Ex-finance minister Korn disagrees with using taxpayers’ money to rescue debt-ridden THAI

 

(Photo) Korn Chatikavanich/Facebook

 

Former Finance Minister and Democrat list MP Korn Chatikavanich has voiced his concern over the financial crisis facing Thai Airways International and, at the same time, has objected to any plan to use taxpayers’ money to rescue the national flag carrier.

 

In his Facebook post today, Korn said THAI’s financial current trouble is similar to that in 2008, when the company struggled to find money to repay its debts on daily basis.

 

He said he agreed with the opinion, expressed by Mr. Banyong Pongpanich, a veteran investment banker, that the most important thing for THAI to do is cut costs.

 

Full story: https://www.thaipbsworld.com/ex-finance-minister-korn-disagrees-with-using-taxpayers-money-to-rescue-debt-ridden-thai/

 

 

-- © Copyright Thai PBS 2019-08-20

Follow Thaivisa on LINE for breaking Thailand news and visa info

Minister Korn take a bow!, Bad management and running of the company is solely to blame.

Needs new people in and a lot of cost cutting to get Thai airways back on track.

Come on Korn, you have been there, you know the issues and the problems-- why not really say it as it is instead of pussy footing around with PR soundbites- if you really want to put some meat on your statement say it as it really is.....

27 minutes ago, webfact said:

he agreed with the opinion, expressed by Mr. Banyong Pongpanich, a veteran investment banker, that the most important thing for THAI to do is cut costs.

The second step would be to stop passengers from flying free...

5 minutes ago, missoura said:

The second step would be to stop passengers from flying free...

BINGO! I did the Narita-BKK leg on a THAI A-380 a few years ago. There were about 300 in line for 1st & Business classes. Maybe 3 dozen of us in economy which was the entire lower level. A Thai guy waiting with me to board said at best 20 in high class pay for tic.

11 minutes ago, smutcakes said:

Come on Korn, you have been there, you know the issues and the problems-- why not really say it as it is instead of pussy footing around with PR soundbites- if you really want to put some meat on your statement say it as it really is.....

But he would <deleted> a lot of very greedy, unethical, and influential people off if he did that 

Thai style 101, don't actually tread on toes even when it is absolutely necessary to do so

16 minutes ago, pegman said:

BINGO! I did the Narita-BKK leg on a THAI A-380 a few years ago. There were about 300 in line for 1st & Business classes. Maybe 3 dozen of us in economy which was the entire lower level. A Thai guy waiting with me to board said at best 20 in high class pay for tic.

To be fair, whilst obviously there are free bees, and dodgy upgrades,  they the reason for the financial mire of the company.. Obviously its lost revenue if someone else could of filled the seat but its small potatoes in the grand scheme of things.

 

More hurtful is the pervasive culture which allows that to happen and that people expect to happen, along with obviously the high staff numbers, complete incompetence and dare i say mafia style set up of whole families working in the company throughout the hierarchy, making it impossible to make changes- much like most civil services within the country. All in the same boat, all benefit from the system and all will do anything to preserve that system.

 

53 minutes ago, webfact said:

the most important thing for THAI to do is cut costs.

Quite a staggering comparison of the number of employees between TA and SIA. 

TA employees total 25,884 (2018) while SIA employs 14.729 and TA revenue almost 30% lesser than SIA. 

By the way, TA big losses worsened since 2014 proving the point that Generals don't have the competency to govern. 

Let Tony run it and it will make money soon.

3 hours ago, pegman said:

BINGO! I did the Narita-BKK leg on a THAI A-380 a few years ago. There were about 300 in line for 1st & Business classes. Maybe 3 dozen of us in economy which was the entire lower level. A Thai guy waiting with me to board said at best 20 in high class pay for tic.

Saw same thing in Moscow airport as 500 lined up for Emirates flight Dubai Bangkok. Next to us Thai aircrew arrive, same route; 9 passengers only???

5 hours ago, webfact said:

that the most important thing for THAI to do is cut costs.

The most important thing is that the Thai government sell its shares in THAI and focus on governing the nation, not an airlines!

Albeit it hasn't done either any benefit.

Don't you just love em !!

Now that he has lost the ability to kick paying passengers off a flight so he can travel FREE he wants the system overhauled

THAI is just a perk for hi-so's that cannot afford their own aeroplanes.

Sell and move on 

14 hours ago, Deli said:

Let Tony run it and it will make money soon.

The Tony. Him sound like the Farang. We Thai. This Thailand. We not need the Farang.

Let the government bail out Thai Airways. This would be a good thing for the Thai economy. LOL

On August 19, 2019 at 10:53 PM, Eric Loh said:

Quite a staggering comparison of the number of employees between TA and SIA. 

TA employees total 25,884 (2018) while SIA employs 14.729 and TA revenue almost 30% lesser than SIA. 

By the way, TA big losses worsened since 2014 proving the point that Generals don't have the competency to govern. 

 Those generals,  admirals,  commanders, majors, captains have huge families that use free flights. 

On 8/20/2019 at 1:53 PM, Eric Loh said:

Quite a staggering comparison of the number of employees between TA and SIA. 

TA employees total 25,884 (2018) while SIA employs 14.729 and TA revenue almost 30% lesser than SIA. 

By the way, TA big losses worsened since 2014 proving the point that Generals don't have the competency to govern. 

The answer to cutting costs is not always "cutting staff" especially frontline staff

Need to look at those who are less than productive behind the frontline, the awarding of contracts and to whom, inflated invoicing from suppliers.