The share saga that threatens to end Thai hopes for a liberal prime minister

[webfact 181961]

 

A potential knockout blow looms for Move Forward leader Pita Limjaroenrat as he bids to take over the PM’s post after his party’s stunning election win on May 14.

 

The legal challenge over his ownership of media shares could stop the PM-hopeful in his tracks if the Election Commission (EC) decides to hand the case over to the Constitutional Court. And all hope of the top job would be crushed if the court rules against him.

 

The Constitution bars election candidates from running for office if they have a stake in media.

 

Some believe Pita could end up like tycoon-turned-politician Thanathorn Juangroongruangkit, leader of Move Forward’s predecessor Future Forward, who had his MP status cancelled for owning media shares.

 

Some observers say that Move Forward may have shot itself in the foot over Pita’s iTV headache by overlooking this pitfall on his path to the premiership.

 

What is the accusation?

 

Political activist and serial petitioner Ruangkrai Leekitwattana last month asked the EC to investigate if Pita’s holding of 42,000 shares in the media company iTV Plc was against the law.

 

Full story: https://www.thaipbsworld.com/the-share-saga-that-threatens-to-end-thai-hopes-for-a-liberal-prime-minister/

 

-- © Copyright Thai PBS 2023-06-08

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

[ikke1959 14159]

I have heard that several Thai men were talking about Pita and the PM problems.. They are convinced that if Pita doesn't get the PM seat there will be a civil war in Thailand. Just to mention how people are thinking about the acts of the EC and cronies... And I heard it on a army camp too...So there is a real thread and maybe as yesterday in the news that foreign investors are selling their shares already as they expect the same  

[bob smith 5508]

civil war 2024. watch this space....

[bignok 7637]

Why didnt he sell the shares before the election?

[stoner 9996]

we already know this.

[bignok 7637]

5 minutes ago, ikke1959 said:

that foreign investors are selling their shares already as they expect the same  

People sell shares every week. 

[dinsdale 15064]

15 minutes ago, webfact said:

Election Commission (EC) decides to hand the case over to the Constitutional Court

Both coup entities. As I've said before how to win when you lose. They must know what the consequences will be. The hatred for this mob of military elites was written on the ballet papers and be in no doubt that this hatred will be reflected on the streets. Problem is these buffoons have absolutely no consideration for the people only their own power and wealth. I have stated many times now and I will state once again. Revolution is on the doorstep of this country.

[Thailand 25287]

After what happened to Thanathorn he was still dumb enough to have media shares worthless or otherwise he does not deserve the pm position. 

[JonnyF 29845]

The Thai people have been incredibly tolerant of the military since 2014. Too tolerant IMO, bordering on weak. 

 

However, if Pita is blocked from becoming PM I believe we will see the end of such tolerance. It could get very messy indeed.

[Thailand 25287]

12 minutes ago, bogs smith said:

civil war 2024. watch this space....

Based on having been here for 20 plus years and 3 coups I think it is highly unlikely for the average Thais to rise up and contest who is in government, or who leads that goverment. Does not seem to be in their nature.

[bamnutsak 5738]

12 minutes ago, bignok said:

Why didnt he sell the shares before the election?

Are these shares traded? Can he actually sell them?

 

From the linked article...

 

The PM’s Secretariat Office had terminated iTV’s concession contract on May 7, 2007 and its frequency was taken over by the Thai Public Broadcasting Service (Thai PBS) in 2008.

 

After iTV’s frequency was blocked, its share value dropped to practically zero.

 

 

The intent of the law(s) mentioned is to insure that a candidate does not use their influence with a media outlet to enhance their election chances. Given that iTV is defunct this would seem to be a non-issue, but it is Thailand so...

 

I'm shocked that the EC has "accepted" a complaint. And I'll be shocked if it is referred to the Constitutional Court, and I'll be shocked if the Constitutional Court accepts the case.

 

Surely the Powers that Be can find some reasonable charges against Pita?

 

 

 

 

 

[sirineou 23167]

14 minutes ago, ikke1959 said:

I have heard that several Thai men were talking about Pita and the PM problems.. They are convinced that if Pita doesn't get the PM seat there will be a civil war in Thailand. Just to mention how people are thinking about the acts of the EC and cronies... And I heard it on a army camp too...So there is a real thread and maybe as yesterday in the news that foreign investors are selling their shares already as they expect the same  

I have heard the same.

If they deny him the premiership  wont it then go to the runner up ? and wouldn't that be worst for the establishment? I am sure Thaksin position would be exponentially increased if his daughter becomes PM, and as such Pita might be a better choice for the establishment. But he  did make that statement concerning concerning prosecution of Prayuth soo....

[bignok 7637]

4 minutes ago, bamnutsak said:

Are these shares traded? Can he actually sell them?

 

From the linked article...

 

The PM’s Secretariat Office had terminated iTV’s concession contract on May 7, 2007 and its frequency was taken over by the Thai Public Broadcasting Service (Thai PBS) in 2008.

 

After iTV’s frequency was blocked, its share value dropped to practically zero.

 

 

The intent of the law(s) mentioned is to insure that a candidate does not use their influence with a media outlet to enhance their election chances. Given that iTV is defunct this would seem to be a non-issue, but it is Thailand so...

 

I'm shocked that the EC has "accepted" a complaint. And I'll be shocked if it is referred to the Constitutional Court, and I'll be shocked if the Constitutional Court accepts the case.

 

Surely the Powers that Be can find some reasonable charges against Pita?

 

 

 

 

 

Private shares can be sold privately.

[bignok 7637]

4 minutes ago, sirineou said:

him the premiership

Prime Minister not premiership.

[sirineou 23167]

^^^ perhaps this threat  is leverage to negotiate an overt or covert agreement for immunity.  

