With anywhere between $2 billion and $5 billion of exposure to the 58 finance and securities companies recently suspended by the Thai government, foreign creditors are losing their chai yen(cool heart) and turning to the law courts to get their money back.
Driven to despair by the antics of the Bank of Thailand, political foot-dragging and an infuriating lack of information, one seven-bank syndicate is suing through the Thai courts in the hope of recovering at least some of the ¥4 billion ($33 million) loan it extended to Thana One Finance and Securities – one of the first 16 institutions to be closed down in June.
Some foreign lenders are crying foul.
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