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Graham Catterwell
88 Panya Village, Pattanakarn 30, Bangkok 10250 081 702 5581 graham@catterwell.net
I've been through challenging experiences during my 36 years in Thailand. Each time I have
solved any problems thrown at me and been able to grow the business I inherited. I am
looking for more challenges, now.
Change Management - People & Systems
Deutsche Morgan Grenfell Securities Thailand (DMGST): Managing Director. Rationalised
structure and procedures, reducing a planned headcount from an ineffective 155 to an
effective and efficient 72. Smarter working procedures and better qualified staff resulted in
dramatic improvements in operating profit margin as well as improved morale.
Change Management - Balance Sheet
DMGST: Managing Director. The Balance Sheet naturally reflected the company’s weak
performance. By re-instilling accepted financial guidelines and oversight, I managed the
company’s recovery. The resultant growth in cash balance rendered unnecessary a planned
equity-raising exercise.
Crisis Management
DMGST: Managing Director. In anticipation of the 1997 financial crash, having already
cleared non-performing loans, I consolidated all DMGST cash assets (previously held by
Thai institutions) into Deutsche Bank accounts five days before the tomyamgung collapse.
DMGST became the only financial institution in Thailand to escape the financial crash with
zero losses.
Disaster Recovery
UN Border Relief Operation (UNBRO): Consultant. WFP auditors from Rome sounded an
alarm that threatened the continuance of donor funding, and I was called in. Reconstructed
missing accounts going back several years ready for a successful audit and traced a major
supposed loss to an accumulated rounding error. Implemented a computerised system to
prevent the recurrence of such problems.
Applied Mathematics
Vichitbhan-SAMHO JV: Construction Bid Manager. Having noticed discrepancies between
drawing-implied and BOQ quantities, I used linear programming techniques to minimize the
BOQ-based bid total whilst maximizing the drawing-implied actual payment total, whilst
maintaining constraints on unit cost variations.
Team building from scratch
Crosby Research: Chief Representative, Thailand. At the time Crosby Research/Crosby
Securities was the preferred agent in Asian stockmarkets, but the entire team in Thailand
had walked out leaving only a secretary and a driver. I was brought in, had to initially sustain
the research output by myself, and quickly took the team size up to twenty - practically all of
whom are now in top positions in the financial sector in Thailand. It was a great team, and a
great training ground; and of course we regained top ratings within a couple of months.

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Interim Management
LV Technology PLC: Advisor. The Chairman and major shareholder asked me to look at the
terms of a loan agreement that the company was about to execute. I pointed out that it was a
very obvious scam. Having then looked at the balance sheet, I further pointed out that the
company didn’t need to raise debt if it simply renegotiated its existing banking facilities. The
MD, who was a genius on the technical front but hopeless at business management and
finance, opposed any such move. I proposed to the Board that they put me and my colleague
(the ex country head of Deutsche Bank) as interim managers of the business and financial
aspects for a period of 2-3 months, in exchange for a success fee based on the amount of
company cash assets liberated. The MD opposed this approach, so the only way forward
was for the majority shareholders to organize an EGM to oust the MD. Lacking confidence at
being able to replace the incumbent with someone with equivalent technical skills, the major
shareholders decided to do nothing.
Brewing Strategy
Carlsberg Breweries AG: Strategy Consultant. I was engaged to propose a strategy for
reentry to the Thai market. Boonrawd seemed to me like the perfect partner. I introduced the
two companies and helped negotiate a viable marriage.
Bank Strategy
Commerzbank: Director Thailand. Restructured business focus. Developed an overall
strategy for Thailand that was subsequently used as the model for the Asian region.
Political Advice
Ministry of Defence: Consultant. Wrote and delivered a comprehensive critique of the draft
Constitution for the Office of the Permanent Secretary (May 2015).
Various MNCs: Consultant. Subscription reports and analyses on the volatile situation in
Thailand in the first half of 2014.
Private Investigations
Global Credit Solutions (GCS): Country Manager/Investigator. GCS is one of the top three
global credit and investigation groups. I was particularly successful at people and asset
tracing and fraud investigation.
