Bangkok: The Permanent Secretary of the Ministry of Natural Resources and Environment has ordered a halt to the auction of seven land plots in the Bang Na area, fearing that they may be sold for prices lower than their true value. This decision comes as the Agricultural Marketing Organization (AMO) is urged to expedite debt negotiations to safeguard the state’s interests.
According to Thai News Agency, Dr. Raweewan Phuridej, Permanent Secretary and Chair of the Board of Directors of the Forest Industry Organization (FIO), convened an urgent meeting on February 10, 2026, with the FIO board to propose halting the sale of the Bang Na land plots. The meeting was prompted by an urgent report regarding the bankruptcy of Thai Plywood Company Limited, which owes approximately 1,166 million baht in tax debts despite having more assets than liabilities. The bankruptcy declaration on December 18, 2018, led to the seizure and auctioning of its assets, including the valuable land plots.
Dr. Raweewan highlighted that the assets, consisting of seven plots in the prime Bang Na area, could currently be valued at more than ten billion baht. This discrepancy raises concerns about potential revenue loss for the AMO and the state. Consequently, a special meeting of the O.P.A. board resulted in several resolutions to address the situation.
The Office of the Auditor General of Thailand (OAG) has been tasked with submitting property valuation documents to ensure fair and transparent information. Additionally, a committee has been approved to negotiate the company’s debts, and an investigation will be conducted to determine whether the dissolution adhered to legal procedures. The Forest Industry Organization is also required to report urgently to the Minister of Natural Resources and Environment and consider forwarding the matter to the National Anti-Corruption Commission if corruption is suspected.
Dr. Raweewan emphasized the necessity of a thorough investigation due to the significant undervaluation of the land. The potential auction of these properties at a loss could have severe financial implications for the AMO and the state. The committee will investigate the origins of the debt before the cessation of Thai Plywood Company Limited’s operations to ensure all debts are properly settled. The Ministry intends to oppose the auction due to the potential loss of state revenue, given the land’s prime location and development potential.