Phuket’s Emerald Development Group is maintaining it is business as usual following the arrest of its Chief Executive Officer last week on charges of alleged fraud.
Despite promises to issue an English language statement following a press conference held last Friday, nothing has appeared on the company’s website or its social media channels as of Tuesday morning.
Local media reported that Sawit Ketroj, Executive Director of The Emerald Development Group, declined to answer direct questions from the media regarding company projects during last Friday’s event.
“I want to tell everyone that I am confident that our projects will keep going and that just need time,” he said.”
“We understand if people want to cancel their contracts with these projects. We are fine because we know The Emerald Development Group is valuable.”
“For foreign clients, I will explain our updated plan in May. We have enough investment and we want to make sure the people of Phuket and our clients are confident in our ability to manage the projects,” he added.
A written statement detailing the nine projects, managed through five subsidiary companies, under Emerald Group, said negative media coverage had affected business and tourism confidence in Phuket.
Emerald Group is managing projects under the control of five separate companies:
Besides two completed projects, The Emerald – Central Project by Phuket Capital Real Estate and The Emerald City Life Condo Patong by Emerald Development Group are currently under construction.
Further projects under construction and waiting for license, according to the statement, include a project on land owned by Phuket Future Group consisting of four sub-projects: Emerald Nirvana 1 and 2, Nirvana Lux and Jade Villa Project.
One project, it said, is a 5-star hotel resort, understood from Emerald marketing materials, to be under the Sheraton brand, by Phuket Advanced Development Co., Ltd.
“It can be seen that only Phuket Future Group Co., Ltd. is in the media spotlight, but other projects are in different parts and still operated normally. Therefore, it means that this is not a problem for all projects under Emerald Brand,” the statement said.
“Emerald Group and its subsidiaries have confidence in the business and that it will continue the construction. All projects will be completed in accordance with their plans and sufficient funding sources.”
“We would like to assure customers and society that Phuket real estate projects are worth investing compare to other provinces.”
ThailandProperty.News has seen marketing materials where the developer was offering 7 percent returns for 10 years plus a 120 percent buyback after 10 years.
Former Liverpool and England football legend Robbie Fowler was also used in marketing materials by the company (above), presumably to entice more foreign buyers and investors.
To add to its “business as usual” mantra, the company appears to be recruiting additional staff though some of Thailand’s popular job websites.