Marine venture in doubt over dispute with auditor

The action may be against merchant marine law, he noted.

Anurak said the authority was not able to liquidate TMV under previous government policy because of several problems.  He said OAGT objected to the establishment of TMN, a joint venture between Thai Marine Navigation and private ship owners, as it questions whether it should be done under the Joint Public-Private Investment Act.

TMN, with a registered capital of Bt666 million, was formed to operate the shipping line business replacing TMV.

TMV spent about Bt200 million in the TMN venture.

Anurak said some state agencies did not think the establishment of TMN needed to abide by the act because TMV's investment in the venture was only Bt200 million.

Other agencies, meanwhile, thought it would have to adhere to the act as in the next phase TMN was planning to spend more than Bt1 billion on new vessels.

"Overall, TMN should abide by the act," he said, adding the ministry should wait for the issue to become clearer.

In addition, many TMN executives were still involved in legal disputes with the National Counter Corruption Commission.

"We have to consider what liquidation will mean," said Anurak, adding the move might be opposed under the merchant marine law.

In the case where the government holds less than 50 per cent in TMN, the move cannot be forced.

Anurak said he had assigned Piyaphant Jumpasut, deputy permanent secretary for the Transport Ministry, to review the case.

TMV acting director Suwapat Suwankitboriharn said if the enterprise could not be liquidated, it would affect TMN's plan to buy new ships.