FRA members charged over sales
At least five corporate entities and board members of the Financial Sector Restructuring Authority (FRA) are to be notified of charges against them over the post-crisis sale of the assets of 56 defunct finance companies, the Department of Special Investigation says.
The department concluded yesterday the FRA broke the law while selling off the assets seized from the 56 defunct finance companies.It was investigating why the FRA did not separate good assets from bad assets. The selling of the assets in a pool was considered a major reason why Thailand received only Bt190 billion from the sale when the principal value was Bt851 billion. It has also reviewed five more cases brought up by those affected by the asset sales. One of them involves Lehman Brothers Holding Inc, which bought assets with an outstanding value of Bt24.6 billion at a bid price of Bt11.5 billion. Vit Jirapaet, director of the Bankruptcy Case Department, said the DSI had interrogated 106 individuals involved in the Lehman Brothers-related case, senior state officials and experts to find out if there were conflicts of interest and any intention to avoid taxes. The Nation
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