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. Last Updated: 07/27/2016

Audit Gives Thai Bank Low Marks

BANGKOK, Thailand -- An independent investigation found that lending practices at state-owned Krung Thai bank, Thailand's second biggest bank, were routinely slipshod in almost every aspect, local newspapers reported Tuesday.

The findings were contained in a report by the international accounting firm PricewaterhouseCoopers commissioned by the bank as part of a review of its huge quantity of nonperforming loans.

The report was released Tuesday at a hearing held by a Thai senate committee that is studying the causes and consequences of the economic crisis that nearly destroyed the country's financial system two years ago.

The extent of mismanagement uncovered in the report "sent shivers down the spine," the Bangkok Post newspaper quoted Chirayu Vasuratna, the committee chairman, as saying.

The entire financial sector was badly hit by the crisis.