THE once high-flying executives of Thailand's 56 collapsed finance companies will be shedding a tear or two this month as they see their precious corporate golf club memberships and mobile telephones go under the auctioneer's hammer.
Having already lost their Mercedes-Benzes and BMWs to bidders earlier this year, the ex-finance company bosses have been forced to give up 60 of golf club memberships.
The auction, to be held on Saturday, is part of a sell-off of the bankrupt companies' assets by Thailand's Financial Sector Restructuring Authority.
These ailing finance companies - more than half the number of finance companies in Thailand - were closed by the Thai Government late last year, leaving 50,000 people out of work.
The golf club memberships, along with 1,000 mobile phones and 1,000 pagers, will go under the hammer at Bangkok's Queen Sirikit National Convention Centre.
Those interested in swinging their irons at some of Thailand's top golf clubs might have to bid for more than one member's card: all memberships of each golf course will be combined as one lot.
FRA assistant secretary-general Narong Pattamasevi said the authority planned to auction about 770 billion baht (about HK$146.53 billion) worth of distressed assets this year.
