Transfer To Uk Of Baht 200 Million By Pojaman

[topfield]

News item (the Nation 20 February ) as well as financial currency matter.

Potjaman stands to gain Baht 14m profit using the onshore rate.

Could this be in the interest of the Thai economy and the Thai tax payer ?

[bendix]

If it's personal money, why would it affect the thai economy or the taxpayer?

[thaihome]

Also, won’t the injection of the 200 million baht help the liquidity of the offshore market thereby reducing the spread?

TH

Edited February 20, 2007 by thaihome

[Old Man River]

Also, won’t the injection of the 200 million baht help the liquidity of the offshore market thereby reducing the spread?

TH

Unless the invoice (reason for the transfer) is denominated in THB (i.e. the house was being priced in THB - which doesn't make sense), then the trade would be onshore (i.e. baht converted to GBP at the onshore rate). No THB would go outside of the country.

The thread's question relates to the political question as to whether the BOT should allow this, and in this case I would agree with Bendix. She has not been adjudged guilty of anything, and therefore should be given the right to buy a house elsewhere (especially since her husband is not being allowed to return).

[Khun Bob]

Jeez - they buying a house in the UK ?

It'll be funny when they go to the local supermarket and meet all the Thai wives working there...

[topfield]

Jeez - they buying a house in the UK ?

It'll be funny when they go to the local supermarket and meet all the Thai wives working there...

Aren't there supposed to be exchange controls in Thailand ? If people can export huge amounts of cash like this whats the point in having the controls ?

Also please remember there are at least two indictments overhanging this woman

1. regarding tax fraud for hundreds of millions involving her housemaid and brother Banapot

2. her purchase of land for a song on Ratchada Pisek road.

Note to all expats :

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ? By the way the press are now reporting the price to be Bt 300M not Bt 200M !

[Acquiesce]

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ?

It is possible for us to own the house itself, but not the land it sits on.

[samran]

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ?

It is possible for us to own the house itself, but not the land it sits on.

And if it is in London, then that is probably what is going to happen. She'll get a very long leasehold.

As for topfields question, the exchange controls are to protect against multi billion dollar fund spectulators, creating a long term stability in the baht, while taking into account market demand for the baht.

They aren't designed to stop people living their day to day lives, though the BOT does have a threshold over which it does check.

[Erwin1011]

With an enquiry still ongoing, the subject of the enquiry should not be allowed to take ANY funds out.

I still wonder why those assets have not been frozen yet.

[Prakanong]

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ?

It is possible for us to own the house itself, but not the land it sits on.

And if it is in London, then that is probably what is going to happen. She'll get a very long leasehold.

As for topfields question, the exchange controls are to protect against multi billion dollar fund spectulators, creating a long term stability in the baht, while taking into account market demand for the baht.

They aren't designed to stop people living their day to day lives, though the BOT does have a threshold over which it does check.

I bet they are going for freehold rather than leasehold though - still plenty about

[sriracha john]

Full details:

Feb. 19

BOT does not yet approve Pojaman's requrest to bring Bt200 million out of the country

Feb. 20

THAKSIN'S WIFE PLANS TO BUY 200 MILLION BAHT UK HOME Central bank still refusing to allow Potjaman cash transfer

Actually the amount she's wanting to take out is 400 million baht.

Additionally, they already own a mansion in London.

Thaksin & Potjaman

55 Park Lane

thaksin_london.kmz

Edited February 22, 2007 by sriracha john

[thaihome]

Also, won’t the injection of the 200 million baht help the liquidity of the offshore market thereby reducing the spread?

TH

Unless the invoice (reason for the transfer) is denominated in THB (i.e. the house was being priced in THB - which doesn't make sense), then the trade would be onshore (i.e. baht converted to GBP at the onshore rate). No THB would go outside of the country.

The thread's question relates to the political question as to whether the BOT should allow this, and in this case I would agree with Bendix. She has not been adjudged guilty of anything, and therefore should be given the right to buy a house elsewhere (especially since her husband is not being allowed to return).

The threads questions were:

"Potjaman stands to gain Baht 14m profit using the onshore rate."

"Could this be in the interest of the Thai economy and the Thai tax payer ?"

