linking him to Cambodia’s BIC Group.
Archived versions of the group’s website listed Cambodian businessman Yim Leak as chairman and board member, and identified Vorapak as part of its board advisory. The page now features only Yim in its executive team.
Vorapak maintained that he never held a director, executive director or any other position in the Cambodian group, nor received any compensation or benefits from it.
The Thai national said in his Sep 10 Facebook post that he met Yim several years ago when the latter approached him for banking advice.
The Cambodian tycoon’s father, Yim Chhay Ly, was a former deputy prime minister, and his sister is married to one of the kingdom’s deputy prime ministers, Hun Many, who is the son of former premier Hun Sen.
Writing on his website and social media platforms, Billion Dollar Whale co-author Tom Wright cited claims that Vorapak was linked to a criminal network allegedly run by convicted boiler-room operator Benjamin Mauerberger.
The outgoing Thai deputy finance minister said in the press briefing that he knew Mauerberger only as a fellow parent as their children were classmates in the same school, reported local media.
Media coverage has also touched on Vorapak’s family, with some reports alleging that his wife’s name appeared in connection with disputed financial activities – claims that have not been independently verified.
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