Elite Card: Golf-course Plan Lands In Bunker

[george]

ELITE CARD PROMOTION: Golf-course plan lands in bunker

Lack of funds forces operator to focus on club management

BANGKOK: -- Thailand Privilege Card Co has further dented its already battered reputation by admitting that it cannot afford to proceed with a Bt2.5-billion investment to develop golf courses.

The company, which operates the Thailand Elite Card scheme, said it does not have the money to invest in projects in Bangkok, Chiang Mai, Hua Hin, Phuket, and Ranong, and now plans to concentrate on golf course management rather than direct investment.

The latest setback comes hot on the heels of other blunders in the past year that have damaged the firm’s credibility.

The company became embroiled in a scandal when it recently emerged that it owed the CNN television network Bt140 billion for a television advertising campaign.

The company’s budget spending has been probed, and Tourism Authority of Thailand governor Juthamas Siriwan is also the subject of a related probe that will take another two months to complete.

The firm has lost six directors in the past year, making it impossible to hold board meetings with the remaining five directors.

The government’s ambitious Elite Card scheme has encountered numerous stumbling blocks, resulting in heavy financial losses and internal management conflicts.

A 620-rai site in Chiang Mai and a 480-rai plot in Hua Hin were selected to be transformed into golf courses, scheduled for completion by the end of next year. The company also signed contracts with the Royal Thai Army to invest Bt1 billion in golf course developments on two Army-owned estates.

Three additional sites in Bangkok, Phuket and Ranong are owned by the Army, the Navy and Treasury Department, respectively. The combined investment for the three courses was estimated at Bt1.25 billion. However, the projects were scrapped when six board members resigned en masse.

The company has so far sold only 303 membership cards for Bt1 million each, which promise hotel, spa, restaurant, golf course privileges and other benefits.

Choksiri said the company is now going into golf course management, rather than investment and will cooperate with private golf course operators to provide services to its card members.

Meanwhile, company executives held a meeting yesterday to discuss plans for next year.

TAT deputy governor Santichai Euechongprasit said the Thailand Elite Card should be able to garner more members in the future. However, the company needs to recruit new directors first, a process that will take about two weeks.

Sources said the company’s board might be joined by Suthep Seubsantiwong, senior executive of Thai Airways International, Saksith Krairiskh, permanent secretary of the Sports and Tourism Ministry, and Pornsiri Manoharn, deputy governor of the TAT.

After the appointment of Choksiri Rodboonpha as managing director earlier this year, the company branched into golf course development in an effort to make Elite Card membership more attractive.

--The Nation 2004-10-05

[rod_kalashnikov]

 

[Darth Bangkok]

"However, the company needs to recruit new directors first, a process that will take about two weeks."

did anyone notice that this is a very common excuse for all kinds of f'up's by the gov't. it seems more of a first step in trying to get everyone to forget about it.

[bmw]

http://www.thaielitecard.com/

[BobAnderson]

Yeah, that can't be good news for the card holders . . .

http://www.thaielitecard.com/

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[roymark]

Try: http://www.thailandelite.com/