Bina Puri denies links to Thailand’s UFUN Group

PETALING JAYA: Bina Puri Holdings Bhd has denied any links to UFUN Group Bhd Ltd, which is currently being investigated by the Thai authorities.

In a statement yesterday, the company said it had no link with “Utokens” and never participated in any promotions of “Utokens” or any other promotions by UFUN Group or company related to UFUN.

“Bina Puri has no relationship with Utokens at all,” it said.

Utokens is virtual money managed by the UFUN Group. It has been reported that three individuals, who were alleged to have operated the pyramid scheme, have been arrested by Thai Police.

Bina Puri clarified that its dealings with UFUN was due to the bookings made by the latter for residential developments project Bangkok Marina Resort and Spa by its Thai associate Bina Puri Holdings (Thailand) Ltd (BPHTL).

“Bangkok Property Co Ltd (BPCL) is the developer of Bangkok Marina Resort and Spa in Thailand. Our associate, BPHTL holds 20% share in the company.

“UFUN Group through UTR Holding Co Ltd (UTR) had expressed its interest to purchase 300 residential units of the Bangkok Marina Resort and Spa Development and BPCL had reserved the 300 units to UTR at US$50,000 per unit,” Bina Puri said.

It noted that UTR did not pick up the 300 units of residential houses as promised and BPCL had, therefore, reduced the reservation to 100 units.

“Bina Puri Thailand has announced and rendered our full support and cooperation to the Thai Police and other authorities in their investigation on UFUN.

“Bina Puri is confident with the investigation process and trust that it will be completed very soon. The freeze of our associate’s bank account will be removed to ensure that our project development progress are or affected,” said group managing director Tan Sri Tee Hock Seng.