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10 state firms urged to submit rehab plans

Ten enterprises have been reminded to submit their rehabilitation plans to the State Enterprise Policy Office (SEPO) by month's end, while the Fiscal Policy Office (FPO), as the supervisor of the two troubled specialised financial institutions - the Islamic Bank of Thailand and Small and Medium Enterprise Development Bank of Thailand - has to provide an additional opinion.

Kulit Sombatsiri, director-general of SEPO, said none of these 10 state enterprises had come up with their overhaul plans and the deadline was fast approaching on July 31.

"To our understanding, some state enterprises may face problems due to a lack of directors. All state enterprises should have their directors [in place] by this week and review the plans as scheduled," he said.

A problem-plagued state enterprise is supposed to propose its plan to its board, then the plan will be forwarded to the SEPO for consideration.

After review, the plan will be passed in turn to the committee for solving and screening state enterprises, the State Enterprise Policy Committee and the National Council for Peace and Order.

In the case of state-run banks - IBank and SME Bank - the FPO would be invited to give advice for a capital increase or decrease.

SEPO's main responsibility is to assess the feasibility of the plans within one or two or three years.

The plans have to be clear, concise, flexible and traceable with a transparent procurement system, international standards and good governance.

The 10 state enterprises include IBank, SME Bank, the State Railway of Thailand, TOT, the Bangkok Mass Transit Authority and the Public Warehouse Organisation.


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