Nutthawat WicheanbutThe labour union of the Education Ministry’s textbook publishing and sales business, known as Suksapan, is demanding a review of the mass layoffs announced this week, blaming mismanagement for the organisation’s financial problems. The order to terminate 961 workers, or 93% of all Suksapan employees, cited enormous debt and a lack of liquidity. Outstanding debts of 5.7 billion baht were from loans sought by the organisation's executives since 2001 to hire firms to print textbooks. The borrowing reflects a lack of financial discipline leading to bad debts, according to the union. "We think the business organisation's executives should first figure out the cause of financial problems and use governance in solving the issue," said the union.

Source: Bangkok Post July 02, 2020 22:51 UTC