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Tuesday, February 3, 2009

Committee to probe THAI formed

The Ministry of Transport has set up a committee to probe Thai Airways International (THAI)'s serious liquidity problem, Finance Minister Korn Chatikavanij said on Monday.

Mr Korn said the committee will determine how much the closure of Suvarnabhumi and Don Mueang airports last year, fuel hedging and overall management affected the company's financial crisis. He said the purpose is not to investigate but to find the actual cause of the problem, so it can be solved quickly.

The minister said he had discussed the company's business recovery and internal management plan with Transport Minister Sopon Zarum, and the airways is likely to submit the plan to the Finance Ministry for approval within February. If approved, the ministry will seek funds to boost the company, he added.

"THAI is receiving lower number of passengers mainly due to the global economic crisis, and the company must be prepared and quickly improve its management," said Mr Korn.

He said his ministry will suggest the cabinet on Tuesday to borrow another 200 billion baht to develop and enhance state enterprises hit by the economic downturn.

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