Thai Airways International (THAI) is proposing its second amendment to the rehabilitation plan, adding two members to the executive team leading the airline’s journey out of court-ordered debt restructuring. This request, prompted by the Ministry of Finance—a significant THAI creditor—has raised concerns among opposition members who view the move as a way for the government to reassert control over the national airline.
The proposed new members, Punya Chupanit from the Office of Transport and Traffic Policy and Planning, and Polchak Nimwatana of the State Enterprise Policy Office (Sepo), would join the existing three-member team. According to THAI CEO Chai Eamsiri, the additional expertise is intended to support the airline as it nears completion of the restructuring process.
Despite this rationale, opposition figures like Sirikanya Tansakun, deputy leader of the People’s Party, have raised alarms. In a social media post titled “Leave THAI Alone!” she argues that these appointments could allow the government undue influence over critical decisions, ultimately affecting the airline’s shareholders and staff. The airline is still haunted by past government interference, such as the controversial A340 aircraft procurement plan that contributed to THAI’s financial troubles, Tansakun added.
The Ministry of Finance remains a key stakeholder and has plans to issue at least 42 billion baht in new shares to creditors and investors by December, a final step towards ending THAI’s rehabilitation and resuming stock trading on the Stock Exchange of Thailand (SET).
THAI lost its status as a state enterprise in 2020 after the Vayupak 1 Fund acquired a 3.2% stake from the Ministry of Finance, reducing the latter’s control below 50%.
