Krung Thai Bank chairman, five directors resign

BANGKOK, Aug 24 (AFP): The chairman and five directors of Krung Thai Bank (KTB) resigned today after an inquiry was launched into allegations of mismanagement and questionable lending practices. The government yesterday announced an independent inquiry into the bank amid mounting criticism from opposition politicians who allege lending malpractices by KTB’s senior management. Finance Minister Tarrin Nimmanahaeminda, whose brother formerly headed the bank, declined to comment. But the bank’s chairman, Meechai Viravaidya, said he resigned because of what he sees as a failure of trust in his management capabilities. An international audit by Price Waterhouse Coopers, recently leaked, put KTB’s non-performing loans at about 80% of total loans.