These are some examples of problems I’ve solved, changes I’ve managed, businesses I’ve
grown, and a few other unusual things I’ve dealt with so far. I’m ready to take on new
challenges, right now.
ON THE WEB
Academic Papers https://independent.academia.edu/GrahamCatterwell/Papers
LinkedIn Graham Catterwell
Facebook Graham Catterwell
Primary email graham@catterwell.net
Alternate email graham.catterwell@gmail.com

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RECENT POSITIONS
Position Organisation Area
Consultant Ministry of Defence Political Analysis
Political/Security Advisor Various MNCs Security Intelligence
Private Investigator Global Credit Solutions Investigations
Country Manager Global Credit Solutions Debt Collection/Investigations
Development Consultant Ingenesis Park Real Estate
Consultant Geothermal Power Production Energy
Strategy Advisor Carlsberg Breweries AG Brewing
Advisor to the Board LV Technology PLC Cement/Banking
Director (Managing Thailand) Commerzbank AG Commercial Banking
Managing Director Deutsche Morgan Grenfell Securities Securities Trading
Chief Representative Crosby Research Limited Investment Research
Strategy Advisor Caisse des Depots et Consignations Finance
Systems Designer Finance One PLC Financial Systems
Systems Designer Triumph International Inventory Control
Ghost Writer Bangkok Legal Consultants Writing
Disaster Recovery Consultant UN Border Relief Operation Logistics
Business Services Manager Multinational Management Co., Ltd. Management Consulting
Technical Consultant CU Social Research Institute Social Research
Specialist Researcher Ministry of Finance Financial Research
Project Administrator PTT/Vichitbhan Construction
Construction Bid Manager Vichitbhan-SAMHO JV Construction
Special Assistant Office of the Prime Minister News Analysis
EDUCATION
1974-78 Balliol College, Oxford - MA (Oxon)
- BA (Hons): Philosophy, Politics and Economics
- Hon. Mods: Mathematics and Philosophy
1971-74 Charterhouse - A’levels: Physics (A1), Maths (A2), Further Maths (A)
1968-71 Keynsham Grammar
Miscellaneous Activities
 Guest Speaker on politics, finance, economics and management at various institutions
 Chairman of Oxford & Cambridge Alumni in Thailand (2012-13)
 Mathematical Papers
o The key to expressing primes in polynomial form
o Of Pyramids and Primes - Part 1
o Of Pyramids and Primes - Part 2
 Books in progress
o Understanding Thai History
o Understanding Thai Politics
o Understanding Thai Economics
o Understanding Thai Culture
o Understanding Thai People
 Whole house 3-phase detailed electrical design to BS 7671
o My design, including modelling, was adapted by the MEA as a training tool for senior
electrical engineers

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Political & Security Intelligence 2 (May 2015)
Position : Consultant
Organisation : Ministry of Defence
Task : At the behest of the Deputy Permanent Secretary, I produced a detailed and
comprehensive critique of the draft Constitution.
Political & Security Intelligence 1 (January to June 2014)
Position : Political & Security Intelligence Advisor
Company : Various multinational corporations
Task : Provided detailed subscription reports on the political and security situation in
Thailand, and particularly Bangkok. As a result, the MNCs were able to continue
operations with minimal disruption, with a clear picture of real risks, rather than a
panic-inducing conception of perceived risks.
Credit & Private Investigations 2 (August 2012 to September 2013)
Position : Private Investigator
Company : Global Credit Solutions (GCS)
Business : One of the three largest global providers of debt collection, credit checking, fraud
investigation, person and asset tracing, and other related services
Duties : Management of tracing and investigation services in Thailand.
Achievements : Full completion of all assignments.
Credit & Private Investigations 1 (May 2010 to August 2012)
Position : Thailand Director
Company : Global Credit Solutions (GCS)
Business : One of the three largest global providers of debt collection, credit checking, fraud
investigation, person and asset tracing, and other related services
Duties : Overall management of Thailand operations. Liaison with police, security,
Embassies, and relevant Thai government agencies. Hands-on participation in
tracing, fraud investigation and debt collection.
