Bangkok Bank filed suit in 1999 against Mrs Rasri, Gen Prathuang Wongchan, Anand Chanthrakul, Gen Sawat Phatchuenjai, Kongchai Bualert, Sanguansri Dejpornthewan, Parichart Puchatham, D Five and Charoen West Enterprise. The bank sought repayment of 9.7 billion baht owed by D Five and its guarantors.
The court ordered foreclosure proceedings but the Appeals Court later dismissed the case.
The Supreme Court ruling now clears the way for receivers to liquidate D Five and Charoen West Enterprise to settle the debt. It also could mean personal bankruptcy for the guarantors, including Mrs Rasri.
But sources said that State Tower, owned by Mrs Rasri's Challenge Property, could not be seized because Challenge has been under court-supervised restructuring since this past April. Therefore, all claims have been placed on an automatic stay.
Challenge is also a guarantor of debt owed by D Five. Bangkok Bank can seek repayment from Challenge through the Bankruptcy Court, but it would have to compete with other creditors for repayment under the rehabilitation plan.
Mrs Rasri became a major real estate investor after making large sums on arms-procurement deals in the late 1980s and early 1990s.
Challenge is currently run by Rattawadee Bualert, the only daughter of Mrs Rasri. The company's liabilities had previously been held by Krung Thai Bank, which later sold off the debt to Asset Management Corp.
Last year, the state-owned AMC was taken over by Bangkok Commercial Asset Management (BAM). Total claims of BAM against Challenge, including interest, reach about 10 billion baht.
The State Tower, located on Silom Road, includes a 400-unit condominium and serviced apartment building, as well as a boutique hotel under the lebua name. The top of the tower features the high-end Dome, Mezzaluna and Sirocco restaurants.
Source: The Bangkok Post June 2007
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