Ascon Construction foreclosed
Foreclosure officials on Jan 31 took control of assets of Ascon Construction Plc, a listed company, following its failure to repay trade credits worth over Bt8 billion.
The foreclosure followed Standard Metal Co Ltd's victory over a lawsuit against Ascon, which had failed to honour payments for seven steel purchases during January-April, 2008 worth totally Bt8.25 billion. The lawsuit was filed in August 2008. In October 2009, Ascon was ordered to pay Bt8.4 billion to the plaintiff plus 7.5 per cent per annum as interest.
According to Yuthaphong Sereedeelert, managing director of Standard Metal Co Ltd, Ascon has since then failed to honour the court order. He also said that upon Jan 31, the company's representative learnt that other creditors of Ascon also sought control over assets.
During 2008-2010, Ascon showed combined net losses of over Bt1.5 billion. It has not yet submitted the 2011 earning figure.
