The SME Bank board voted unanimously to terminate Soros Sakornvisava immediately for actions resulting in losses to the state bank worth at least 311 million baht, says chairman Naris Chaiyasoot.
Mr Naris said the bank would also pursue civil charges against Mr Soros seeking compensation.
The estimated losses do not include possible future losses from loans that may have to be reclassified as non-performing loans, Mr Naris added.
The move is the latest development to hit the SME Bank, which this year has been faced with rising financial losses, allegations of accounting irregularities and conflicts between management and the bank board.
Mr Soros tendered his resignation to the board on July 25, citing health reasons. But directors declined to accept the resignation, saying Mr Soros was already under investigation concerning questionable lending practices during his tenure as well as his decision to procure a 300-million-baht new core banking system to field public deposits despite the fact that the bank by law cannot accept retail deposits.
The SME Bank board is currently investigating Mr Soros for nine issues. One of the issues, and the factor cited by the board at its meeting yesterday, was Mr Soros’ handling of a state-sponsored loan programme initiated after the 2008 global economic crisis.
The government authorised the SME Bank to offer small businesses loans
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