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FIDF suspects irregularities in management of SAM, launches probe

Bank of Thailand’s deputy governor Ronadol Numnonda said on Thursday that the central bank’s Financial Institutions Development Fund (FIDF) has learned about some irregularities in the management of Sukhumvit Asset Management (SAM).

FIDF is SAM’s largest shareholder. 
SAM’s board of directors had set up a committee to investigate suspected irregularities in the management of non-performing assets and non-performing loans. 
In support of this, the FIDF announced that four experts will join this panel to help with the probe, said Ronadol, who is also director of the FIDF. 
The fact-finding job will be completed within 60 days, he added. If any wrongdoing is found, legal action will be taken against those guilty of it, he warned. 
In order to allow SAM to continue working as usual, the FIDF has appointed one more director and will find a new chief for the firm urgently, he added. 
SAM was created after the 1997 financial crisis to deal with distressed assets and now it has to handle bad assets resulting from the Covid-induced crisis. 

Published : December 17, 2020

By : The Nation