Vote to decide TFund management

Maris Tarab, managing director of ING Funds, which is the current manager of the TFund, yesterday said the motion came after 11 per cent of holders requested that management of the fund be transferred to Bualuang.

A majority vote is needed for the motion to pass.

Bualuang managing director Voravan Tarapoom earlier said the fund had been initiated by his company. But because the company was not ready to run a property fund, which has its own set of regulatory requirements, it handed ING Funds the project.

But Maris is demanding Bt16 million to Bt18 million from Bualuang for the loss of management fees for the remaining two years of the five-year contract. He said the TFund had been earning about Bt10 million a year in management fees.

The contract stipulates that if ING Funds has not committed any breaches, then Bualuang would have to compensate ING Funds for the loss in income, he said.

The TFund has invested Bt5.6 billion in eight industrial estates and parks around the country.