Department to auction seized assets

Department to auction seized assets

Yuttana: Aiming for transparency
Yuttana: Aiming for transparency

The Treasury Department is preparing to launch an online auction of lawfully seized assets this month to enhance transparency of asset sales.

The auctioned assets are properties the department received from the Anti-Money Laundering Office and the Office of the National Anti-Corruption Commission, said Yuttana Yimgarund, director-general of the department.

There are 156 lawfully seized assets, comprising of land, land and buildings, buildings constructed on land plots and apartments and condominiums, said Mr Yuttana.

The online auction process will be launched this month.

The first-round auction will be launched around the clock for seven days via https://auction.treasury.go.th

Interested individuals can register for membership to view property listings and place an auction deposit starting from a minimum of 25,000 baht and 500,000 baht at a maximum during the 10-day period before the online auction commences.

The Treasury Department collaborated with Krungthai Bank to develop an electronic auction system, with the department considered the first government agency to implement an online auction of assets.

The online auction system will make the sales of assets be in line with the principle of fair competition and transparency, said Mr Yuttana.

The system will also provide efficacy in asset management services from seized assets, with the best interest of the state as the main objective, he said.

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