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 NewsBangkok Bank posts huge first-half loss | Thaiger

    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 NewsReport casts gloom on Thai banks | Thaiger

    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,…

  • 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…

  • Thailand News

    Crisis in Thai industry: Are major collapses on the horizon?

    Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…

  • 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…

  • Business News

    Citi expands medium-sized business operations in Thailand, Asia

    International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…

  • 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

    Upcoming super app to integrate with digital wallet scheme

    The up-and-coming super app, designed for the 10,000-baht digital wallet scheme, is slated to seamlessly integrate with existing banking applications on users’ smartphones, as per Deputy Finance Minister Julapun Amornvivat’s statement. This application, which has been developed in partnership with the Ministry of Digital Economy and Society (DES) and the Digital Government Development Agency (DGA), is designed to optimise the…

  • 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…

  • Thailand News

    Fraud frenzy: Thai police reveal Internet scam’s billion-baht blow

    Online consumer fraud, the leading Internet scam, has resulted in damages exceeding 1 billion baht in the initial quarter of the year, as disclosed by the Royal Thai Police (RTP). Karom Polpornklang, the deputy government spokesperson, stated that on the RTP website, some 26,507 online fraud instances were reported. The total damage was calculated to be 4.65 billion baht, averaging…

  • Thailand News

    Heartbreak heist: Thai man accuses lover swindling 38 million baht, stealing data

    A Thai businessman filed a complaint against his lover, accusing her of stealing confidential data from a hospital and swindling him out of 38 million baht. The 63 year old Wasit visited Pak Kret Police Station in Nonthaburi province near Bangkok yesterday, March 14, to file a complaint against his lover, Teeranan, who used to work as a nurse at…

  • Business News

    Italian-Thai development grapples with liquidity crisis amid scandals

    Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…

  • Thailand News

    Thai widow swindled in romance scam by fake college director

    A 52 year old woman from Udon Thani has been swindled out of nearly 50,000 baht (US$1,386) in a romance scam by a man who claimed to be the director of a well-known vocational college. The man, who made first contact over Facebook, charmed and deceived her into a romantic entanglement before borrowing money and vanishing without a trace. The…

  • Thailand News

    Thai bank officer nabbed for selling customer data in Nonthaburi

    A Thai bank loan officer has been arrested for selling the personal data of over 5,000 customers, a lucrative side business that netted him tens of thousands of baht per month for over the past two years. The capture took place at 11am today, at the Technology Crime Suppression Division in Mueang Thong Thani. The digital economy and society minister,…