Richard Ian Silver an American linked to the collapse of a condo project in Pattaya called Royal View Talay – was also the managing director of CW Assets – a company which has taken money from foreigners for condos in a building which has not been constructed and on land it does not own.
Records show that Imorn Leukhamharn, 26, who owns CW Assets with her family from the north eastern province of Kalasin may have been less than frank when last year we asked why payments were going into a PayPal account of Ian Silver from Florida, USA.
She asked: “Who is Ian Silver? In an internet Google search for Ian Silver we found 90,500,000 entries so your guess is as good as ours as to who is Ian Silver.”
In fact records with the Department of Business Development show that on the 10th of October 2011 Richard Ian Silver became managing director of the company, which has been touting the Abatalay Condo project in Pattaya and he had authority over the company and shareholders.
At one stage he held 9,799 shares while Imorn held 10,200 in the company, registration no. 0205553011823.
But a month later things changed again as they often to in this business and Silver was removed as shareholder, and company managing director too.
But despite his disappearance from the company books evidence shows that Silver remained, if not hands on in the company, a person to whom deposits on condos were made.
On April 11 2013 we published a story stating that a buyer had complained that his deposit was paid into the PayPal account of Ian Silver – which apparently CW Assets was using. This was when Ms. Imorn denied knowledge of him.
On April the company received another 20 million baht capital and the shareholding was changed so that now Ms. Imorn held 199,998 shares while others with the same surname, presumably members of her family held two shares.
The decision to keep Silver in the background may be connected to the collapse of the Royal View Talay project in Pattaya, in which an untold number of people had lost their investments.
Mr. Silver had attracted some bad publicity – such as this above. But very little is known about him apart from the fact that he was behind the now defunct Pattaya Info magazine, and as publisher of such invited to be a judge at a beauty contest of Pattaya bar girls, an event which was reported in the Pattaya Mai. Silver it seems is a bit of a lad.
Silver, it was reported, was seen sneaking off to investigate the “form” at every available opportunity, but that’s I guess how they wrote beauty contests up on the Pattaya Mail at the time because it followed by this: ‘The sixteen young ladies were first judged in evening gowns, each giving flashing smiles to the judges as the trio all elbowed each other making noises like “Aaarrggghhhh, and Ooooowwwerrrrhhh” which is thought to be secret judges language translated roughly as, “Get a load of the hooters on that one!” The Pattaya Mail has matured since then.
But that’s a digression. All CW Asset projects seem to be small units, as little as 20 square metres – for single foreigners. Attractive low prices are offered which naturally attract a lot of buyers.
Some 150 investors who put cash into Abatalay were wondering why no foundations have been laid – and the land is up for sale. We had to break the news yesterday that CW Assets never owned the land.