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Kenneth Ko

KADER Industrial (Thailand) Co, a 40 per cent owned associate of Kader Holdings Co, has paid out 60 million baht (about HK$18.18 million) as compensation to those affected by the fire at its toy factory in Bangkok.

   At Kader's annual shareholders' meeting yesterday, chairman Dennis Ting Hok-shou confirmed the amount of compensation paid so far to relatives of those killed or injured in the May 10 fire.

   He declined to elaborate, saying the issue would be handled entirely by the Thai firm.

   Thirayut Phitya-Isarakul, a shareholder of Kader Thailand, said in Hongkong that discussions of compensation for those affected by the fire were progressing well, but he would not go into details.

    Representatives of Kader Thailand yesterday failed to attend talks on compensation with the Thai Interior Ministry.

  Earlier in June, Thai Interior Minister Chaowalit Yongchaiyudh set yesterday as the deadline for settling compensation.

     Executives of Kader Thailand were ''too busy'' to attend talks with ministry officials and representatives of the victims, a ministry official said.

   A representative of a welfare organisation helping the victims said Kader was offering 100,000 baht to each of the families of the dead while the relatives were demanding 300,000 baht.

   The fire killed 188 people and injured about 500 others.

  Kader director Peter Wong Cheong-yiu said the fire would not have any material effect on the group's profitability because the Thai associate's contribution had been ''limited'' in the past few years.

   He said it was too early to calculate the losses arising from the fire.

     Mr Wong also said Kader would soon open two retail outlets under Premium Gallery in Guangzhou, as part of the company's plans to set up a chain of toy and gift shops in China.

   The company had formed a joint venture with mainland partners, and it was also looking for suitable sites in Shanghai and Shenzhen to establish outlets, he said.

   Kader has a 60 per cent stake in the venture, and initial investment is about HK$6 million.

  Mr Wong said the company was still looking for an overseas partner with a brandname to jointly manufacture air-conditioners in Shandong province.

   In January, it invested US$10 million in an equal joint venture, Jinlong Kader Electric Appliance Co.

     to make electric fans and motors in Longkou, Shandong province.

  The group also invested HK$4.5 million for a 15 per cent interest of a joint venture with Guangdong Investment and Dickson Concepts to establish a 60,000 sq ft recreational centre in Guangzhou.



Kader Industrial pays 60m baht to Thai fire victims