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Thai Military Bank loan to TV station breached rule.

Bangkok Post (Bangkok, Thailand)

| July 07, 2004 | COPYRIGHT 2004 Bangkok Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Wichit Chantanusornsiri

Jul. 7--A loan made by Thai Military Bank to the Army-owned operator of TV station Channel 5 was in violation of Bank of Thailand regulations, according to an internal inquiry made by TMB.

TMB president Subhak Siwaraksa ordered the inquiry after it was reported that Tor Tor Bor 5 Co had borrowed 1.2 billion baht from the bank, and then used the funds to finance the purchase of shares in the bank.

The final report has been submitted to Sommai Phasee, the Finance Ministry's deputy permanent secretary and TMB chairman, as well as to Finance Minister Somkid Jatusripitak.

The central bank had issued a ...

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Source: HighBeam Research, Thai Military Bank loan to TV station breached rule.