One of the four new board members appointed to Thai Airways International Plc on Monday resigned just a day later over apparent legal concerns.
Palin Chuchottaworn has stepped down from his position according to the filing from the airline to the Stock Exchange of Thailand on Wednesday. The filing said he stepped down on Tuesday.
No further details were offered by the airline as to why Mr. Chuchottaworn resigned just a day after he was appointed, however, it seems likely that legal concerns over his former position as Deputy Transport Minister is the main reason.
The National Anti-Corruption Commission forbid cabinet ministers from sitting on the board of private companies for two years after leaving their position.
Thai Airways lost its state enterprise status last week when the Finance Ministry sold some of its shares.
Mr. Chuchottaworn had previously supervised the airline in his role as the Deputy Transport Minister and was President and Chief Executive of PTT Plc between 2011 and 2015.
Despite the news, Thai Airways International Plc shares were up by 2.04 percent to five baht on Wednesday following the court’s acceptance of the airline’s bankruptcy reconstruction filing.
Source: Bangkok Post