KBANK CEO Discusses Lending Case With Phelps Dodge International
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Ms. Kattiya Indaravichai, Chief Executive Officer of Kasikorn Bank (KBANK), has recently addressed an ongoing lending case involving Phelps Dodge International (Thailand) Company Limited, a subsidiary of Stark Corporation Public Company Limited (STARK). The case revolves around potential damage that may arise from credit extended by the bank.
KBANK has already set aside 100% of the reserve for bad debts in relation to this case. However, debt collection procedures are pending, awaiting an appointment with all the creditors to mutually agree on a strategic approach. It is crucial to note that some creditors are yet to confirm their availability for such negotiations. Additionally, the Securities and Exchange Commission (SEC) guidelines and conclusions will significantly impact the final resolution of this matter.
KBANK’s Commitment to STARK Bondholders
Addressing concerns about KBANK’s involvement as a STARK bond dealer, Ms. Indaravichai affirms that the bank is not indifferent to the situation. KBANK is fully committed to safeguarding the interests of investors who have purchased STARK bonds. By strictly adhering to guidelines for claiming compensation, the bank aims to provide support in alignment with the small group of bondholders.
Regarding mutual funds managed by KASIKORNBANK, which have invested in STARK bonds, the Association of Investment Management Companies (AIMC) has communicated that the claim for compensation will proceed as a class action lawsuit, following their previous directives.
KBANK’s Approach to Dealing with Creditor Groups
Given that STARK has multiple banks across different states, it is crucial to negotiate with each creditor group individually. KBANK, as a creditor and bond guarantor, strives to attain the best possible outcome in collaboration with each state-based group. Investors belonging to damaged groups can still operate under various laws, even though the resolution process may require time. KBANK assures stakeholders that it is actively engaged and committed to finding a fair resolution.
STARK Bond Offer and Retail Investor Concerns
Discussing the STARK bond offer, Ms. Indaravichai states that it has adhered to the regulatory guidelines prescribed by the SEC. The bank has ensured compliance throughout the offering process, and the SEC has consistently monitored the bond offerings made through the app.
Bank of Thailand’s Impact on Interest Rates
Regarding the direction of interest rates, should the Bank of Thailand (BOT) decide to raise the policy interest rate, Ms. Indaravichai confirms that KBANK is prepared to align its stance with the BOT. However, the bank emphasizes that the definitive timeline for any such adjustment awaits the results of the official meeting.
Ms. Kattiya Indaravichai Chief Executive Officer Kasikorn Bank (KBANK) is discussing a lending case to Phelps Dodge International (Thailand) Company Limited, a subsidiary of Stark Corporation Public Company Limited (STARK) in respect of damage that may be caused by credit from the type The bank has set aside 100% of the reserve for bad debts, but the debt collection has to wait for an appointment from all the creditors to agree on a mutual approach. who has not made an appointment yet In addition, we have to wait to see the guidelines and conclusions of the Securities and Exchange Commission (SEC) that there will be a conclusion to different facts.
Regarding Kasikorn Bank, the STARK bond dealer, I would like to confirm that the bank is not indifferent. and do its best to look after investors who buy STARK bonds by adhering to the guidelines for claiming compensation in the same direction as the small group of bondholders.
And for mutual fund management companies (KASIKORNBANK) investing in STARK bonds, the claim for compensation will proceed in the way that the Association of Investment Management Companies (AIMC) has previously informed its members will proceed as a class action lawsuit.
“In the case of STARK, there are banks in many states. Both are creditors of a subsidiary. bond guarantor and investors in the case of asset management companies, which we try to do in each state with the best and look at the consensus of each group Because the bank is not the only creditor to negotiate with the group of creditors. Investors have a damaged group that can still operate according to various laws, although it will take some time. But the bank testifies that it is not indifferent to this matter.
While in the case of the STARK bond offer, which is an offer for large investors But retail investors have been damaged by the offer through the app Ms Khattiya said that our STARK debenture offer has already followed the rules of the SEC properly and It’ The SEC has been constantly monitoring bond offerings through the app.
on the direction of interest rates after this If the Bank of Thailand (BOT) raises the policy interest rate, Ms Kattiya said the bank is ready to respond in the same direction as the BOT, but there is no clear timetable because he must await the results of the official meeting. Firstly
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