Transport Thai Airways Appoints New 11-Member Board as ‘Chatchai’ Left Off Final List

[Georgealbert]

 

File picture courtesy of Thai Airways.

 

Thai Airways International Public Company Limited has announced the appointment of a new board of directors, following a resolution passed at its extraordinary general meeting of shareholders held electronically.

 

One of the key outcomes of the meeting was the decision to set the number of board members at 11, a figure deemed appropriate by the rehabilitation plan administrators. The new appointments were made from a pool of nine nominees, with eight selected based on highest individual vote counts:

 

1. Mr. Chai Iamsiri

2. Dr. Kulaya Tantitemit

3. Mr. Lawaron Saengsanit

4. Mr. Chakree Bamrungwong

5. Mr. Napakorn Thanasuwankasem (Independent Director)

6. Mr. Yanyong Detphiratmongkol (Independent Director)

7. Mr. Samrit Samniang (Independent Director)

8. Pol. Gen. Thatchai Pitaneelabutr (Independent Director)

 

However, Mr. Chatchai Rojanavatanangkul, who ranked ninth in votes, did not make the final list due to the limit of 11 board seats. The remaining three positions are held by existing directors whose terms continue for another year: Mr. Piyasvasti Amranand, Mr. Chansin Treenuchagron, and Air Chief Marshal Amnaj Jira-maneemai.

 

 

According to inside sources, the company will now proceed with registration of the board changes before convening a meeting to select a new chairman. With a significant number of new board members being representatives of the state sector, it is widely expected that the Ministry of Finance will nominate the next board chair.

 

Thai Airways has met all key conditions required to exit its court-approved business rehabilitation plan, having achieved an EBITDA profit of over 20 billion baht over 12 months and returned to positive shareholders’ equity. The company has avoided any defaults and completed the appointment of a new board. 

 

It plans to file a petition with the Central Bankruptcy Court by the end of April and, if approved within the following 1–2 months, will hold a board meeting to formally exit the rehabilitation plan. This will be followed by a request to relist Thai Airways shares on the Stock Exchange of Thailand.

 

The airline’s outlook for Q2 2025 remains positive. Since early April, the passenger load factor (cabin factor) has stood at 87.3%, with European routes reaching as high as 94.8%, boosted by Easter holidays and school breaks. Although there has been a dip in Chinese passenger numbers, the impact has been limited due to a relatively small market share. A seasonal decline in passenger traffic is expected in May and June.

 

Thai Airways’ largest shareholders remain the Ministry of Finance and state-owned enterprises, holding a combined 42.99%. Bangkok Bank holds 8.51%, while approximately 33.09% of shares are held by creditors who converted debt into equity.

Adapted by ASEAN Now from Matichon.

 

-- 2025-04-20

 

 

 

 

 

[JoePai]

Let's all sit back and see how much this bunch can lose

[mfd101]

I wonder what a police general (no. 😎 has to do with the price of fish.

[steven100]

what garbage they are ....   same ....  same ........ same .....  lose .....   lose .....  lose ...

 

Thai's couldn't run a far kin  BBQ .....   let alone an airline ...  

 

it has never made a profit and never will. 

 

idiots.  

[steven100]

14 hours ago, Georgealbert said:

t plans to file a petition with the Central Bankruptcy Court by the end of April and, if approved within the following 1–2 months, will hold a board meeting to formally exit the rehabilitation plan. This will be followed by a request to relist Thai Airways shares on the Stock Exchange of Thailand.

 

in 2-5 years ....     wash .... rinse .....  repeat     

 

idiots.

[kimamey]

4 hours ago, steven100 said:

what garbage they are ....   same ....  same ........ same .....  lose .....   lose .....  lose ...

 

Thai's couldn't run a far kin  BBQ .....   let alone an airline ...  

 

it has never made a profit and never will. 

 

idiots.  

Doesn't it say they had to make a profit as part of the terms of the rehabilitation plan. Whether they can continue to do that when there less pressure on them is another matter.

It looks to me as if they are all Thai which seems odd. If you look at other airlines they seem to cast their net a little wider.

[Patong2021]

4 hours ago, steven100 said:

what garbage they are ....   same ....  same ........ same .....  lose .....   lose .....  lose ...

 

Thai's couldn't run a far kin  BBQ .....   let alone an airline ...  

 

it has never made a profit and never will. 

 

idiots.  

 

 

The airline is doing rather well and over the past year has been remarkably well managed.

Thai Airways International Reported an Operating Profit of THB41.5 Billion in 2024.

Contrary to what you claim the  airline has typically had an operations profit. The airline  has some additional  expenses  over which it has no control and that it is expected to assume. The problem isn't with the airline's  operational management.

 

[steven100]

6 hours ago, Patong2021 said:

 

 

The airline is doing rather well and over the past year has been remarkably well managed.

Thai Airways International Reported an Operating Profit of THB41.5 Billion in 2024.

Contrary to what you claim the  airline has typically had an operations profit. The airline  has some additional  expenses  over which it has no control and that it is expected to assume. The problem isn't with the airline's  operational management.

 

lets see in 5 years shall we ...   

Do you really believe they are truthful in their numbers,  do you really believe their CFO is straight on the figures and doesn't fudge the numbers.   How much did the creditors receive following the rehabilitation plan.  If I remember correctly,  they owed billions to creditors. 

 

sorry,  I have little faith in this conglomerate. 

[mfd101]

Who are the major owners?

[RandolphGB]

8 hours ago, Patong2021 said:

 

 

The airline is doing rather well and over the past year has been remarkably well managed.

