SAMPANH CLAIMANTS WILL SOON BE PAID SAYS REGULATOR

Customers having outstanding claims with troubled Thai insurer Sampanh should soon start receiving their money, according to Chantra Purnriksha, director-general of the Thai Insurance Department. Claims worth more than 100m baht ($3.35m) from 1,285 customers were reportedly owed when the department ordered Sampanh to suspend its operations this week. Government officials have taken charge of the company’s accounts with the intention of accelerating the speed of payments. The country’s Anti-Money Laundering Office was also reported to be investigating whether Sampanh staff had engaged in any irregularities. Ms Chantra said that Sampanh’s shareholders had until August 7 to submit a business rehabilitation plan. She said that the regulator was ready to take stronger action if this deadline were to be missed.