President Agri faces penalties of Bt1 bn

Thailand's leading rice exporter President Agri Trading Co Ltd has to initially pay Bt1 billion compensations and fines on its dismissal of rice bidding contracts with the Commerce Ministry.

Yanyong Phuangrach, deputy permanent secretary of the ministry, said the penalties will compensate price gaps between latest bidding prices two weeks ago and the price that the comany's bid price last year. The prices offered by exporters were between Bt7,500-Bt8,850 compared with President Agri Trading's last year price of Bt10,090-11,000 per tonne.

The Public Warehouse Organisation (PWO), the ministry's marketing arm to handle rice stock under the government's rice pledging programme, will force President Agri Trading to pay the penalties within 30-60 days.

In addition, PWO will take legal action against the company if it fails to pay the compensations.The Nation

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President Agri faces penalties of Bt1 bn

Thailand's leading rice exporter President Agri Trading Co Ltd has to initially pay Bt1 billion compensations and fines on its dismissal of rice bidding contracts with the Commerce Ministry.

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