[sirineou 23167]

3 minutes ago, bignok said:

Prime Minister not premiership.

Thank you for that,correction, but excuse my ignorance in the terminology,  I am American and we have a different much supperior governing system 

But as appreciate the correction is , it does not answer my question 

[anchadian 15588]

What Pita stated on the 06 June:

 

“On March 16, 2007, the court assigned me the administrator of my father’s estate, with the ITV shares no longer having any economic value. In 2014, the ITV shares were delisted from the Stock Exchange of Thailand, so they can no longer be traded on the stock exchange. Since becoming a Member of Parliament, I have disclosed my assets and liabilities to the National Anti-Corruption Commission and have been extremely transparent in this matter.

https://www.khaosodenglish.com/news/2023/06/06/pita-fights-against-itvs-revival-already-transferred-shares/

[herfiehandbag 13865]

16 minutes ago, dinsdale said:

Both coup entities. As I've said before how to win when you lose. They must know what the consequences will be. The hatred for this mob of military elites was written on the ballet papers and be in no doubt that this hatred will be reflected on the streets. Problem is these buffoons have absolutely no consideration for the people only their own power and wealth. I have stated many times now and I will state once again. Revolution is on the doorstep of this country.

I think you are right.

 

I am naturally a conservative sort of fellow ( small C please note), but revolution can happen, sometimes it is inevitable; there are certain parrallels with the attitude and behaviour of the "Ancien Regime" in France towards the end of the 18th century.

 

Revolution means of course the overthrowing of the established order, and it's replacement by a new governance, usually with popular support. My hope is that it can be achieved relatively peacefully, with popular protest rather than violent insurrection.

 

I don't think MFP or PT want violent insurrection, but I rather suspect that there are elements within the "established order" who are not averse to using violence in an attempt to put down peaceful protest.

 

If they do so, I think they will bring the whole ramshackle structure crashing down around them.

[bamnutsak 5738]

15 minutes ago, bignok said:

Private shares can be sold privately.

Can they though?

 

Who would set the price?  

 

This might actually be worse than retaining the zero value shares?

 

Again, this appears to be a non-issue, and I doubt that either the EC or CC will take this case. But stranger things have happened, and the Powers that Be will do anything to prevent Pita from heading up the next government. I think they'll find other issues, more legally justifiable, to void MVF's election mandate.

 

 

[bignok 7637]

21 minutes ago, sirineou said:

Thank you for that,correction, but excuse my ignorance in the terminology,  I am American and we have a different much supperior governing system 

But as appreciate the correction is , it does not answer my question 

Not sure what your question is. 

[smedly 58149]

50 minutes ago, bignok said:

Why didnt he sell the shares before the election?

if i am reading this right he doesn't own the shares legally until probate is concluded, even then he could distribute these worthless shares of a company that is no longer in business for some 10 year plus to another family member, they are clutching at straws with this if what i am reading is correct

[Eric Loh 26325]

Thai PBS owned by the Royal Thai Government or simply the military government of Thailand is making the case for the military against K. Pita. The article is disingenuous with large portion skewed to justify the case. The irony is that Thai PBS bought the media rights from iTV and should know the background but decided not to mention. This more a propaganda piece. 

[bignok 7637]

11 minutes ago, bamnutsak said:

Can they though?

 

Who would set the price?  

The buyer. Private shares are bought and sold all the time. Pre IPO private shares are how most get rich. An IPO is Initial Public Offering ie stock market listing. He could have just transferred ownership into a trust.

[sirineou 23167]

2 minutes ago, bignok said:

Not sure what your question is. 

If they deny him the premiership  wont it then go to the runner up ? and wouldn't that be worst for the establishment? I am sure Thaksin position would be exponentially increased if his daughter becomes PM, and as such Pita might be a better choice for the establishment.

[bignok 7637]

2 minutes ago, sirineou said:

If they deny him the premiership  wont it then go to the runner up ? and wouldn't that be worst for the establishment? I am sure Thaksin position would be exponentially increased if his daughter becomes PM, and as such Pita might be a better choice for the establishment.

What premiership? Runner up? You talking about soccer?

[bamnutsak 5738]

1 minute ago, sirineou said:

If they deny him the premiership  wont it then go to the runner up ?

Caretaker Deputy Prime Minister, and self-appointed "legal expert", Wissanu Krea-ngam is squawking about this share saga leading to a voiding of the entire election, and the need for a new election.

 

So there's that.

 

 

 

 

[bignok 7637]

2 minutes ago, bamnutsak said:

Caretaker Deputy Prime Minister, and self-appointed "legal expert", Wissanu Krea-ngam is squawking about this share saga leading to a voiding of the entire election, and the need for a new election.

 

So there's that.

 

 

 

 

Mass riots if that happened.

[smedly 58149]

10 minutes ago, sirineou said:

f they deny him the premiership  wont it then go to the runner up

they could simply select somone else for pm from the mfp, they still won the election as party

[Hamus Yaigh 2597]

33 minutes ago, anchadian said:

On March 16, 2007, the court assigned me the administrator of my father’s estate, with the ITV shares no longer having any economic value. In 2014, the ITV shares were delisted from the Stock Exchange of Thailand, so they can no longer be traded on the stock exchange.

Can someone sell inherited shares of no value that have been de listed?

Why is this even a story? #rhetorical

[Eric Loh 26325]

9 minutes ago, bamnutsak said:

Caretaker Deputy Prime Minister, and self-appointed "legal expert", Wissanu Krea-ngam is squawking about this share saga leading to a voiding of the entire election, and the need for a new election.

 

So there's that.

 

 

 

 

He had since backtracked to a possible by-election for disqualified MPs. Even that is balderdash. In any case, another election will have even better outcome for MFP with more sympathetic votes.