Politics 14 Million Baht Fraud Jolts Parliament’s Savings Cooperative

[snoop1130]

Photo courtesy of Bangkok Post

 

A financial scandal has erupted at Parliament as 14 million baht mysteriously vanished from the Parliamentary Official Saving and Credit Cooperative. Despite the alarming nature of the embezzlement, House Speaker Wan Muhamad Noor Matha has reassured stakeholders that there is no need for panic, asserting that the cooperative’s operations and members remain unaffected.

 

According to Wan, the fraud was detected early, and the individual responsible confessed. "We still need to investigate how many others were involved," he noted. In response, the cooperative's board swiftly initiated action, forming a committee to delve into the details of the incident. The implicated staff member has been dismissed and is now in the custody of Bang Pho police, with further arrests anticipated if additional collusion is uncovered.

 

Members have expressed understandable concern, but Wan sought to reassure them of the cooperative's financial health. "The cooperative is still robust," he stated, emphasizing the importance of addressing such issues promptly to prevent escalation.

 

 

 

While the scandal has certainly dented confidence, Wan pointed out that fraud could occur in any financial institution. He cautioned that while systems might endure such breaches if trust persists, a collapse in confidence could trigger more profound crises.

 

Wan was also quick to clarify his personal distance from the incident, noting that he holds no financial interests or deposits with the cooperative. Nonetheless, he acknowledged the necessity for both himself and the Secretariat of the House of Representatives to engage in restoring public trust.

 

The cooperative is largely composed of Parliamentary staff, including many retirees who have entrusted their savings to it. As the investigation progresses, the spotlight is on the cooperative’s efforts to reclaim its previously unblemished reputation and assure its members of their funds' safety.

 

 

  Adapted by ASEAN Now from The Thaiger 2025-04-24

 

 

 

[Tropicalevo]

11 minutes ago, snoop1130 said:

forming a committee to delve into the details of the incident

 

so that more of them know how to do it?

[greeneking]

8 hours ago, Tropicalevo said:

 

so that more of them know how to do it?

'no need for panic'  typical response of these people.  We don't know what we are doing, but you can trust us to form a committee that will take so long you will forget what the problem was in the first place.