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AMC executive's child set up company to bid for assets.
Byline: Wichit Chantanusornsiri
Mar. 6--An investigation into alleged corruption at the Asset Management Corp has discovered that the child of a senior executive had set up a private company to bid for assets from the state restructuring agency.
The agency lost 30 million baht due to questionable agreements made by AMC officials involving companies where clear conflicts of-interest existed, according to a Finance Ministry official.
The investigation also showed that payment terms were extended to the bidder by the AMC, allowing the private company to resell the assets while delaying repayment to the agency. Price negotiations for asset ...
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Source: HighBeam Research, AMC executive's child set up company to bid for assets.