Exposed: The $1.5B Money Laundering Network Behind Thailand's Shinawatra Dynasty
by Tom Wright
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The criminal South African fixer for former Thai Prime Minister Thaksin Shinawatra is at the center of a web of front companies across Asia. This network has been spending hundreds of millions of dollars to buy up stakes in prominent Thai firms, raising questions about the source of funds.
At Whale Hunting, we investigate the hidden engines of global finance. Last week, we revealed how former Thai PM Thaksin Shinawatra built a $2.5-3.5 billion shadow empire through African mines, Cambodian casinos, and offshore shells – all while using convicted criminal Benjamin Mauerberger as his personal fixer for a new $60 million private jet.
Now, we're pulling back the curtain on Mauerberger's wider operation: a sophisticated network of front companies that have quietly acquired massive stakes in Thailand's state-connected energy sector. Through Singapore-based funds and mysterious Thai shell companies, hundreds of millions of dollars are flowing from Cambodia's political elite directly into the heart of Thailand's economy.
The money trail leads straight to the inner circle of the Hun Sen dynasty. Our investigation shows Mauerberger is the silent partner of Yim Leak, the Cambodian tycoon whose sister married Hun Sen's son. This Cambodian-backed network now holds a 20% stake in Bangchak, Thailand's second-largest energy company – putting it in direct confrontation with the Thai state's 35% ownership.
This is a story about how dirty money finds clean havens, how convicted criminals become power brokers, and how a network that spans from Bangkok penthouses to $20 million New York apartments operates with impunity. When the dust settles, the question isn't just who controls Thailand's energy sector – it's whether anyone can stop this new breed of transnational financial operator.
A note from Tom: This investigation is just getting started. We're overwhelmed with documents, sources, and leads that could blow this story wide open – but Whale Hunting is our volunteer journalism effort that doesn't pay for itself. If you want to help us follow the money deeper, the easiest way is to upgrade to a paid subscription. You can also send a customized boost of support to our team here. Every contribution helps us dedicate more resources to exposing these hidden networks of power and wealth. This series is free to read for anyone who signs up with their email, but we are asking for support from people who have the means to support our work.
--Tom
[This is the second installment in a three-part series on a shadowy network of dirty money and the criminal fixer at its core.]
The criminal South African fixer for former Thai Prime Minister Thaksin Shinawatra is at the center of a web of front companies across Asia. This network has been spending hundreds of millions of dollars to buy up stakes in prominent Thai firms, raising serious questions about the source of the funds and their ultimate purpose.
Benjamin Mauerberger, a 47-year-old with a 20-year history of stock scams and a long list of Western authorities who want to arrest him, has spent the last decade burrowing deep into the inner circle of Cambodia's political elite. He is a silent partner to Yim Leak, the powerful son of a former Cambodian deputy prime minister who controls a financial and property empire, according to multiple sources with direct knowledge of the arrangement.
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