AQ Estate ready to compensate Krungthai Bank
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AQ Estate, formerly Krisdamahanakorn, assured its shareholders that it is financially capable of honouring the compensation order issued by the Supreme Court's Criminal Division for Political Office Holders yesterday.
The court yesterday handed prison sentences to a score of individuals including renowned financier Viroj Nualkhair, in relation to Krungthai Bank's Bt8 billion loan extended to Krisdamahanakorn's subsidiary. The borrower, Golden Industrial Park, and some convicts are ordered to compensate the bank for Bt10 billion.
In a filing to the Stock Exchange of Thailand, AQ Estate said that it has already paid Bt2.6 billion to the court.
It also noted that for the loan, Golden Industrial Park mortgaged a land plot covering 4,323 rai. The company said that Knight Frank Chartered (Thailand)'s appraisal showed that the land plot was valued at Bt12.3 billion as of February 2, 2012.
"The value of the land plot is sufficient to cover the payment," the company said.
The company furthered that it would coordinate in the re-appraisal of the land. If the fair value is less than the compensation amount, it is ready to set aside a provision.