Achievements: Excellent at tracing and investigation; poor at collecting ancient credit card debts.

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Consulting (2003-2009)
Position : Consultant
Company : Ingenesis Park
Task : To create a concept for an international green technology and R&D cluster. To be
located on a 1,443 rai site near Srithep Historical Park.
Position : Consultant
Company : Geothermal Power Generation
Task : To explore the feasibility of geothermal power production from the substantial
underground heat sources in lower Phetchabul province.
Position : Strategy Advisor
Company : Carlberg Breweries AG, Copenhagen
Task : To advise Carlsberg on reentry to the Thai market following the messy divorce with
TCC Group. I advised Carlsberg to enter into arrangements with Boonrawd, made
the appropriate introductions, and assisted with negotiations.
Position : Advisor the Board of Directors
Company : LV Technology PLC
Task : Despite large cash balances, the company was having difficulty raising new loans for
business expansion. This was because the company had a terrible relationship with
its bank, which required cash collateral in amounts equal to necessary credit
facilities. The first task was to shut down a scam loan facility that the company was
about to enter. The second was to offer to renegotiate banking facilities. The
proposals were blocked by the MD, so the only option was for major shareholders to
terminate the MD through an EGM. The major shareholders declined to take this
action.
Banking (July 2000 to June 2002)
Position : Director – Business Development, Thailand. Based in Bangkok.
Company : Commerzbank AG, Singapore Branch
Business : One of the three largest German banks, Commerzbank offers the full range of
universal banking services.
Duties : Responsible for the bank’s overall strategy and business in Thailand and for
marketing the full range of the universal bank’s products and services to companies
in Thailand (excluding bank-to-bank transactions). Thailand coordinated with
Singapore and Frankfurt.
Achievements: Graham innovated an approach -- later used as a model by the bank for the Asian
region, to focus business lines and prioritise business relationships. He achieved a
high collection rate of non-performing loans, terminated unproductive client
relationships and, both through his extensive networking of contacts and cold calling,
fostered new and profitable clients.

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A wind-down period and then time for the family (May 1998 to June 2000)
Although no longer employed by the Deutsche Bank group, the bank agreed to keep the personal
security protection (armed bodyguard team) in place for a wind-down period. This having been
achieved, Graham decided to take his wife and six-month old son for a long holiday touring Europe.
Securities Business/Investment Banking 2 (January 1996 to April 1998)
Positions : Managing Director (February 1997 to 31 March 1998)
Acting Managing Director (March 1996 to February 1997)
Head of Equities (January to March 1996)
Company : Deutsche Morgan Grenfell Securities (Thailand) Company Limited (DMGST)
Business : As a fully-licenced securities company, DMGST operated as the investment banking
arm of the Deutsche Bank group in Thailand. The operation worked closely with the
Bangkok Branch of Deutsche Bank, and coordinated directly with Singapore, Hong
Kong, Frankfurt and London.
Duties : From March 1996, the Managing Director assumed the responsibilities of the Head
of Equities, in addition to responsibility for the Investment Banking Division in
Thailand, coordination with those DMG products that did not otherwise have
representation in Thailand, as well as full responsibility for all matters concerning
DMGST. The Managing Director’s main reporting line was to the Chief Executive
Officer, DMG Asia/Pacific, based in Singapore. Additional matrix reporting lines to
Regional and/or Product Heads based outside Thailand also applied, covering such
products and functions as Equities, Investment Banking, IT/Operations, Controlling,
Compliance, HR, Research, Internal Audit, etc. The relationship to other products,
such as Structured Finance, Aircraft Leasing, Project Finance, Debt Origination, etc,
was that of coordination and support, rather than that of direct responsibility.
The Head of Equities had global responsibility for the Thai Equities Product,
including overall P&L responsibility as well as matrix responsibility for the Thai
equities sales desks in London, New York, Singapore, Hong Kong, and elsewhere.
