| Headline: Bonds, brawls and Basil in Bangkok Source: Euromoney Date: February 2000
That said, few stations have escalators to the lofty platforms, and the climb, in definitely non-air-conditioned stairwells, has so far deterred even the most athletic. The train is financially controversial too. CSFB owns 23% of it - it received the shares as collateral after a loan to the project developer went sour. However, difficulties in actually registering the shares to CSFB threatened Thailand's reputation for commitment to reform. A subsequent court ruling has restored that, but the dispute rumbles on. Meanwhile passenger numbers are still below those required for the project to break even. Perhaps the stress of taking the train contributed to the riots that broke out at a recent government bond auction. |