NCCnovel Chapter 134 Account Freezing
Chapter 134 Account Freezing
The banquet hall of the Shangri-La Hotel in Bangkok was bustling with activity.
A huge design drawing of the digital city hangs in the center of the stage. It features a modernist style, glass curtain walls, and streamlined shapes. The name of world-renowned architect Antonio Lee is printed in the lower right corner.
More than 300 people sat in the audience, including politicians, businessmen, and media reporters, with flashbulbs constantly going off.
Lee Tae-geon stood on the stage, his face beaming.
"Digital City will be a technological landmark in Southeast Asia! We are collaborating with Mr. Ling's icecloud capital to introduce the most advanced international design concepts..."
Ling Yun sat in the first row with a calm expression, while Zhao Hu stood three steps behind him.
Pre-sales began three days ago, and Li Taijian brought in his network of connections: government officials, businessmen with military backgrounds, and distant relatives of the royal family. They took the lead in subscribing, buying entire floors at a time.
Next up are the ordinary people. Each floor is divided into twenty small units, each fifty square meters, with a total price of five million Thai baht. Loans are available, with a 30% down payment.
Google is everywhere: on TV, in newspapers, on street signs. "Own a piece of digital city, embrace the technological future!"
Long queues formed at the on-site subscription area.
Lingyun looked at the real-time data on his tablet: total pre-sales amount: 312 billion Thai baht.
He got up and left the banquet hall, and Zhao Hu followed.
Back in his hotel room, Lee Tae-geon quickly came to him. He took off his suit jacket; his shirt was soaked with sweat.
"Mr. Ling, the money has arrived. 312 billion, divided into seven accounts."
"Okay." Ling Yun turned on his computer. "Exchange according to plan."
"Exchange rate..." Li Taijian leaned closer, "The current market price is 25.2. But the central bank is controlling it, making large-scale exchanges difficult. We need... special channels."
"You arrange it," Ling Yun said. "How much commission?"
"Ten percent," Li Taijian said in a low voice, "The other party wants ten percent. This is the black market price; it's for large quantities, so the risk is high."
30% of 312 billion Thai baht is 31.2 billion. That's about 1.19 million US dollars.
"Okay," Ling Yun nodded, "but it needs to be done quickly, by today."
"Today?" Lee Tae-geon's eyes widened. "Too rushed."
"A long night can lead to many unforeseen events."
"...I will try my best."
Lee Tae-geon went out to make a phone call. His hurried Thai could be heard in the corridor.
Zhao Hu closed the door.
"Mr. Ling, a 10% commission is too high."
"Not much," Ling Yun said. "Without them, these Thai baht simply couldn't get out. The Bank of Thailand has now restricted large-scale foreign exchange purchases, so normal channels are blocked."
Who are these people?
"The people in charge of foreign exchange approval, or their front men," Ling Yun said, "approve their own money going out and then pocket a cut."
"The person in charge embezzled."
"normal."
Half an hour later, Li Taijian returned.
"It's settled. The transfer will begin at 4 PM today. It will be done in seven batches, each containing approximately 4.5 billion Thai baht. The other party will provide an offshore US dollar account, with the exchange rate at 1:25.2."
"What about the commission?"
"The deduction will be made directly for each batch. The actual amount of US dollars we receive is approximately..." Li Taijian took out a calculator and pressed a few buttons, "around 11 billion US dollars."
312 billion Thai baht, at an exchange rate of 25.2, should have been equivalent to 12.38 billion US dollars. After deducting 10%, the actual amount received was 11.14 billion US dollars. However, Lee Tae-geon clearly pocketed a portion of the difference.
Ling Yun didn't expose it.
"Okay. Let's begin."
At 3:50 PM, Lingyun was in the hotel's business center. Seven computers were simultaneously logging into the online banking systems of different banks.
Li Taijian's people were handling the transfer, and Ling Yun was watching the screen.
The first batch: 45 billion Thai baht, transferred from a Thai bank to a company account in the Cayman Islands.
Ten minutes later, the other party confirmed receipt. Immediately afterwards, a sum of US$1.6 was transferred to the Singapore capital account designated by Lingyun.
The black market is black.
The second batch, the third batch... the process was repeated.
Zhao Hu stood at the door, watching the movements in the corridor.
At 6 PM, the seventh batch of transfers was completed.
Lingyun checked the balance of the Singapore account: $6 million, and the Bangkok company account: $5.14 million.
The $4 million in the Bangkok company account belongs to high-ranking officials and wealthy people, while $1.14 million is enough for the company to operate. The company does not need much money in the early stages of operation.
Lee Tae-geon wiped his sweat.
"Mr. Ling, it's a pleasure doing business with you."
"Pleasant." Ling Yun shook hands with him. "The design team should pay the second installment now."
"Yes, yes. Antonio Lee's design fees, plus the structural engineers, plumbing engineers..."
"You arrange the payment. It will be from the pre-sale funds."
"it is good."
After Li Taijian left, Lingyun called the design firm.
"The second payment, five million US dollars, I will arrange payment now."
"Thank you, Mr. Ling. The drawings are all complete, and the construction team can move in now."
"it is good."
Lingyun logged into the bank system and began transferring money.
Enter the amount: $5,000,000.
Recipient: Antonio Lee Architects.
confirm.
A message in red popped up on the screen: "Account status is abnormal. Please contact your account manager."
Ling Yun frowned and tried again, but received the same message.
Zhao Hu noticed the change in his expression.
"President Ling?"
"The account has been frozen."
Lingyun called the CFO, "Check the company's account status."
"Wait a moment... Mr. Ling, the account has been frozen."
"What reason?"
The message reads, "According to Bank of Thailand Directive No. 97-033, the account is involved in abnormal fund flows and is temporarily frozen to cooperate with the investigation."
"When did this happen?"
"We just received a notification from the bank at 5:30 PM today."
At 5:30, shortly after the last black market exchange was completed.
"Because of black market exchange?" Zhao Hu asked.
"It shouldn't be that." Ling Yun thought for a moment. "If it were someone caught exchanging goods on the black market, Li Taijian would be the first to be in trouble. But since there's no news about Li Taijian, it means the problem lies with us."
"Did someone report it?"
"Or perhaps the Thai authorities have noticed something and have begun investigating unusual foreign investment flows."
My phone rang again; it was Li Ziyu calling from Hong Kong.
"Lingyun, I just received a message. The Bank of Thailand issued new regulations this afternoon, requiring all foreign companies with large investments in Thailand to explain the source and purpose of their funds. The Digital City project was specifically mentioned."
"Are you calling us out?"
"Yes. The news report directly stated that 'the flow of funds in a Chinese investor's digital city project in Bangkok is questionable.'"
Pre-sales are booming, funds are being redeemed, and accounts are being frozen.
All of this happened too fast.
"President Ling, what should we do?" Zhao Hu asked.
He stood up and said to Zhao Hu, "Pack your luggage."
"Where to?"
"Hong Kong, leave this to Lee Tae-geon."