Fidf To Sell Three Properties

[churchill]

The Financial Institutions Development Fund will put three prime properties in Chiang Rai, Phuket and Hat Yai on the auction block while insisting that politicians and relatives will be prohibited from bidding to avoid a repeat of the scandal involving a premier's wife.

Tongurai Limpiti, an assistant governor of the Bank of Thailand, who manages the FIDF, said the assets are the largest plots left in the fund's portfolio, with a combined area of more than 1,300 rai.

She expressed confidence that the sale of the lots would be successful but declined to disclose their appraised values.

The FIDF has invited prospective investors, just like the Public Relations Department and the AuditorGeneral's Office, as well as large developers, to join the auction.

"We have our prices in mind and will not sell them if the prices offered do not satisfy us," she said.

Satorn Topothai, a director of the central bank, said interested investors are required to prequalify as a buyer. The FIDF would screen their qualiฌfications to see if they would fit. The Supreme Court would make the final decision if there was an issue.

He insisted the fund's auctions were transparent. The Rachadaphisek case was caused by faulty qualifications of the buyer, not flaws in the process.

"I think that there will be no problem in the upcoming sale because the Supreme Court has already set the pattern," he said.

In 2003, Pojaman Damapong, then the wife of prime minister Thaksin Shinawatra, bought four plots on Rachadaphisek Road from the FIDF with a winning bid of Bt772 million.

After Thaksin was ousted, the FIDF and Assets Examination Committee sought to overturn the sale, citing an alleged violation of Section 100 of the National Counter Corruption Act, which bars government officials and their spouses from entering into or holding interests in contracts made with state agencies under their authorisation.

According to the FIDF, the 1,243 rai of land in Chiang Rai that will be disposed was seized from First City Investment Finance Company, which was owned by its former executive Patcharee Wongpaitoon,

On the property are a registered teakwood forest covering 30 rai and three reservoirs with a combined area of 30 rai. The location 20 kilometres from Chiang Rai International Airport is ideal for a resort business or weekend home.

The 46rai site in Phuket is one of the most attractive locations, surrounded by a mountain range. One side is close to the main road while the other side is 70 meters away from the seashore.

The threerai block in Hat Yai comes with a warehouse and office building, facing Phetkasem Road.

Tongurai said if the fund could not sell the properties before it shuts down in 2013, it could transfer them and other assets to the Finance Ministry or a new organisation estabฌlished to rehabilitate financial institutions.

http://www.nationmultimedia.com/2009/08/12...ss_30109615.php

-- The Nation 12/08/09

Edited August 13, 2009 by churchill