Ex-senator seeks probe by audit office into AOT, fearing losses for the state

[webfact]

Ex-senator seeks probe by audit office into AOT, fearing losses for the state

By The Nation

 

Ruangkrai Leekitwattana

 

Former senator Ruangkrai Leekitwattana wants the State Audit Office to scrutinise if the performance of Airports of Thailand (AOT) was costing the government billions of baht after changes in contracts with the private sector.

 

AOT reported an adjustment in contracts to the Stock Exchange of Thailand, and that is expected to hurt AOT, including the share value and dividend.

 

The Ministry of Finance is the major shareholder with 10 billion shares, making up a 70 per cent stake. AOT's shares closed at Bt56.75 per share on August 28. If AOT's value drops by even Bt1 per share, the loss for the ministry in market valuation will be Bt10 billion.

 

Ruangkrai said the report to the stock exchange was evidence that AOT had caused damage to the Ministry of Finance and the Social Security Office, which also held 164 million shares and was likely to face the same consequence.

 

Source: https://www.nationthailand.com/news/30393751

 

-- © Copyright The Nation Thailand 2020-08-31

 

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[RichardColeman]

What generals have just bought new houses ? 

[JoePai]

Why is AOT under Government ownership – simple way out is to privatise it

[scorecard]

It's a state owned enterprise, it should never have got to the incredibly high share price.

 

For several previous years it's total annual revenues for an airport authority was the highest in the world with very high share dividends.

 

How did that happen? It's a state activity, it's operations should be for the benefit of all Thai citizens, but somehow those who bought shares gained massive share value rises and big dividends.

 

And where did the massive revenue come from: very high rents at airport and costs to airline operations. All paid for my basic travelers, many of whom are Thai citizens. 

 

 

Edited August 31, 2020 by scorecard

[pixelaoffy]

Gov of Thailand gives these state monopolies a licence to print money ! Gotta ask yourself why? Rhetorical question of course

[pixelaoffy]

48 minutes ago, scorecard said:

It's a state owned enterprise, it should never have got to the incredibly high share price.

 

For several previous years it's total annual revenues for an airport authority was the highest in the world with very high share dividends.

 

How did that happen? It's a state activity, it's operations should be for the benefit of all Thai citizens, but somehow those who bought shares gained massive share value rises and big dividends.

 

And where did the massive revenue come from: very high rents at airport and costs to airline operations. All paid for my basic travelers, many of whom are Thai citizens. 

 

 

Corrupt to the hilt 

[hotchilli]

1 hour ago, scorecard said:

How did that happen? It's a state activity, it's operations should be for the benefit of all Thai citizens, but somehow those who bought shares gained massive share value rises and big dividends.

A ponzi scheme for the government circles.

[jomtien99]

AOT makes so much money, they usually pay 4 months bonuses to all their staff

[hotchilli]

4 hours ago, JoePai said:

Why is AOT under Government ownership – simple way out is to privatise it

It's like Thai airways, a Ponzi scheme for the elite.

[JusticeGB]

He may not have realized that with covid19 International Flights are now down to practicality zero. The Government has asked them to reduce parking and landing fees for aircraft ergo income reduced dramatically. 

[Redline]

4 hours ago, scorecard said:

It's a state owned enterprise, it should never have got to the incredibly high share price.

 

For several previous years it's total annual revenues for an airport authority was the highest in the world with very high share dividends.

 

How did that happen? It's a state activity, it's operations should be for the benefit of all Thai citizens, but somehow those who bought shares gained massive share value rises and big dividends.

 

And where did the massive revenue come from: very high rents at airport and costs to airline operations. All paid for my basic travelers, many of whom are Thai citizens. 

 

 

Well, the government owns pawn shops ???? hit em high, and hit em low

[scorecard]

1 hour ago, jomtien99 said:

AOT makes so much money, they usually pay 4 months bonuses to all their staff

Totally gross and unethical since the bonus money comes from ripping off travelers, most of whom are Thai citizens. 

 

An organization like AOT should be aiming to make enough money to fund it's operations plus funds for upgrade/replacement of their assets/equipment etc. Nothing more.