Search Results for: loan loss
- Thailand News
Ex-bank loan officer arrested for embezzlement and forgery
Officers from the Public Sector Anti-Corruption Commission (PACC) and the National Anti-Corruption Commission (NACC) arrested a former senior bank loan officer on charges of document forgery and embezzlement, leading to a loss of over one million baht. Commander of the PACC, Police Major General Prasong Chelimphanth, directed an operation alongside NACC Region 6 Director, Suphap Siri to apprehend 43 year…
- Guides
Understanding home loans vs other loans in Thailand
The intricacies of loan navigation frequently present a formidable challenge due to the abundant assortment of options at hand. Among these, the differentiation between a home loan and other categories of loans such as personal or auto loans is often misunderstood. This confusion can subsequently result in complications. Therefore, it becomes essential to clarify some prevalent misconceptions. A home loan,…
- Business News
SMEs loans complications eased by Finance Ministry’s new AMC
The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Royal project scam exposed with six arrests and 270 million baht loss
An illicit operation, exploiting the name of royal projects to defraud unsuspecting investors, has been exposed. Six individuals implicated in the scheme have been apprehended, with damages resulting from the con estimated at a staggering 270 million baht (US$7.6 million). The arrests followed a comprehensive search operation spanning Bangkok, Lop Buri, Chachoengsao, Songkhla, and Nakhon Si Thammarat, confirmed Police Major…
- Thailand News
Indian national arrested in Ang Thong over illegal loans in Thai baht
An Indian national has been arrested for operating an illegal daily loan scheme in Ang Thong. The arrest followed complaints by residents to the local Justice Centre about the extortionate interest rates and violent threats from the loan shark. The investigation, conducted today, November 30, found that an Indian man, identified only as Harinda, had loaned amounts ranging from 2,000…
- Thailand News
Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
- Crime News
Online fraud cases in Thailand soar to 365,000 with 45 billion baht loss
Over the past one and a half years, a staggering 365,000 online fraud cases have been reported, inflicting a massive loss of 45 billion baht, revealed Deputy Government Spokesperson, Karom Phonphonklang. This was in reference to the cumulative data gathered from the thaipoliceonline.com website, available from March 1 of last year until September 30 this year, provided by the Royal…
- Bangkok News
Cash-strapped BMTA gets green light for 7.5 billion baht loan
The Thai Cabinet approved a more than 7.5 billion baht loan to the debt-ridden Bangkok Mass Transit Authority. Deputy Government Spokesperson, Trisuree Trisaranakul, yesterday reported that the cash-strapped BMTA would borrow 7.516 billion baht from the next year’s budget because it lacked financial liquidity. Trisuree added that BMTA has been facing cash-flow problems due to operational losses and lack of…
- Thailand News
Thailand’s tiger and elephant attractions call for support after two years of losses
After a two-year hit on tourism, elephant and tiger attractions in Thailand have run low on money and are asking the government for financial assistance. Zoo operators met with the Tourism Commission yesterday at Tiger Kingdom in Chiang Mai, citing their struggles during the Covid-19 pandemic. The daily income for Tiger Kingdom in Chiang Mai, as well as the location…
- Covid-19 News
World financial markets take stock of record losses
Global stock and oil markets plunged around the world yesterday (Wednesday) as enormous sums of stimulus, thrown at fragile economies, failed to offset concerns that the worsening Covid-19 coronavirus pandemic will tip the global economy into recession. The Dow Jones Industrial Average was hit by more brutal losses to finish below the 20,000-point level for the first time since 2017.…
- Thailand News
Phuket Gazette Thailand News: Protest whistles still blow; Call for Bt140bn urgent rice loan; Thai English ‘among the worst’
PHUKET MEDIA WATCH– Thailand news compiled by Gazette editors for Phuket’s international community Protesters refuse to back down until bill is dropped The Nation / Phuket GazettePHUKET: Several groups of protesters said they would not stop rallying against the government’s blanket amnesty bill even if the Senate rejects the draft.This declaration came despite the fact that Prime Minister Yingluck Shinawatra…
- Phuket News
Bangkok Bank posts huge first-half loss
BANGKOK (AFP): Thailand’s biggest bank, Bangkok Bank Plc, today posted a huge first-half net loss of 26.98 billion baht, compared with a loss of 16.34 billion baht in the same period last year. Bank president Chartsiri Sophonpanich said that the result reflected the continued negative effect of massive non-performing loans on the banking system. “While the economic conditions of the…
- Phuket News
Report casts gloom on Thai banks
BANGKOK, June 23 (AFP) – Thailand’s banking sector plunged into fresh gloom Wednesday as US ratings agency Moody’s Investors Service said the crisis-hit industry remained “deeply impaired.” The judgment came at a time when many investors had been expecting ratings upgrades from foreign agencies for debt-laden Thai banks which have been struggling to recapitalise. In a report received here Wednesday,…
- Business News
Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
- Thailand News
Kindergarten officer arrested for embezzlement of 2.8 million baht
