Top property firm fights corruption

corruption
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Top Thailand property developer Pruksa is fighting corruption in the real estate sector.

Its website includes a “whistleblowing” page in Thai and English that encourages reporting of possible incidents of corruption.

The website encourages consumers to report risky behavior, provide clues about corrupt behavior, bribery, nepotism and other behavior associated with corruption within the company.

Reports can be made anonymously, and the company says any complains will be reported to the Chairman and Independent Director, Executive Vice President, the Chairman of its Corporate Governance Committee and the Chairman of the Audit Committee.

It also says it guarantees confidentially.

Stock Exchange of Thailand-listed Pruksa was responsible for 12 percent of all newly launched condominiums in the Greater Bangkok region during the first seven months of 2018 according to Thailand’s Agency for Real Estate Affairs.

Its 25 new projects were more than double second-ranked Sansiri.

It is likely that other Stock Exchange of Thailand-listed developers will also treat allegations of corruption seriously, but Pruksa’s approach appears to be the highest profile initiative so far.

This is something that everyone working in Thailand’s property and real estate sector should support and ideally adopt themselves.

The only winners will be Thailand’s property buyers and that can only be good for improved confidence.

Pruksa was approached for a comment for this story but did not reply before publication.

Andrew Batt
The author of this article is Andrew Batt, the founder and editor of www.thailandproperty.news. Andrew has been writing about property and real estate issues in Thailand and Southeast Asia for more than 10 years. He has worked for PropertyGuru Group, DDproperty, Dot Property Group, Hipflat and AsiaRents. He has also produced content for leading Thailand property developers and real estate agencies.
Email: andrew.thailandpropertynews@gmail.com.

1 Comment

  1. There are all sorts of corruption within the Thai real estate sector and it begins with the under multiple commission payments to everybody involved within the supply chain, resulting in the customer paying far more for basic services at their condos and managed estates. This practice seems to be quite widespread and acceptable within Thailand.

    Not talking about Pruksa specifically, because I have no experience dealing with them, but I would imagine any report of corruption being made via their website will be used by the executive directors to distance themselves from any corruption.

    That being said Thailand is a highly corrupt country and there is corruption at every single level. Just ask any westerner that runs any type of business here in Thailand.

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