Briefs

The 10-year ban went into effect from Tuesday.

A statement from the SEC said that Maris and Burim, who managed the fund from 2006 to 2009 and from 2008 to 2009 respectively, concealed transactions which violated law and investment criteria as specified in the prospectus. They also did not analyse the cost and benefits for constructing TU Dome or produce a transparent process for selecting a contractor. They also failed to inspect tenants and strike proper contracts. In addition, Maris was found approving an inappropriate payment to Burim, who produced no receipt. The fund booked huge losses and as of December 29, the management company approved compensation worth Bt100 million. The SEC will also pursue legal actions against both men.

Confusion cleared

IRPC Plc announced yesterday that its five subsidiaries were operating as per normal despite confusion about the registration of their directors.

Following updates by the Business Development Department, the names of directors of Thai ABS, IRPC Oil, IRPC Polyall, IRPC Energy and Polyurethane Thai Industry did not match the lists approved by shareholders. This led to confusion about who is governing the subsidiaries.

IRPC, which owns 99 per cent of the firms, said the subsidiaries were proceeding with business plans while adjustments to the lists are underway.

Kasikornbank takes lead position

Kasikornbank this year plans to forge strategic partnership with four or five Japanese banks and with players in Asean countries, under a strategy to become a leading bank for overseas investors in Thailand.

A global business advisory centre will also be opened to provide trade and investment information, financial and non-financial consulting services, as well as business matching. Yesterday, the Thai-Japanese Business Matching 2012 was hosted in cooperation with 20 Japanese banks, to promote investment in automotive and food industries.

Deves shifts focus

Pushed by its new leader, Deves Insurance plans to focus more on the retail products market with strategic approaches tailored to specific segments as part of its aim to achieve 14-per-cent growth in total premium this year.

The company said its personal line would account for 60-per-cent of total premium receivable in 2012, in comparison to 50-per-cent growth last year, the company’s president Chatchai Chinvetkitvanit said. Motor and business insurance premium should rise from Bt980 million to Bt1.115 billion.

Code-sharing flights

SilkAir and Bangkok Airways announced yesterday that they will go into code sharing for certain flights between Singapore, Koh Samui, Phuket and Chiang Mai effective from yesterday,

BAAC insures

Bank for Agriculture and Agricultural Cooperatives (BAAC) yesterday signed an agreement with Thai Life Insurance to provide life insurance policy for the bank's 2.6 million prime customers. The policy will be provided under the bank's project to lessen the burden of debt for its prime customers, BAAC’s president Luck Wajananawat said. The policy will provide Bt100,000 in case of death for each prime customer. – The Nation