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Thanachart Bank denies allegations in coal trader's 60B baht lawsuit

Thanachart Capital PCL unit Thanachart Bank PCL denied allegations made by Energy Earth PCL in a lawsuit, saying it did not share confidential financial information of the troubled coal trader with other parties, including Krung Thai Bank PCL.

Energy Earth claimed Thanachart Bank caused substantial damages to the company by allowing Krung Thai Bank PCL to access its private information. Krung Thai Bank then filed a court petition to freeze the coal trader's deposit account at Thanachart Bank. In an Aug. 7 filing, Energy Earth said it was seeking damages of 60 billion baht from Thanachart Bank.

The coal trader added that it may proceed with a criminal case later.

Responding to the suit, Thanachart Capital said its banking unit completely denies the allegations. The bank, however, said freezing the account of Energy Earth was done at the request of one of the company's creditors and according to a court order.

Thanachart Bank said the accusation from Energy Earth is causing damages to the bank, and it has the right to take legal action against the company.

As of Aug. 9, US$1 was equivalent to 33.25 Thai baht.