When Vorapak Tanyawong joined the Finance Ministry on September 19, few thought he would be quitting just a month later.
On October 22, the former banker stepped down as deputy minister amid allegations linking him to a Cambodia-based scam network – a move observers described as an act of “damage control” for the government.
The ex-CEO of Krungthai Bank said he had resigned because he did not want his personal matters to “become a burden on the government”.
Shortly before Vorapak resigned, Prime Minister Anutin Charnvirakul had demanded a written clarification on the accusations and declared that legal action would be taken against anyone in his administration found to be involved in scams.
The allegations against Vorapak were led by British investigative journalist Tom Wright, who claimed the then-newly appointed deputy minister was connected to a “secret financial network that moved billions in dirty cash from Cambodia (known for casinos, scam centres, drugs) into the Thai and global financial system”.
‘Distorted allegations’
Vorapak, 61, has denied the claims and threatened legal action against what he called “distorted and malicious allegations”. At a press conference held to announce his resignation, he refuted the allegations but said he would not allow the controversy to harm Anutin’s government.
Reports have linked Vorapak to Cambodian businessman Yim Leak and to Benjamin Mauerberger, aka Ben Smith – two figures who have been named repeatedly in regional investigations.
They are also among 32 individuals sanctioned by the US in September under its Dismantle Foreign Scam Syndicates Act. The list includes several influential Cambodian individuals, including Hun To, the nephew of Cambodian strongman Hun Sen.
The US Congress introduced the bill to tackle a surge in cybercrime that has cost Americans an estimated $16 billion (518 billion baht) in 2024 alone, according to the FBI.
Vorapak says he was merely acquainted with Yim Leak and Mauerberger, insisting he had no business ties with either man.
He says his accusers tried to link him to BIC Group, a Phnom Penh-based banking, insurance and real estate firm that is chaired by Yim Leak.
The BIC Group’s website listed Vorapak and two other Thai nationals as board advisers, but their names and photographs have recently been removed.
Expertise and controversy
Born on August 29, 1964, Vorapak earned a bachelor’s degree in management science and computer systems from Oklahoma State University and a master’s in finance from the University of Missouri.
He built a reputation as an expert in leasing and finance while working at IBM Thailand, Bank of America (Thailand), Deutsche Bank (Thailand) and JP Morgan (Thailand). He also held top jobs at Siam Commercial Bank (SCB), Finansa Securities & Capital and Krungthai Bank.
He served as managing director at Bank of America and Deutsche Bank and as chief executive at JP Morgan. At SCB, he was executive vice president for corporate banking and served as CEO of Finansa Securities & Capital.
Vorapak’s banking career peaked when he was appointed as president and CEO of state-owned Krungthai Bank (KTB) in November 2012. A year before completing his four-year term in 2016, KTB had become Thailand’s biggest lender.
Vorapak’s “KTB Transformation” strategy centralised the bank’s loans department, boosting its retail lending. Within three years, the bank had overtaken key rivals Bangkok Bank, SCB and Kasikornbank to become the country’s largest financial institution by assets, loans and deposits.
In October 2015, Vorapak was recognised as “Thailand Business Leader of the Year” by US TV network CNBC. He was also named “Financier of the Year 2015” by Money & Banking magazine. After retiring, Vorapak became a consultant and executive coach for several international financial institutions.
However, his tenure at KTB came under scrutiny in February this year when the National Anti-Corruption Commission (NACC) accused Vorapak and 32 others of irregularities in the multi-billion-baht loan granted to Energy Earth PLC, a Thai coal-mining and distribution firm.
An opposition MP brought up the loan scandal in Parliament when Vorapak’s appointment to the Cabinet was questioned. Vorapak denied the allegation, saying his role at the time was limited to reviewing loans.