Thai Airways International Reported an Operating Profit of THB41.5 Billion in 2024.

Contrary to what you claim the  airline has typically had an operations profit. The airline  has some additional  expenses  over which it has no control and that it is expected to assume. The problem isn't with the airline's  operational management.

 

 

 

Creative accounting. 

[new2here]

1 hour ago, steven100 said:

lets see in 5 years shall we ...   

Do you really believe they are truthful in their numbers,  do you really believe their CFO is straight on the figures and doesn't fudge the numbers.   How much did the creditors receive following the rehabilitation plan.  If I remember correctly,  they owed billions to creditors. 

 

sorry,  I have little faith in this conglomerate. 

 

I recall TGs outside auditor is the Thai arm of Deloitte Touché.. as such, I’d be very very surprised if there was any malfeasance or violations of GAAP - otherwise Deloitte wouldn’t sign off on any of the required disclosures. 

[steven100]

1 minute ago, new2here said:

 

I recall TGs outside auditor is the Thai arm of Deloitte Touché.. as such, I’d be very very surprised if there was any malfeasance or violations of GAAP - otherwise Deloitte wouldn’t sign off on any of the required disclosures. 

well then,   I agree on that part that the audit must be done proper,  but after that who knows what their circus CFO will do.    He is going to make bad look great.  

[jippytum]

Bunch of incompetent freeladers with littlt buisness accumen. Creditors will suffer again. 

[hotchilli]

On 4/20/2025 at 7:40 AM, JoePai said:

Let's all sit back and see how much this bunch can lose

Pocket ...

[Grusa]

Well I for one will still not fly with them. Even if they drop their pricing.

[Banana7]

2 hours ago, new2here said:

 

I recall TGs outside auditor is the Thai arm of Deloitte Touché.. as such, I’d be very very surprised if there was any malfeasance or violations of GAAP - otherwise Deloitte wouldn’t sign off on any of the required disclosures. 

They will sign off even if there are irregularities, else the audit won't be complete. They might add a sentence or two deviating from the standard compliance statement if they find irregularities. Also, the audit depth and verification process will have a significant impact on the final statement.

 

Whoever was the auditor in the old TG, didn't reveal irregularities such as free flights authorized by management. Once I tried to buy a business class ticket on TG from CNX to BKK and they were sold out, so I bought economy class. Once I got on the flight, most of business class was filled with children. Talked to one kid and he said someone's dad worked for the airline and they all got a free flight.

 

[Patong2021]

2 hours ago, new2here said:

 

I recall TGs outside auditor is the Thai arm of Deloitte Touché.. as such, I’d be very very surprised if there was any malfeasance or violations of GAAP - otherwise Deloitte wouldn’t sign off on any of the required disclosures. 

 

Thank you for providing a rational response the unfair claims. The independent auditors are indeed Deloite Touche, However, the key person who is responsible for the turnaround is the court-appointed debt administrator Piyasvasti Amranand. He was called out of a well earned retirement to do this.

 

2 hours ago, RandolphGB said:

Creative accounting. 

 

See the answer above. There was no creative accounting. There were however, expenses and financial burdens placed on the company that other airlines  don't have to take on. As I stated earlier, the airline made an operational profit. The problem lay with the  its treatment as a resource for some other entities.  I suggest you look at the  obligations the airline has.

 

3 hours ago, mfd101 said:

Who are the major owners?

 

There was only one major  shareholder; The Ministry of Finance 36%.

Everyone else was a  shareholder with little influence;

Bangkok Bank 8.5%

EGAT Savings Co-Operative 5.43%

krungthai Bank 4.69%

Thanachart Bank  2.05%

 

The Thai Government in turn has some additional interest because of its investments in some of the investors. I estimate this adds another  5%

 

[mfd101]

19 minutes ago, Patong2021 said:

There was only one major  shareholder; The Ministry of Finance 36%.

Everyone else was a  shareholder with little influence;

Bangkok Bank 8.5%

EGAT Savings Co-Operative 5.43%

krungthai Bank 4.69%

Thanachart Bank  2.05%

 

The Thai Government in turn has some additional interest because of its investments in some of the investors. I estimate this adds another  5%

Not a list that gives one much confidence in their ability to ensure sensible management - including technical functioning - of the airline.

[Patong2021]

43 minutes ago, mfd101 said:

Not a list that gives one much confidence in their ability to ensure sensible management - including technical functioning - of the airline.

 

In fairness, they are only there to provide financial resources, not technical  expertise.  They can vote for the board members who the ones who are supposed to provide oversight.

[steven100]

3 hours ago, jippytum said:

Bunch of incompetent freeladers with littlt buisness accumen. Creditors will suffer again. 

Absolutely agree,  they wouldn't know how to run a raffle let alone an airline. 

 

Give it time ....  it'll get milked again...     wash .... rinse .... repeat   

[new2here]

22 hours ago, Banana7 said:

Whoever was the auditor in the old TG, didn't reveal irregularities such as free flights authorized by management. Once I tried to buy a business class ticket on TG from CNX to BKK and they were sold out, so I bought economy class. Once I got on the flight, most of business class was filled with children. Talked to one kid and he said someone's dad worked for the airline and they all got a free flight.

 This isn’t an auditors issue.. the auditors really only verify that TG has followed the Generally Accepted Accounting Principles and relevant Thai law as to their reporting of their financials …. How the may operate, their policies and protocols —  that’s purely a management decision.

So upgrades etc — Deloitte has zero input to this practice - only that whatever financial impact it has or doesn’t have, are properly recorded in their reports.