May 15, 2009
Thai minister stops plan to auction mortgaged corn stock
Thailand's Prime Minister Abhisit Vejjajiva has halted the Commerce Ministry's plan to auction mortgaged corn stock worth more than THB2 billion (US$58 million).
The Prime Minister told the cabinet that the sale would result in financial losses, a cabinet source said.
Deputy Prime Minister Sanan Kachornprasart said he would never approve the corn stock auction as ministers would have to bear responsibility for any loss.
Abhisit said the cabinet has decided to delay the ministry's plan to auction about 449,000 tonnes of corn for use as animal feed.