Central Investigation Bureau (CIB) officers arrested a former kindergarten finance officer for embezzlement of over 2.8 million baht from a bilingual program. The suspect was taken into custody on charges of corruption. The Secretary-General of the Public Sector Anti-Corruption Commission (PACC), Phumivisan Kasemsuk, today, July 16, directed a team under the PACC to facilitate the arrest of the suspect. The…
- Thailand News
Thailand’s EV 3.0 policy faces major oversupply challenges
The Thai Electric Vehicle Association (EVAT) issued a cautionary note to electric vehicle (EV) manufacturers in Thailand, alerting them to the potential for a significant oversupply of EVs in the coming years. This warning arises from the production requirements stipulated under the EV 3.0 policy. This policy, which has been previously lauded for encouraging domestic EV production, offers import tax…
- Business News
Vietnam Airlines surges 179%, top-performing airline stock in 2024
Vietnam Airlines made a remarkable return to profit, emerging as the world’s best-performing airline stock this year. The state-owned carrier soared to 179% in 2024, buoyed by a resurgence in travel demand. This surge in performance has allowed the airline to post a significant first-quarter profit, breaking a streak of over four years of consecutive losses. This turnaround is particularly…
- Thailand News
Thailand mobilises 400 agencies to combat fake news and scams
The Government of Thailand mobilised 400 agencies to combat fake news and online scams. The initiative, led by the Ministry of Digital Economy and Society (DE) aims to address the growing problem of misinformation. Minister of Digital Economy and Society, Chaiwut Thanakamanusorn presided over the opening of a workshop on the use of systems for coordinating news verification. This event…
- Thailand News
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
- Automotive
The future of fuel in Thailand: Innovating for sustainability
Thailand is undergoing a pivotal transformation in energy production, transitioning from fossil fuels to innovative and sustainable alternatives. Over the past four decades, the energy landscape has seen considerable evolution, featuring significant measures such as the adoption of ethanol and biodiesel blends. These initiatives have established Thailand as a regional leader in renewable energy. Exploring alternative fuel options Biofuels Biofuels…
- Thailand video news
Thailand Video News | Thai woman blames police drug search for miscarriage, Former DSI chief faces 44 million baht asset seizure
In this Thailand video news, Alex and Jay cover the recent news across the nation. Beginning with Thailand’s National Anti-Corruption Commission seized 44 million baht from former DSI Director-General Tharit Pengdit for accumulating unusual wealth. A Thai woman, Orranee, is suing the police after a vaginal drug search allegedly caused her miscarriage. Pichit Kleepjinda’s mysterious death raises suspicions of poisoning…
- Tourism News
Thailand heatwave severely impacts outdoor tourism
The sweltering heat in Thailand is deterring tourists from participating in outdoor activities, prompting the Tourism Authority of Thailand (TAT) to explore the promotion of early morning and evening tourism in an attempt to stabilise the market. The CEO of Siam Park City Group, which operates Siam Amazing Park, Wuthichai Luangamornlert, stated that the intense heat resulted in a 5-10%…
- Business News
Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
- Thailand News
Thai anti-corruption commission lets go of Yingluck’s exoneration
Thailand’s National Anti-Corruption Commission (NACC) has unanimously chosen not to contest the Supreme Court’s ruling, which exonerated former prime minister Yingluck Shinawatra and five others from malfeasance charges linked to a 240-million baht public relations campaign, according to an insider familiar with the situation. The NACC filed allegations against Yingluck, former Prime Minister’s Office minister Niwatthamrong Boonsongpaisan, Yingluck’s secretary-general at…
- Guides
What is financial literacy and its key to your success
In today’s rapidly evolving society, acquiring a thorough grasp of one’s financial situation is increasingly critical. Financial literacy, while at first seemingly daunting, essentially acts as an essential toolkit for making informed and strategic choices regarding one’s financial assets. This notion goes beyond simple chequebook management or saving for unexpected events; it entails empowering individuals to confidently understand the complexities…
- Business News
Thai stock market rebounds amid renewed investor confidence
The Thai stock market made a strong comeback yesterday, experiencing a rise of approximately 1.3%. This resurgence was mirrored in other regional markets which also bounced back from significant losses incurred on Friday. Investors are seemingly reassured by the belief that a full-scale war in the Middle East is unlikely. This sentiment was further bolstered by the decision of the…
- Thailand News
Thai boxing camp owner executed at religious festival in Buriram
A shocking execution-style murder in the early hours of yesterday morning has left the Thai boxing community in mourning. The 56 year old, owner of a boxing camp, known as Sia Dam, was brutally shot in the head and neck by an unidentified gunman, resulting in his immediate death. The incident, which took place around 4am yesterday, April 22, unfolded…
- Thailand News
Thai government’s digital wallet scheme faces legality verification
The Government of Thailand‘s plan to partially finance its 500-billion-baht digital wallet handout scheme through a 172.3 billion baht loan from the Bank of Agriculture and Agricultural Cooperative is set to undergo legality verification by the Council of State. The announcement was made by Prime Minister Srettha Thavisin, who also stated that the government will seek advice from its legal…
- Thailand News
Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
