By The Nation
SLF manager Chai¬narong Katchapanan said the borrower had defied a 2008 court order to pay back the loan, worth Bt17,868, plus interest.
The fund was, therefore, required to conduct a legal investigation at the end of 2018. Early in 2019, the borrower made a partial repayment but failed to contact the fund to suspend the auction of the seized property for another six years, said Chai¬narong.
The Phrae Provincial Legal Execution Office then announced the auction of the seized land and buildings through sale of the mortgage on June 23. A third party won the auction with a bid of Bt30,000.
Chai¬narong said the fund had tried to contact the borrower and the guarantor by letter and phone before the sale went ahead. Eventually it had to proceed according to the law and confiscate the assets before the case expired, to prevent loss to the national budget and taxpayers.
However, the SLF is now coordinating with the property’s buyer in a bid to help the debtor. The buyer is willing to sell the property back to the guarantor at the purchase price, said Chainarong.