Touchwood to prove Thai property sales
Touchwood, a company embroiled in a scam in selling plantations, is found to have sold its properties in Thailand to non-Thai foreigners as well. Touchwood Liquidator Sudath Kumar noted that South African and Germans were among other nationals who invested in agarwood properties in Thailand which the Touchwood Forestry Company in Thailand claimed to have been made under forged documents. However, documents with the liquidator state that they would not be forged as papers received from creditors who had purchased agarwood properties from the Touchwood Dubai sales office were said to have sold to a number of expatriates both foreign and Sri Lankan nationals working there.
Touchwood seems to have worked through a network of these offices with another one based in Hong Kong as well, Mr. Kumar said. Mr. Kumar explained that since these documents were said to be forged, he was compelled to send photocopies of these property papers that were in possession of these creditors to the Touchwood Forestry Company. Some of the documents were also said to have the signature of Ms. Aruni Thapa who was heading the Touchwood Forestry Company operations in Thailand and is still present there in the Thai office. About 1000 applications for properties in Thailand claiming to have purchased properties in agarwood are right now in the possession of the liquidator.
In the meantime, the liquidator is also awaiting the proposal from JAT Holdings to ascertain if they are interested in managing the properties in Sri Lanka and give back the monies due to the creditors. Time has been allocated until April 26 after which the liquidator would have to advertise the company to be taken up for management by an interested party. Mr. Kumar has also been in touch with the Export Development Board (EDB) and the Board of Investment (BOI) to promote these properties. But he explained that most foreign investors were not keen to take up these properties when they were made aware that it was held under the name of different individuals who have been given papers.