Emerald Development Group addresses accusations of fraud and mismanagement
CEO of the Emerald Development Group Sawit ‘Mai’ Ketroj held a press conference yesterday (Saturday) at the Dara Hotel to address accusations of fraud and mismanagement. In reports to the Court the amounts involved in the alleged fraud case mount up to more than a billion baht with more than 300 buyers filing complaints with the Emerald Development Group.
He opened the meeting by claiming that there was no liquidity problems and that Emerald Development Group cared for its customers and was responsible.
Khun Sawit aimed to reassure the media conference that everything was OK and that the group just needed time to fulfil its obligations. But he refused to answer any direct questions from the media or any of the aggrieved depositors.
“I want to tell everyone that I am confident that our projects will keep going and that we just need time. We understand if people want to cancel their contracts with these projects. We are fine because we know The Emerald Development Group is valuable,” said Mr Sawit.
“I would like to clarify that over the past 8 years the company has been operating with a strong commitment to direct and good governance, to deliver the best condominium accommodation to customers. Currently, there are 5 affiliate companies investing in condominiums and properties in Phuket worth more than 6,000 million baht, including the Kathu Golf Condo project by Emerald Development Group Co., Ltd. The Emerald Terrace Phuket Condo by Phuket Future Development Co., Ltd.”
“The Emerald – Central Project by Phuket Capital Real Estate Co., Ltd., The Emerald City Life Condo, Patong by Emerald. Construction The Emerald Valley Nirvana 1 and 2 projects, Nirvana Lux and Jade Villas projects are under construction and awaiting construction permits. This is a project that has been brought to the attention of local news.”
“For our foreign customers, I will explain an updated plan this month. We have enough investment and want to make sure the people in Phuket and our clients are confident in our ability to manage the projects.”
“The company is confident that it will be able to run its business as planned. There are no liquidity problems right now. And the company is a partner in foreign investment. We are ready to take care of our customers.”
The statement also said that negative media coverage was having an affect on his businesses and tourism confidence in Phuket.
“I and all Emerald Group employees are engaging in business and our work with honesty to deliver the best condominium projects to the customers who believe in our company during the eight years of our hard work.”
A detailed explanation of each of the Emerald Development Groups’ projects will be published later today.