It doesn't sound like a political question to me. You must be new around here. The OP only asks questions about currence, not politics.

And besides, if you can transfer USD or Sterling into Thailand and then converted to THB why would THB not be transfered to UK? Nothing in the article indicated what currence the transfer would be made in.

TH

[bendix]

Jeez - they buying a house in the UK ?

It'll be funny when they go to the local supermarket and meet all the Thai wives working there...

Aren't there supposed to be exchange controls in Thailand ? If people can export huge amounts of cash like this whats the point in having the controls ?

Also please remember there are at least two indictments overhanging this woman

1. regarding tax fraud for hundreds of millions involving her housemaid and brother Banapot

2. her purchase of land for a song on Ratchada Pisek road.

Note to all expats :

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ? By the way the press are now reporting the price to be Bt 300M not Bt 200M !

Why shouldn't she be permitted to buy a house in London if she wants to, and has the money? The laws of the UK allow that to happen; sadly for us the laws of Thailand do not allow it to happen (with the exception of the allowances when one invests 40 million baht here).

Isn't it obvious to a financially astute guy like you WHY different countries have different laws regarding land ownership? A government's role is generally to protect the status of it's people; if the Thai government allowed unlimited land ownership to foreigners, every rai in the country would be snapped up by relatively cash-rich foreigners taking advantage of cheap land prices, the price would rise and it would basically disenfranchise the local population.

In the UK, land prices are very high. The same risks do not exist.

Similar land ownership restrictions apply in just about any poor country that is popular with foreigners - Thailand, Philippines, Indonesia etc.

And quite rightly so, in my opinion.

[Khun Bob]

OT Post but cant resist

I think after what they have done, they should only be allowed to buy a football club - much better use of their cash and of course they could live above the changing rooms... Best way to make a little money in UK Football is to start with alot !

Of course it would be all be taxed and they could have access to the NHS free. Maybe they could even sell a bit of som tam to the supporters on a game day !

But which football team should it be - missed out on Liverpool now...

[topfield]

Jeez - they buying a house in the UK ?

It'll be funny when they go to the local supermarket and meet all the Thai wives working there...

Aren't there supposed to be exchange controls in Thailand ? If people can export huge amounts of cash like this whats the point in having the controls ?

Also please remember there are at least two indictments overhanging this woman

1. regarding tax fraud for hundreds of millions involving her housemaid and brother Banapot

2. her purchase of land for a song on Ratchada Pisek road.

Note to all expats :

We expats are not allowed to buy a house in Thailand........why should she be permitted to buy a house in London ? By the way the press are now reporting the price to be Bt 300M not Bt 200M !

Why shouldn't she be permitted to buy a house in London if she wants to, and has the money? The laws of the UK allow that to happen; sadly for us the laws of Thailand do not allow it to happen (with the exception of the allowances when one invests 40 million baht here).

Isn't it obvious to a financially astute guy like you WHY different countries have different laws regarding land ownership? A government's role is generally to protect the status of it's people; if the Thai government allowed unlimited land ownership to foreigners, every rai in the country would be snapped up by relatively cash-rich foreigners taking advantage of cheap land prices, the price would rise and it would basically disenfranchise the local population.

In the UK, land prices are very high. The same risks do not exist.

Similar land ownership restrictions apply in just about any poor country that is popular with foreigners - Thailand, Philippines, Indonesia etc.

And quite rightly so, in my opinion.

My goodness, cheap land prices around here ? If only they were ! Clearly you have not been following property prices in Central Bangkok , especially in Silom and Sukumvit area where prices are sky high.

And yes this is exactly the sort of property Toxin wants to buy in London !

Also it should be noted that Brits wanting to buy at the top end of the London property market HAVE been driven out by wealthy foreigners with prices driven up by Russian billionaires / tycoons,etc yet the UK government has not banned the sale of such properties to Thais !

What hypocracy ...Toxin as Prime Minister and quasi-dictator prevented rich falangs buying their dream house in Sukumvit with his laws which he could have altered with the drop of a hat ( as he did with the media ownership laws in Thailand when he wanted to sell out t to Singapore) and now has the audacity/ cheek to buy up similar property not only in London but Sydney and Beijing if press reports are to be believed.

