In 2010, Charn and Sri formed a real estate development joint-ventures company, which they named
Perfect Estates Ltd. The joint-ventures agreement signed by Charn and Sri stated that the two parties
would make equal capital contribution to the JV company and would share equally in its profits. Charn’s
initial capital contribution was a 2-rai parcel of undivided land appraised at Baht 6.4 million; Sri
contributed an equal amount of cash. From 2010 through the end of 2013, Charn supervised the
subdivision of the 2-rai property into residential lots and the additional improvements.