June 11, 1999
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| June 11, 1999 | atimes.com | |
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| Southeast Asia Australian's murder has little impact on restructuring BANGKOK - Three Thai executives faced a provincial court Wednesday and were formally charged with the murder of Australian auditor Michael Wansley, gunned down in March by a motorcycle hitman. But the killing of Wansley, a 58-year-old auditor of Deloite Touche Tohmatsu, has left little lasting impact as debt and corporate restructuring in Thailand pressed ahead, bankers and analysts said. Wansley's killing shocked the international business community when he was cut down on March 10 in a hail of bullets when arriving at the sugar mill where his auditing team were working. At the central provincial court hearing in Nakhorn Sawan, 240 kilometers north of Bangkok, security surrounding the three suspects - held in custody since early April - was reported as extremely tight. Those charged included the human resources manager at the debt-ridden sugar mill, Boonphan Sitthiwiriwan, his brother Somchoke, an adviser to the mill, and mill owner Pradit Siriviriyakul. Family members and friends of the three were prevented from any communication with the prisoners, who remained in the court's holding cells as a three-page charge sheet was read. Thai police also presented a 1,000 page report to the court. But police sources said the documents gave no motive why the killing took place. ''One reason is that . . . the investigation is ongoing. And the police do not want to play all their cards at the moment,'' sources told AAP. All three men have denied the charges, and their trial is due to commence on July 20, prosecutors told Agence France Presse. The motorcyclist, Somchai Jaihao, who drove the alleged hired gun, Phichet Koewsamduang, has already faced the courts and is now facing a life jail sentence. Another suspect, Sompong Buasakul, as well as the gunman, remain at large. The case has been given the highest priority, with the Thai government soon after the killing moving to reassure foreign investors of their safety. Senior Thai police, including General Prasarn Wongyai, earlier this week reassured Australian officials police were still following the case ''with great enthusiasm, including the tracking down of the gunman." ''The police have always said the case was being given a high priority,'' a source, who spoke on condition of anonymity, said. A finance industry analyst said that, despite the public assurances, ''there are certain professionals, accountants and lawyers who are now taking significantly more precautions in their dealings with Thai companies." But a western banker added: ''I don't think it has stopped anyone about [investing] that were serious. It isn't stopping [business] from looking out for opportunities." The head of research at Seamico Securities Plc., Philip Adkins, said in an interview that many saw the killing as a ''very unfortunate episode." ''Did the killing affect restructuring? Not at all. Most people regarded [the incident] as a one-off. It was a very unfortunate episode, but it is not still looming over the market,'' Adkins said. Companies carrying out corporate restructuring receive support from the Bank of Thailand (BoT) in ensuring debtor-creditor agreements. The agreements mean the central bank is seen as being behind pressing the parties into debt restructuring. ''If the parties don't get it together there are severe penalties,'' Adkins said. (Asia Pulse) | |||||||||
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