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Mismanagement and graft brought down Thai Airways: panel

Purchase of 10 Airbus enriched politicians and others but incurred $2bn loss

Thai Airways filed a petition to rehabilitate under the bankruptcy court's supervision in May. The coronavirus dealt a final blow to the long-mismanaged flag carrier. (Photo by Akira Kodaka)

BANGKOK -- The financial troubles at Thai Airways International, which were so deep it needed court-supervised rehabilitation, were caused by the national flag carrier's own management and workers ripping the company off, an investigation panel commissioned by Thailand's Ministry of Transport has found.

The panel's findings will be considered during Thai Airways' rehabilitation proceedings at the country's bankruptcy court. The report and its findings were submitted on Tuesday to the Ministry of Finance, the biggest shareholder of the state-affiliated airline. According to Thai Airways, the ministry is a major creditor of the airline as well.

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