Siam Commercial Bank ordered to submit documents for Revenue Dept lawsuit

The bank filed the lawsuit following the department's order that it transfer the Bt12 billion in former prime minister Thaksin Shinawatra's children's accounts to the department for tax payments. It claimed that the order clashed with the Assets Examination Committee's directives that all such accounts remain frozen.

   Senior executive vice president Bodin Asawanit testified yesterday. Leaving the courtroom after two hours, he declined to comment.

   Earlier, he said: "We filed the lawsuit so that the court could give us a clear protocol on how we should comply with the orders. Under good governance practices, we need to comply with the laws," Bodin said.

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SMEs shelve investment due to conflict

Over 30 per cent of small and medium-sized enterprises in Chiang Mai and Lamphun have delayed their new investment plans due to political conflict and the economic slowdown, according to the association of SMEs in the provinces. The association's president, Akhom Suphangphao, said the SMEs lost confidence in pursuing their investment plans as political conflicts escalate against a backdrop of higher operating costs and falling domestic consumption.

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Songkhla checkpoints to be upgraded

Three border checkpoints in Songkhla - Padang Bezar, Nok in Sadao and Ban Prakob in Na Thawi - are being upgraded to boost the annual value of border trade in the areas to at least Bt500 billion.

   Songkhla Governor Sonthi Techanant said the work is part of the Southern provinces development strategy. It will also be proposed at the Thai Chamber of Commerce's conference in November.

   Ban Prakob checkpoint - encompassing a 249-rai area - will require an investment of Bt1 billion over 10 years. About Bt420 million is earmarked for land expropriation.  

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Clampdown on counterfeit goods

About 160 special investigating teams will be sent by the Intellectual Property Department in a drive against counterfeit goods and their traders and manufacturers in 44 targeted areas countrywide.

   The teams will cooperate with police to suppress violations nationwide, Deputy Commerce Minister Banyin Tangpaporn said yesterday.

   The move is also aimed at giving Thailand a better ranking in next year's revision by the United States of its trading partners' actions on intellectual property right's.

   Of the 44 focused areas, 25 places are in provinces that have been grouped in a "red zone" for stringent suppression: Bangkok , Chiang Mai, Phuket, Surat Thani, Chon Buri, Krabi and Prachuap Khiri Khan. 

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Rice farmers appeal for volume increase

Farmers have urged the government to raise the volume ceiling for the second rice crop pledging programme from 2.5 million tonnes to 4 million tonnes due to the dropping price in the market amid sluggish demand of rice domestically and overseas.

   Farmers have complained that they can not sell rice to the government now due to the quota of 2.5 million tonnes being filled. The domestic rice price has fallen continuously since May from Bt11,000-Bt13,000 to Bt8,000-Bt9,000 a tonne now, while the government's guarantee price is of Bt14,000 a tonne. 

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M Pictures shareholders reject plan

Shareholders of M Pictures Entertainment yesterday did not approve the company's proposal to purchase ordinary shares of Pacific Marketing and Entertainment Group and Media Network Retails.

   M Pictures Entertainment board of directors had approved the purchase of 10 million shares of Pacific Marketing and Entertainment at Bt39.49 per share from Major Cineplex Group and minor shareholders of Major. The board of directors also approved purchasing 4 million shares in Media Network Retails from its existing shareholders. M Pictures Entertainment had expected to finalise the acquisitions within the last quarter of this year.