The probe on PTT Plc's investment in a palm oil plantation in Indonesia remains under investigation by Thailand's National Anti-Corruption Commission (NACC) at the request of PTT. The company seeks to...
Yesterday Panpree Pahitanukorn, the former chairman of PTT Group, told media an internal investigation last year probed the investment in a palm oil deal in Indonesia and might have found evidence of wrongdoing...
However, Mr Panpree, who left his position this May, said the board was cautious about punishment. PTT wants the NACC to investigate to ensure transparency.
An NACC official said yesterday the case is still under investigation. PTT chief executive Pailin Chuchottaworn declined to comment.
Industry analysts criticised the deal as overpriced, but Nipit Isarankura, acting president of PTTGE, backed the deal, insisting the evaluation price of the assets was close to the purchase amount.
At the same time as the acquisition, PTT had decided to sell its palm oil business in Indonesia, worth an estimated $300-400 million, saying it was a non-core business, though no deal had been made.
A former senior PTT executive who requested anonymity agreed with the NACC probe because it would make the case more transparent and acceptable to the public, but he urged the public to be fair to PTT's...
"Anyone can make a mistake no matter how good your research. Good executives just make right decisions more often than wrong ones," the source said. "If you blame someone for taking a chance and failing,...
He added the investment made sense, as PTT succeeded in investing palm oil in Malaysia and land prices in Indonesia are now rising.
State-controlled PTT is one of several Thai companies that expanded aggressively in recent years, but has scaled back investments. Recently, the new chairman Piyasvasti Amranand said PTT will need a business...
PT Mitra Aneka Rezeki has licences to operate 14,000 hectares of palm oil plantations in West Kalimantan. In April 2008, PTT also bought a 95% stake in PT Az Zhara, which owns licences to operate 40,500...