The Head of Equities has reporting lines to the Managing Director and to the
Asia/Pacific Regional Head of Equities, the latter being based in Hong Kong or
Singapore.
Achievements : In a short space of time, Graham overhauled the management accounting
system, radically upgraded staff quality and performance, took the equity
product from the bottom to the top of the ratings, tidied up the corporate
shareholding structure, and dramatically cleaned up the balance sheet.
When Graham joined DMG, the group’s equity product was very poorly rated; when
he left, the Thai Equity product was amongst the top rated.
Initially, the company was poorly managed; poorly focused with no way to measure
the profitability of specific business lines, and heavily overstaffed. He halved the
headcount, replacing all but two department heads and a third of the total staff with
new and higher caliber recruits. He focused business lines, and closed those
which were not, and would never become profitable. This resulted in dramatically
improved profitability, and the company was in a position to react promptly to
changes in the business environment.
The problem margin loan portfolio was steadily reduced through 1996 and then, in
anticipation of an eventual financial crash, very aggressively reduced from January
1997. Overall, the portfolio came down from Bt2,000m (US$80m) in January 1996 to

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Bt148m in March 1998, with a realized loss of just Bt17m and an effective collection
rate of 98% (including interest).
Thus, Graham achieved a 98% collection rate on non-performing loans – more
than double that achieved by any other financial institution in Thailand during the
crash, and close to four times the average, thereby saving Deutsche Bank some
US$60 million on NPLs alone.
In the week before the financial crash Graham alone took the initiative to rapidly
withdraw all the company’s substantial deposits from Thai financial institutions. This
decision met consternation from the bank’s management in Singapore and Frankfurt,
and also from the Bangkok Branch of Deutsche Bank, which had to cope with a
consequent surge in Baht deposits. However, unique amongst financial
institutions in Thailand, DMGST suffered zero losses when the Baht collapsed
and numerous Thai financial institutions became insolvent.
Despite DMGST’s efficiency, sustainable profitability, and clean balance sheet,
Deutsche Bank’s main board in Frankfurt, after some internal discussion, made the
decision to close the company in December 1997. Graham then managed the
process of disposing of the fixed assets, making arrangements with the regulatory
authorities, terminating the staff, ensuring a positive PR spin, and cleaning out the
office. He was literally the last to leave the office in March 1998 and personally
handed the keys over to the landlord.
Securities Trading/Investment Banking 1 (October 1990 to 31 August 1995)
Positions : Chief Representative (December 1990 to 31 August 1995)
Head of Research (October to December 1990)
Company : Crosby Research Limited (Thailand Representative Office)
Business : The Thailand Representative Office of Crosby Research, was the main Thai entity of
the Crosby Securities Group. Crosby Securities successfully positioned itself, during
the growth years of regional equities markets, in a very strong research-driven niche.
The primary function of the office was to produce the Thai research product and to
provide support to global equities sales.
Duties : Responsible for building Crosby’s Thai business from bare bones (Graham, a
secretary and a driver/messenger) in 1990, to a top-rated equities house, and one
of the most profitable operations amongst the Crosby Group’s businesses across
Asia, by 1995. In the meantime, in the roles of banking analyst and economist,
Graham was consistently rated as one of Thailand’s top analysts and
economists, and as one of Crosby’s top analysts worldwide.
Own Advisory Business (1985-1990)
Managing Director, Iota Group (Thailand) Co., Ltd. Own management consulting company,
through which projects were performed for:
 Caisse des Depots et Consignations. Consultant for Thailand and Indochina. Advised
on marketing of financial services. Closed deal with Bank of Thailand on French Franc
Reserves. Advised on CDC’s investments in Thailand and Indochina.
 Finance One. Designed and developed funding management systems.
 Triumph International. Purchasing, stock control, production and cost control systems for
ladies’ underwear and parts thereof. Advice on Information Technology.
 Bangkok Legal Consultants. Produced the first edition of a book called “Doing
Business in Thailand”.

