THE Central Bankruptcy Court has ordered all assets of Somrak Khamsing, the first Thai boxer to win an Olympic gold medal, and his wife Sawanee to be put under absolute receivership but both have been given a chance to avoid bankruptcy through debt negotiations.
The Legal Execution Department notification published in the Royal Gazette last Friday said the Central Bankruptcy Court announced the absolute receivership order on August 9, as requested by Mahanakhon Asset Management Co Ltd.
The debtors seeking repayment have been advised to inform the Legal Execution Department of their intention within two months of the day the order was published in the Royal Gazette.
Mr Somrak had said his debt of around four million baht stemmed from an unsuccessful investment in a petrol station “a long time ago”.
The debt in question was from around two decades ago when he borrowed money to open a gas station for his in-laws in Chaiyaphum province. The business failed and he has yet to pay back the money.
Although most of the media reported over the weekend after the Central Bankruptcy Court announcement published in the Royal Gazette that both Mr Somrak and his wife had been declared bankrupt, that’s not technically true.
Legal Execution Department director-general Ruenvadee Suwanmongkol said on Sunday that Mr Somrak and his wife still have a chance to undergo negotiations with their creditors to avoid bankruptcy.
“We have invited the couple to declare all their assets and income for debt negotiation with their creditors on September 25,” she said, adding that if they are able to reach a conclusion and the creditors had no objections, it would be possible to ask the court to not impose bankruptcy.
Failing to reach any agreement, Mr Somrak would be declared bankrupt and stands to lose his post as a captain in the Royal Thai Navy.
Ms Ruenvadee said any attempt by Somrak and his wife to conceal assets or income would also lead to criminal proceedings.
Mr Somrak told reporters that his life is right now not difficult as he still gets some jobs in show business.
“I think we can come back again after this mishap. Khaosai Galaxy, another boxing hero, had been bankrupt before and he took only three years to come back,” he said.
Mr Somrak became a national hero when he returned from the 1996 Summer Olympics in Atlanta, Georgia with a gold medal in featherweight boxing and he was also chosen to light the torch to open the 1998 Asian Games in Bangkok.
Top: Somrak winning a boxing match. Photo: Muaythaifocus.com
First in-text: The boxing hero says life is not difficult. Photo:Thai-box.info
Second in-text: Somrak as an actor and boxer. Photo: Alchetron.com
Below: A poster of the movie Born to Fight (Gerd ma lui in Thai) in which Somrak acted. Photo: Alchetron.com
By Kowit Sanandang