Prime Minister of Nepal K P Oli is found to have made heavy investments in companies located in Thailand and Cambodia, investigation into financial records by the authorities has revealed. According to sources, Dinesh Shresth, who is very close to Oli is the conduit for these investments, which are mainly done in Saha group of Thailand. Saha group, which was established in 1974, is USD 10 billion conglomerate with over 20 listed companies and has business interest in consumer goods, food, beverages and industrial development. The groups also owns a resort.
Interestingly, the Saha group is currently headed by Boonsithi Chokwatana, who is Chinese origin Thailand national and is considered to be politically well-connected. Oli’s investment have been kept hidden from the public.
The Saha Group, founded in 1942 by an ethnic Chinese, Thiam Chokwatana, began as a wholesaler of consumer goods, later expanding into manufacturing through joint ventures with Japanese partners entering the Thai market. Consumer products maker Lion was one of its first partners. Thiam’s son Boonsithi, the current chairman of Saha Group, continued the company’s expansion after taking over from his father.
The groups owns Treasure Hill Golf Club, 222 Moo 7 Klong Kiew, Ban Bueng, Chonburi province and a country club. The group now has more than 300 affiliates, of which nearly half are joint ventures with Japanese companies.
Boonchai, the younger brother of Boonsithi, is chairman and CEO of Saha Pathanapibul. His twin brother Boonkiet heads ICC International, another listed subsidiary that mainly distributes cosmetics and apparel brands to department stores.
Slugs: Nepal, Oli, Thailand, investigation