Army urged to confiscate airship bond

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Army urged to confiscate airship bond

Published: 28 Sep 2012 at 00.00
Newspaper section: News

The army should seize a contract guarantee worth about 15 million baht from a US supplier which sold it a 350 million baht airship as the company has failed to take care of it, an army source says.

Under the purchase contract, the army can seize the contract guarantee, which comes to 5% of the airship's cost, or about 15 million baht, if the supplier fails to take care of its product; the airship's performance is unsatisfactory; or the airship causes any problems, the source said yesterday.

His comments came after the army revealed that it had hired Worldwide Aeros for 50 million baht to repair the airship, which has not flown since its procurement.

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bern1005
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Discussion 4 : 28 Sep 2012 at 20.364
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So sad for the Army that the "benefits" from this dubious procurment also now includes them being laughted at by everyone.
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robingrant
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Discussion 3 : 28 Sep 2012 at 11.493
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The "army source" has every right to be concerned about claiming under the guarantee from the supplier of the airship, Aria International, speculating that the company has been dissolved.

According to information on the internet, this company was only formed in 2008, shortly before signing the contract with the army. It does not appear to have sold anything else, to anyone. In 2009, it failed to submit its financial statements to the New York Stock Exchange on time, and then nothing further was heard from the company's management. It's shares are now worthless, quoted at a nominal USD0.0002

The whole affair stinks of malpractice.

The whole business seems
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victor Careford

Discussion 2 : 28 Sep 2012 at 10.422
350 million Baht for a bag of air? Sounds like a good little earner for the procurers!
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samurai

Discussion 1 : 28 Sep 2012 at 09.031
They should have seen this coming. Another white elephant/rent seeking exercise by the powers that be.
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Army urged to confiscate airship bond | Bangkok Post: news