Academic journal article Southeast Asian Affairs

Asset Sales of Fifty-Six Defunct Finance Companies

Academic journal article Southeast Asian Affairs

Asset Sales of Fifty-Six Defunct Finance Companies

Article excerpt

The Financial Sector Restructuring Authority (FRA) was established by the government on 24 October 1997 in accordance with the Emergency Decree on Financial Sector Restructuring BE 2540 (1997). The FRA was created to oversee the rehabilitation of fifty-eight finance companies whose operations had been suspended by the order of the Finance Minister. Only two of the fifty-eight finance companies were allowed to resume operations in December 1997, while the remaining fifty-six companies were closed down permanently and their assets taken over by the FRA.

The assets were divided into core assets (consisting of hire purchase loans, residential mortgages, and commercial loans) and non-core assets (comprising office vehicles, capital investment, and other assets such as office equipment). The total asset sales for 1998 amounted to 105.3 billion baht, consisting of 75.4 billion baht core assets, or 71.6 per cent of the total, and 29.9 billion baht non-core assets, or 28.4 per cent of the total. The first asset auction for 1999 was held on 19 March 1999, consisting of commercial loans worth 221. …

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