Thai auctions bank assets

Thai auctions bank assets

BANGKOK (AP): Thailand's Financial Sector Restructuring Authority said Monday it will auction off 1.5 billion baht (US$40.5 million) in property and other tangible assets of closed finance companies from June 18 to June 20.

FRA chairman Amaret Sila-on said at a press conference that of the total, 1.37 billion baht ($37 million) represents the aggregate benchmark price of 125 pieces of property located in various parts of the country.

Included are golf club memberships worth an aggregate benchmark price of 6.6 million baht ($178,000), mini-computers worth 5 million baht ($135,000) and cars worth 20 million baht ($ 540,541).

Many of Thailand's banks and finance companies found themselves insolvent or at the brink of bankruptcy in 1997 after years of overlending to property developers.

As part of its US$17.2 billion bailout of the Thai economy, the International Monetary Fund required the government to shut down the insolvent finance companies and auction off their assets.