GSB boss resigns over BAAC 'rice' loan controversy | Bangkok Post: Most recent

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GSB boss resigns over BAAC 'rice' loan

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Government Savings Bank (GSB) president Worawit Chailimpamontri on Tuesday announced his resignation in an attempt to take responsibility for mass withdrawals sparked by an inter-bank loan to the Bank for Agriculture and Agricultural Cooperatives (BAAC). 

Despite denials from the bank, the five billion baht loan to the BACC is widely considered to be intended to pay farmers owed money under the loss-ridden rice-pledging scheme.

Mr Worawit made the announcement of his resignation after a GSB board meeting to discuss unusually high cash withdrawals by panicked customers following the bank’s decision to extend a loan to the BAAC.

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