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. Last Updated: 07/27/2016

Bank Board Resigns

BANGKOK, Thailand -- The Thai central bank forced the resignation Tuesday of every member of the board of troubled Krung Thai Bank, sparing only the new president named last month.

The purge was announced after a meeting of the Bank of Thailand's rescue fund, which is the major shareholder in state-owned Krung Thai, the country's second largest commercial bank.

Krung Thai has been at the center of a political uproar following disclosure of a preliminary audit by PricewaterhouseCoopers projecting that the bank's bad loans could amount to 84 percent of all lending.