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Thai Property executives accused of embezzlement

KC Property’s default as a result of embezzlement implicating its active and former executives was the first case of its kind exposed by the SEC

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Four active and former executives of KC Property Company have been accused by the Securities Exchange Commission of embezzlement for allegedly issuing and selling the firm’s short-term BEs (bills of exchange) for their own benefits.

An informed SEC source said that the accusation against the four was made possible after the auditor had uncovered the illegal transactions made during September 2015 and October 2016 worth about 425 million baht.

The source said that the four suspects forged the company’s meeting minutes and opened bank accounts to receive money transfers from the sale of the BEs without recording the sale in the firm’s book.

Evidence about the case will be forwarded to the Anti-Money Laundering Office and the Department of Special Investigation for further investigations.

Earlier, KC Property Company defaulted the payment of its 3-month old BEs worth about 130 million baht with 7.5 percent interest rate after the payment was due on December 15, 2016.

KC Property’s default as a result of embezzlement implicating its active and former executives was the first case of its kind exposed by the SEC.

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Ministry of Commerce pushes for exports to offset trade war aftermath

The Board of Trade of Thailand’s Chairman has proposed temporary border trading points be upgraded to permanent ones and more centers for the distribution of SME goods be opened

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BANGKOK, 12th August 2019 (NNT) – The Board of Trade of Thailand is working with the Ministry of Commerce to add value to the wide range of Thai goods for export, in reaction to the trade war between the United States and China.

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Fruit farmers coping with oversupply and price slumps

Thai Government vows to help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce said.

National News Bureau of Thailand

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BANGKOK, August 2019 (NNT) – To help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce has recently used Section 44, of the interim constitution, to engage government and private agencies in assisting them in terms of marketing to help sell the produce, including mangosteens, Lansium demesticum, rambutans, longans and other seasonal fruit.

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Thailand’s Drought disaster estimated 10bn baht ($326M)

The overall damage is expected to escalate to 37 billion baht should the drought extends to September, as the wet season rice cultivation cycle would be affected; that would lower expected Thai economic growth to 2.9 percent from 3 percent.

National News Bureau of Thailand

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BANGKOK, 3rd August 2019 (NNT) – The latest estimate from the University of Thai Chambers of Commerce (UTCC) shows the drought disaster this year has affected some 1,330 square kilometers of farmland, most of which is rice farms, with initial damage estimated at about 10 billion baht.

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