Finally as for the RIGHT of wealthy Thais to use foreign currency to buy properties overseas willy nilly despite rigorous exchange control laws , you have clearly forgotten that UK residents were under UK exchange control laws for 40 years and were not permitted to do this freely and had to pay a huge premium to obtain so called 'property dollars 'even for their small apartment in Torremolinas

[The Exchange Control Act 1939 is still on the Statute Book.It was in fact never repealed but only suspended by Mrs Thatcher]

[bendix]

On the subject of land prices, i would imagine the price of land in silom or sukhumvit is still exponentially cheaper than in, say, Mayfair or Westminster so your comparison doesnt work.

On the issue of UK exchange controls. . . umm . so what? Different countries have different laws. Get used to it. What exactly is your point? That you would like all countries to have exactly the same laws . nice in theory, but it isnt going to happen.

Why consistently rail against things that you can't change and don't really matter that much?

Isn't it time you went to write another email to Nationwide, advising them on their global strategy?

[topfield]

On the subject of land prices, i would imagine the price of land in silom or sukhumvit is still exponentially cheaper than in, say, Mayfair or Westminster so your comparison doesnt work.

On the issue of UK exchange controls. . . umm . so what? Different countries have different laws. Get used to it. What exactly is your point? That you would like all countries to have exactly the same laws . nice in theory, but it isnt going to happen.

Why consistently rail against things that you can't change and don't really matter that much?

Isn't it time you went to write another email to Nationwide, advising them on their global strategy?

..of course you are right but the reply reminds me of my history teacher at school who used to go through my essays word by word looking for something, anything, to criticise.

Long live free speech and freedom of opinion but I challenge you to find even one line in the above posting which was not factual .

And it just cannot be right fair and just for a wealthy Thai to be allowed to buy top grade property in London but for a wealthy Brit not to be allowed to do the same in Bangkok !

Edited February 23, 2007 by topfield

[thaihome]

If a wealthy Brit wanted to spend 4 or 5 million pounds on a house in Thailand, he would have no problem doing so.

TH

[topfield]

If a wealthy Brit wanted to spend 4 or 5 million pounds on a house in Thailand, he would have no problem doing so.

TH

OK...i've just sold my five bedder in Kensington , please explain how I , a Brit with an English wife can legally acquire my new country estate in the suburbs of Bangkok and hold in my name. [please note the word estate ie a couple of rai of land.] Awaiting your reply with baited breath !

[bendix]

You can't, of course. But you could if you only wanted a rai for purely residential purposes. It would cost you a 40 million baht securities investment though.

Look, the law is the law. Fair or not fair. Don't fight it.

[thaihome]

It is doubtful that a person with that kind of money would be obsessed with having the property in their name, nor would they worry about banks not updating exchange rates over weekend.

As anywhere in the world, and especially in developing countries, money can get you most anything you want.

TH

[LaoPo]

....And it just cannot be right fair and just for a wealthy Thai to be allowed to buy top grade property in London but for a wealthy Brit not to be allowed to do the same in Bangkok !

You're jealous Topfield, admit it...

Why would a wealthy Brit buy a top grade house/appartment in Bangkok? I'm sure he knows better places than BKK. Where would he park his Rollie?

And, I'm also sure a lot of poor people from the former Commonwealth countries feel exactly the same as you do now.

LaoPo

[samran]

Finally as for the RIGHT of wealthy Thais to use foreign currency to buy properties overseas willy nilly despite rigorous exchange control laws , you have clearly forgotten that UK residents were under UK exchange control laws for 40 years and were not permitted to do this freely and had to pay a huge premium to obtain so called 'property dollars 'even for their small apartment in Torremolinas

[The Exchange Control Act 1939 is still on the Statute Book.It was in fact never repealed but only suspended by Mrs Thatcher]

Toppy, while we are at it, can we repeal the 1971 Immigration Act so I as an Australian citizen can go live freely in the UK without restriction. Maybe then we'd also like re-introduct the Commonwealth immigration act while we are at it as well.

