The company also informed the Department of Business Development its new appointed executive board on Thursday to solve the company's financial problem. The company's total liabilities reached nearly Bt600 million. In addition, the company also failed to pay more than thousands claims, according to the Insurance Department.

However, the department has not named the Thai company who took over the company which it be a business security.

Previously, property tycoon Boon Vanasin has not parted of the occupied after Boon recently refused to take over the company as its total liabilities exceed Bt500 million.

Chantra Purnariksha, director-general of the department, yesterday said that Thanasin would be soon solved its cash-strapped situation. At the beginning, the new owner will inject cash of Bt200 million to pay debt. In addition, the company (new owner) also plans to sell its assets mainly in property projects value more than Bt300 million to pay remainder debts with in 90 days.

"The new owner is ready to pay 50 per cent of Thanasin's total debts and the department expects she would pay the total liabilities within this month," Chantra said.

The department ordered to suspend operation of Thanasin in the middle of March after it failed to maintain insurance reserve fund required by the Non-life Insurance Act.

The Non-Life Insurance Act requires that general insurers maintain capital funds equivalent to 10 per cent of premiums, but not less than Bt30 million.

 "The department will closely monitor the change of the company whether to allow the company's restart operation after the restructuring," she said.

 Meanwhile, the department is joining with the General Insurance Association, the Gold Traders Association to launch a new type of gold shop insurance in order to help business loss from rising gold shops robberies.

 The department will held a exhibition introduce a new insurance to gold shops nationwide at the Ministry of Commerce next Friday until the end of the month.

 Suchin Wanglee, president of the General Insurance Association, said more than 15 non-life insurance companies are expected to offer insurance for gold traders.

 To help relieve high risk of gold shops, insurance companies will offer maximum discount up to 30 per cent for three types of gold shop insurance. The claims will cover the first loss from Bt1 to Bt3 million, he said.

 The insurance package, offering to gold shops will increase its coverage to lives of owners and staff, furniture and property damaged, as well gold loss from robberies during trading and at night.

 Jitti Tangsithpakdi, president of the Gold Traders' Association, said that the insurance should help relieve risk for about 7,000 gold shops existing nationwide.

 So far, nothing can help guarantee risk for gold traders. Gold traders should buy the insurance to decrease risk from rising gold shops robberies, he added.

Petchanet Pratruangkrai

The Nation