Transport Ministry backs down over administering THAI rehabilitation plan
The Ministry of Transport has backed down over its demand to have a role in the administration of the court-sanctioned rehabilitation plan for Thai Airways International, now that the ailing national flag carrier is no longer a state enterprise under the ministry’s oversight.
Deputy Transport Minister Thaworn Senneam told a news conference today (Monday) that, since the Finance Ministry, the largest shareholder in THAI, has reduced its holding to less than 50%, the airline is now just a listed public company.
As such, he said that the Transport Ministry has no jurisdiction over THAI and cannot interfere its administration, which will now be the responsibility of the Finance Ministry.
The Transport and Finance ministries were at odds over which of them is authorized to administer the rehabilitation plan, due to its former dual status as a state enterprise under the Transport Ministry and a listed public company, with the Finance Ministry as the largest shareholder.
The Transport Ministry wanted a “super board”, comprised of professionals to be nominated by both ministries, to oversee the creation and administration of the rehabilitation plan, while the Finance Ministry, as the largest shareholder, wanted to be responsible for the drafting and administration of the plan.