Property tycoon Anant Asavabhokhin, indicted in 2024 on money-laundering charges, is back in the spotlight after the Department of Special Investigation (DSI) labelled him a fugitive from justice.
DSI director-general Yutthana Praedam disclosed on June 30 that the Criminal Court issued an arrest warrant for Anant at the department’s request in March following his repeated failure to respond to summonses.
He said the DSI is now considering seeking Interpol’s assistance to apprehend the suspect overseas, where he claims to be receiving treatment for severe kidney disease that prevents him from returning to Thailand.
Media reports say Anant is undergoing intensive care for kidney failure, while his lawyers contend he is too ill to travel.
Linked to convicted embezzler
Anant, 75, is former chairman of property giant Land and Houses PLC.
In February 2024, he was indicted on charges of conspiring to commit money laundering in connection with the Klongchan Credit Union Cooperative embezzlement scandal, one of Thailand’s largest-ever financial fraud cases.
The indictment, issued by then-attorney-general Amnat Jedcharoenruk, followed a four-year legal tug-of-war between the DSI and the Office of the Attorney-General (OAG).
The dispute began in 2019, when one of Amnat’s predecessors rejected a DSI investigation report recommending that Anant be prosecuted for money laundering. The DSI challenged the decision, citing what it described as compelling evidence against him.
However, the OAG under Amnat’s three immediate predecessors repeatedly declined to indict the powerful property tycoon.
The case traces back to 2012, when its former chairman, Supachai Srisupa-aksorn, was accused of embezzling hundreds of millions of baht from the cooperative to acquire a real-estate company that owned a large tract of land in Pathum Thani. Part of the land was sold to Land and Houses while Anant was serving as chairman.
In 2017, the DSI found that Anant was linked to a 46-rai (7.4-hectare) land purchase by Supachai, who by that time was serving a 16-year prison term for embezzlement.
Both Anant and Supachai are followers of Phra Dhammachayo, the fugitive former abbot of the controversial Wat Phra Dhammakaya, wanted for money laundering and encroachment on public land.
Among Thailand’s richest
Anant and his family ranked 22nd on Forbes’ 2025 list of “Thailand’s 50 Richest”, with an estimated net worth of US$1.23 billion (40.8 billion baht).
He is reportedly a major shareholder in 38 companies – two of which are listed on the Stock Exchange of Thailand. As of June, Anant holds a 24.2% stake in Land and Houses worth over 11 billion baht and 10% of Mandarin Hotel PLC valued at 57.5 million baht.
His remaining shareholding in 36 unlisted companies is believed to be worth over 2.5 billion baht. Those include real estate companies, golf courses, a construction firm, and a hotel.
Inspired by his mother
Anant earned a bachelor’s degree in engineering from Chulalongkorn University followed by two master’s degrees – in industrial engineering from the Illinois Institute of Technology in the US, and in business administration from Thammasat University.
Anant entered the property business in 1973 with his mother Piangjai Harnpanij, one of Thailand’s leading real estate developers in her heyday. She died in 2024 at the age of 100.
The mother and son launched their first property development project with about 100 houses in Bangkok’s Bang Khen district after he returned from college in the US. Their next housing project, Pracha Chuen, featured more than 1,000 units.
In 1983, Anant founded Land and Houses Co Ltd with his mother. He became the company’s president and chief executive two years later. After taking over from his mother, Anant listed the company on the stock exchange in 1989. The firm has since grown into one of Thailand’s largest property developers.
Land and Houses later expanded into the financial sector under the name of LH Bank, which received a commercial banking licence in 2005.
In 2017, after the embezzlement scandal erupted, Anant resigned as chair of four key companies in the group, including Land and Houses and LH Bank.
The property tycoon is known for his sound advice to prospective homebuyers, including “Don’t buy a house until you’ve seen it built”. This warning came soon after the 1997 financial crisis, when cash-strapped property developers struggled to complete their projects, leaving many homebuyers with unfinished houses.
Industry observers say the advice also reflected his company’s policy of selling completed houses, which was considered revolutionary at a time when most Thai developers sold property as it was being built.
Anant’s policy was credited with helping Land and Houses prosper during turbulent times, as the company could cut costs by half in cases where homebuyers failed to make instalments.