My point is, it is a bit useless for me, an Australian, to own property in the UK when I'm never going to have to right to live there, which is the case for 99% of the worlds population.

Stop the world....I want to get off!

[topfield]

Finally as for the RIGHT of wealthy Thais to use foreign currency to buy properties overseas willy nilly despite rigorous exchange control laws , you have clearly forgotten that UK residents were under UK exchange control laws for 40 years and were not permitted to do this freely and had to pay a huge premium to obtain so called 'property dollars 'even for their small apartment in Torremolinas

[The Exchange Control Act 1939 is still on the Statute Book.It was in fact never repealed but only suspended by Mrs Thatcher]

Toppy, while we are at it, can we repeal the 1971 Immigration Act so I as an Australian citizen can go live freely in the UK without restriction. Maybe then we'd also like re-introduct the Commonwealth immigration act while we are at it as well.

My point is, it is a bit useless for me, an Australian, to own property in the UK when I'm never going to have to right to live there, which is the case for 99% of the worlds population.

Stop the world....I want to get off!

Dear Ozzie billy bong,

Did you not know.....houses in the UK have been rising in value by about 25 per cent a year so even if you dont find an English or EU wife which will give you the right to live there permanently ,you can always invest in a few properties...and earn big money !

[Khun Bob]

Let the sh1tawatras come to the uk - I'll happilly tell all the 2M+ UK muslims where he lives and what he initiated, supported and approved on their brothers - now their response would make some good youtube videos and be a positive channeling of their energy

[samran]

Finally as for the RIGHT of wealthy Thais to use foreign currency to buy properties overseas willy nilly despite rigorous exchange control laws , you have clearly forgotten that UK residents were under UK exchange control laws for 40 years and were not permitted to do this freely and had to pay a huge premium to obtain so called 'property dollars 'even for their small apartment in Torremolinas

[The Exchange Control Act 1939 is still on the Statute Book.It was in fact never repealed but only suspended by Mrs Thatcher]

Toppy, while we are at it, can we repeal the 1971 Immigration Act so I as an Australian citizen can go live freely in the UK without restriction. Maybe then we'd also like re-introduct the Commonwealth immigration act while we are at it as well.

My point is, it is a bit useless for me, an Australian, to own property in the UK when I'm never going to have to right to live there, which is the case for 99% of the worlds population.

Stop the world....I want to get off!

Dear Ozzie billy bong,

Did you not know.....houses in the UK have been rising in value by about 25 per cent a year so even if you dont find an English or EU wife which will give you the right to live there permanently ,you can always invest in a few properties...and earn big money !

Hmm,

can you help me find a UK bank that will let a non-resident borrow money, let alone get a bank account? Sure, HSBC will let you buy to let, if you have a 20% deposit, but if you don't earn pounds to begin with, it is all hypothetical really.

Seeing how you like wasting your time, walk into any high street bank, tell them you are not an EU resident and see how well you get treated. They'll laugh you out of the bank.

Funny thing about many punters like yourself, it is all doom and gloom here in Thailand, with nasty Thai's being xenaphobic keeping the exchange rate not to your liking, doing funny things with laws and policy which....shock horror....protect the interests of Thai people. You've never bothered to look (or conviently ignore) how many of our home governments...shock horror again, do the same things, look out for the best interests of your people. They'll happily take the products of cheap labour, but anything that is relatively value added (earns more income) and which competes with, say, an EU build product, will be stopped at the EU border.

As bendix said, if foreign ownership was allowed, prices would simply be bid up out of the reach of people who are just begining to be enfranchised as far as this goes. Land/asset ownership, while not sufficient, is a necessary part of economic development. We could go on about the exisiting concentration of of ownership in Thailand, but that is a seperate problem that needs to be addressed at a policy level - and domestically. What you are advocating is primarily going to compound the problem.

[Khun Bob]

I've been advised that anyone in the UK can get a bank account - their calle dbasic bank accounts - I beleive this is how forreign students (non EU) manage - HSBC informed that that anyone can get their basic bank account - there is a government website that lists all the basic bank accounts that are available. Some of them have interesting requirements for identification aswell - time to brush up on my russianish sounding accent...