Originally Posted by transpac

The reason behind Thailand’s air safety problem

In 2013, AvCon Worldwide Limited, based in London in the UK, represented Saudi Arabia's Prince Faisal al-Saud, and went to Thai Airways International (THAI) to buy A340-500s from them. From late March until October 2013, as negotiations were held, over US$1 million was wasted by AvCon for engineers hired by the company, along with other costs such as hotel stays, transportation, meals, and other travel costs. In addition, AvCon paid a deposit of US$2.5 million on a future transaction that never came to fruition.

What happened next became big news in Thailand’s media.

The then acting President of Thai Airways, Sorajak Kasemsuvan, told the media that the THAI Board had rejected AvCon’s offer in August 2013. However, according to AvCon Worldwide Limited’s Managing Director, James Stewart Kim, no Board decision was made on the offer until a couple of months later in October 2013. THAI was losing so much money that this executive did not want to have to write off more funds and create even greater losses in THAI’s books.

http://www.eturbonews.com/58480/reas...safety-problem