Thai Prince Cash Pledge To Release Aircraft
Source: Agencies |
August 2, 2011, Tuesday
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Print Edition
Print Edition
THAILAND'S crown prince has pledged 20 million euros (US$28.4 million) to secure the release of a plane that has been caught up in a long-running commercial dispute and impounded in Germany.
Crown Prince Maha Vajiralongkorn would offer the bond from his personal funds to a court in Bavaria to maintain the good relationship between Thailand and Germany, his secretary's office said on Sunday.
The Boeing 737 was seized last month in Munich by insolvency officials pursuing what they said was debt owed by the Thai government to defunct German construction firm Walter Bau AG, dating back two decades.
The court said on July 14 that the aircraft could be released on receipt of a bond based on its value.
Crown Prince Maha Vajiralongkorn would offer the bond from his personal funds to a court in Bavaria to maintain the good relationship between Thailand and Germany, his secretary's office said on Sunday.
The Boeing 737 was seized last month in Munich by insolvency officials pursuing what they said was debt owed by the Thai government to defunct German construction firm Walter Bau AG, dating back two decades.
The court said on July 14 that the aircraft could be released on receipt of a bond based on its value.
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