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 UNBRO (UN Border Relief Operation). Disaster recovery from failed logistics accounting
system. Overhauled entire accounting procedures, recruited and trained new staff,
managed logistics function until system was proven and audited.
 SEAMEO (South East Asia Ministers of Education Organisation). Advised on transition
from manual to computerised accounting system. Designed a multi-currency, multi-project
accounting system.
The Previous Decade
1983-84 Business Services Manager, Multinational Management Co., Ltd. (MULTIMAN) – a
management consulting firm. Led management consulting assignments for projects
undertaken by MULTIMAN in Thailand. Managed all business service and business
research assignments. Managed marketing and business development activities
performed by MULTIMAN for Booz, Allen & Hamilton Inc, principally in the Energy, Oil &
Gas, Transportation, Banking and Information Technology Sectors.
1982-83 Vice President, TEAM D Co., Ltd. (Thailand Engineering and Management
Development). TEAM D was part of a group of companies active in land development,
construction, engineering, training, real estate consulting, and project management.
Advised and assisted with group management, as well as with business development and
group diversification.
1982-83 Technical Consultant, Chulalongkorn University Social Research Institute (CUSRI).
Provided technical assistance on a number of World Bank and UNDP projects undertaken
by CUSRI, including “Small Business and Industry Promotion” for the NHA, and “Forestry
Development and Privatisation” for the NESDB. (These 3-6 month assignments were
concurrent with the period at TEAM D).
1981-82 Specialist Researcher, Ministry of Finance. A Study of Housing Finance in Thailand,
commissioned by the Ministry of Finance, funded by the World Bank, and performed by
Alan Knight Consultants. Performed the research and data collection for the study, data
analysis and interpretation, and drafting of relevant chapters in the interim and final
reports. Interviewed all banks, finance companies, credit fonciers, and insurance
companies with a role in housing finance or development. Organised seminars to obtain
feedback from developers and from developer- and buyer-financiers. Conducted
extensive surveys of developers and housing projects.
1980-81 Project Administrator, Petroleum Authority of Thailand/Vichitbhan Construction Co.
Ltd. Monitored a highly critical project schedule, prepared weekly reports, assisted with
project management, and interfaced between the contractor, PTT, and PTT’s
Representative (Fluor Ocean Services Inc).
1980-81 Construction Bid Manager, Vichitbhan Construction Co. Ltd. Managed bid
preparation for the Bangkok International Airport expansion project for a Thai-Korean
joint-venture (Vichitbhan-Samho). Developed and implemented mathematical linear
programming techniques for bid price optimization.
1979-80 Special Assistant, Office of the Prime Minister. Prepared synopses and analyses of
international political and economic developments for the internal use of the PM’s Office.

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Recent references
GCS “Brilliant investigations!” “It is a delight to see a true professional at work”.
Commerzbank “Mr. Catterwell’s in-depth knowledge of business in Thailand, as well as his
impressive network of high-level connections in the country were a most valuable
asset to the bank.
Mr. Catterwell’s performance in the execution of his duties for the bank was
excellent. His farsighted and innovative approach to expand and enhance the bank’s
corporate relationships, not only in Thailand, but also throughout the region was
exemplary and his professionalism and integrity was highly appreciated by clients
and colleagues.”
Deutsche Bank“Benefiting from his intimate knowledge of the country and the Thai financial market
he attracted a number of highly qualified professionals both in equities research and
sales/trading…. The market acknowledged quality improvements in research and
order execution achieved under his leadership.
He initiated a major restructuring and cost/headcount reduction programme which
resulted in efficiency and profitability gains.
In difficult market conditions and with a strong personal involvement Graham
achieved a major reduction in the company’s ailing margin loan book.
Graham Catterwell has been a loyal and trusted colleague. Throughout his more
than two years with Deutsche Morgan Grenfell he has acted highly professional and
ethical.”
SEC Comments from Rapee Sucharitakul, whilst Senior Assistant Secretary-General
(when Mr Catterwell resigned from Crosby Securities):
“I hope you’re not leaving the country; Thailand needs more people like you.”