Deputy Finance Minister Vorapak Tanyawong announced his resignation on Wednesday, insisting he had no connection with transnational scam networks and vowing legal action against those spreading false information.
Speaking at the Ministry of Finance, Mr Vorapak said the accusations linking him to illegal financial groups, particularly those operating in Cambodia, were distorted and malicious.
“I have over 30 years of experience in banking and finance, both domestically and internationally. I have never sought political power. My only intention was to serve the country using my expertise,” he said.
He dismissed claims that he was tied to a scam syndicate in Cambodia, saying he had never been involved in any fraudulent operations, either in Cambodia or elsewhere.
“Some are trying to link my name with BIC Group and BIC Bank, but I have never had any dealings with them. Whatever legal matters they face are entirely unrelated to me,” said Mr Vorapak.
He admitted to having met BIC chairman Yim Leak, a close associate of former Cambodian prime minister Hun Sen, but denied serving as an executive or adviser to his companies. He said he was unaware that his name and photo had been used, identifying him as an adviser, on the group’s website.
He also clarified that his acquaintance with Ben Smith, also known as Benjamin Mauerberger, stemmed from their children attending the same school, not from a business relationship.
Mr Mauerberger is alleged to be at the centre of a complex financial web involving prominent Cambodian and Thai figures, some of them linked to the call centre scam industry. His activities have been the subject of a months-long investigative reporting project, updated regularly in the Whale Hunting newsletter.
Finansia deal
The same reports have alleged that Mr Vorapak acted as a nominee in a takeover bid for the Thai investment bank and brokerage Finansia Syrus Securities.
Mr Vorapak on Wednesday denied those claims, explaining that he and colleague Chuangchai Nawongs launched a management buyout bid for Finansia Syrus in 2021.
He said his investment company, Pilgrim Finansa Co, had acquired 29% of Finansia Syrus and later made a tender offer for the remaining shares.
“It was a legitimate investment opportunity,” he said. “I borrowed several hundred million baht through proper financial channels to acquire the shares, with the support of banks that assessed the risk as acceptable.”
Funding arrangements involved Capital Asia Investment, overseen by the Singapore government, and BIC Bank Laos, managed by Laotian investors, though ultimately no loans were drawn down as no further shares were sold, he said.
He clarified that he had no connection whatsoever with BIC Cambodia, which is owned 99% by Apsara Holding and 1% by Yim Leak.
After the share acquisition, he hired the consultancy McKinsey as an adviser to restructure and digitise Finansia Syrus, but as progress was slow, he sold his stake in 2024 and resigned from all executive positions.
“Anyone who tries to use my name to suggest ties to scammers is not true,” he said. “The claim that my wife received millions of dollars in cryptocurrency is entirely false. She has no crypto accounts and has never received such payments.”
Mr Vorapak insisted on his transparency, saying he has used the same mobile number and credit card for years, and primarily banks with Krungthai Bank.
“I welcome any investigation. I have nothing to hide,” he said.
He reaffirmed his commitment to uphold the truth and protect his reputation and the dignity of his political office.
“I have never been part of any transnational crime network,” he said. “My three-decade career has always been grounded in integrity and transparency. From now on, I will focus on legal proceedings against those who have defamed me.”
PM sought answers
Mr Vorapak’s resignation came a day after Prime Minister Anutin Charnvirakul asked him for a written response to allegations that he is linked to scam networks in the region.
Mr Vorapak, 61, was earlier named by Finance Minister Ekniti Nitithanprapas to lead a task force to follow the money trail left by such centres.
In a Facebook post just hours before Wednesday’s briefing, Mr Vorapak called the allegations “false and politically motivated” and “part of an organised smear campaign”.
The former chief executive of Krungthai Bank said his focus on policy work had been disrupted by the need to respond to these allegations.
“It’s unfortunate that some of those involved are people I once respected,” he said in the post. “But political bias seems to have clouded their judgement. I’ve tried to respond with compassion, but perhaps I’ll need to recite the Buddha’s verse for overcoming evil.”
Mr Vorapak said he floated the idea of resigning with Mr Anutin before the briefing and that he was not pressured into quitting.
