Bank Of Thailand Denies Report Unaccounted Bt10 Billion Used For Vote Buying

[webfact]

BOT denies report Bt10 bn used for vote buying

By THE NATION

The Bank of Thailand yesterday denied a news report which stated that about Bt10 billion had been unaccounted for in the banking system during the pre-election period and might be used for vote buying.

The central bank's communications and relations department said the report was not true. Earlier yesterday, a news report had quoted central bank assistant governor Sorasit Soontornkes as saying that during the pre-election period, it had been found that about Bt10 billion had disappeared through cash withdrawals in almost all regions of the country. The report said that the banking system couldn't find any payment that matched the amount withdrawn.

The matter was being investigated, the report said, adding that it had been expected that the money was kept somewhere or being used for vote buying due to fierce competition between two major political parties.

-- The Nation 2011-05-25

[TheWalkingMan]

I want a cut!

TheWalkingMan

[Colabamumbai]

So they could find out who withdrew the money but I guess they would not want to know.

[bdenner]

TW has 200 Baht of it already and I'm sure there is more to come! :jap:

[whybother]

How does 10 billion baht get withdrawn systematically throughout the country with out having any records of the withdrawals?

It's a BS story.

[Ricardo]

Perhaps a few Thais decided not to wait six months, before becoming rich, as promised ?

[jfchandler]

Of course the prior news report quoting the BOT asst. governor was not true.

It wasn't 10 billion baht.... It was $10.1 billion baht....

BTW, nothing at all on this on the BOT web site, including in its news/press section.

[ginjag]

Of course the prior news report quoting the BOT asst. governor was not true.

It wasn't 10 billion baht.... It was $10.1 billion baht....

BTW, nothing at all on this on the BOT web site, including in its news/press section.

10 million and a few bht here and there, could have been misplaced BUT, 10 BILLION. unaccounted ?????? one of the accounts clerks calculator battery must be on the blink, <deleted>.........not a late April the 1st one is it ?????

Edited May 25, 2011 by ginjag

[jfchandler]

They're not saying the money was "lost".

They're saying it was pulled out of the banking system via withdrawals.... but then, as yet, not turned around and put back in via payments to anybody that they've seen as yet....

In other words... somebodies out there ostensibly are sitting a whole heck of a lot of baht cash waiting to use it for.....?

End of the month shopping perhaps?

[ginjag]

They're not saying the money was "lost".

They're saying it was pulled out of the banking system via withdrawals.... but then, as yet, not turned around and put back in via payments to anybody that they've seen as yet....

In other words... somebodies out there ostensibly are sitting a whole heck of a lot of baht cash waiting to use it for.....?

End of the month shopping perhaps?

My unaccounted doesn't just mean lost, Because WITHDRAWALS-i.e. more than one...how many withdrawals, no trace, ""not put back in"" ''Pulled out of the banking system '' ???????????????????????????. is this normal ? does this happen on a daily basis ?? I'm not into procedures of banking, beats me this one. I must be THICK

[jfchandler]

I'm just guessing here, and The Nation article as usual is less than no help...

But they may be talking about inflows and outflows of cash....and the relative balance between the two...

The BOT authorities certainly monitor on an ongoing basis the total volumes of money being deposited into, and taken out of, the various Thai banks... And over time, certainly know the normal patterns and volumes that occur with that...

So if all of a sudden, there was a sudden wide divergence from the normal patterns or volumes of money, in this case being withdrawn, you'd wonder... WHY?

And if you didn't see a corresponding spike in money being paid back into the banking system via deposits/payments elsewhere, you'd wonder... WHERE DID IT GO, and.... who's holding all that cash.

[whybother]

I'm just guessing here, and The Nation article as usual is less than no help...

But they may be talking about inflows and outflows of cash....and the relative balance between the two...

The BOT authorities certainly monitor on an ongoing basis the total volumes of money being deposited into, and taken out of, the various Thai banks... And over time, certainly know the normal patterns and volumes that occur with that...

So if all of a sudden, there was a sudden wide divergence from the normal patterns or volumes of money, in this case being withdrawn, you'd wonder... WHY?

And if you didn't see a corresponding spike in money being paid back into the banking system via deposits/payments elsewhere, you'd wonder... WHERE DID IT GO, and.... who's holding all that cash.

Come on ... Be fair ... It's not like The Nation to not have all (or some) of the facts or to publish a poorly written article ...

Edited May 25, 2011 by whybother

[webfact]

BOT Questions Disappearance of 10 Bln from Cash Circulation

The Bank of Thailand discovers that during the election campaign, over ten billion baht has been taken out of banks nationwide.

Sorasit Soontornkes, Assistant Governor at the Bank of Thailand, or BOT, has disclosed that since the the election campaign began, over ten billion baht has been withdrawn from banks nationwide.

Sorasit said that the bank has been unable to trace the cash that was withdrawn, as the system has no way of tracking how the funds were used.

Sorasit went on to say that bank has instructed its staff to investigate the ways the money left the system and trace where it might have gone.

He said that it is possible that the withdrawn funds could be used to buy and sell narcotics or to buy votes during the election campaign.

There is a particular risk of vote buying, as the two main political parties are now competing and campaigning very aggressively.

-- Tan Network 2011-05-25

[ianbaggie]

Election in Thailand – so what!! Why would any educated westerner care?? We pay taxes to the Thai state, we don’t get to vote!! We are subjected to a 2 tier payment system for everything from food to toilet paper to books to kitchen cabinets – Ive even seen Thais try to charge more for petrol than the pump prices say for foreigners. We cant own land or more than 49% of a business or house!! Were just ATM machines to be extorted and sent home – compare this to the western attitude to foreigners.

However, electing a wanted criminal on the back of a vote bribe just proves that Thais can be bought VERY cheaply – ask yourself why??. Nowhere else can a political party openly buy a vote for 10 pounds (14$) !!! So go ahead Thailand, bring Thaksin back, then he can pillage the country again like he did 5 years ago and the village people in Isan who’ve by and large never seen the inside of a classroom can have a new cow with the 3000 baht they get in 4 instalments!!

The civilized world has just managed to escape from financial and inflation disaster, so what does this wanted criminal suggest – “bring in credit cards for those unable to payback”, that’s his major policy. He talks about making Thailand “a hub: the same as Dubai – Dubai has had to be bailed out by Saudi 14 times in the last 3 years and remember, unfortunately Thailand doesn’t have a big Arab brother to bail it out!!. This man will destroy Thailand and it will never recover. After Pheu Thai are elected, the next time a street beggar asks you for money, tell him in Thai “Not my job any more - Thaksin will take care of you now!” Thailand WILL become the laughing stock of the whole world if they allow a wanted criminal to buy his way into their countries Premiership, but I fear that Thais are so greedy, that that’s exactly what will happen !! And they’ll call it democracy!!!!!

[samurai]

How does 10 billion baht get withdrawn systematically throughout the country with out having any records of the withdrawals?

It's a BS story.

There is that sum of cash out without flowing back to the bank system.

And cash payments are not that traceable and the bank cannot make records for what the money is used.

[random]

Election in Thailand – so what!! Why would any educated westerner care?? We pay taxes to the Thai state, we don't get to vote!! We are subjected to a 2 tier payment system for everything from food to toilet paper to books to kitchen cabinets – Ive even seen Thais try to charge more for petrol than the pump prices say for foreigners. We cant own land or more than 49% of a business or house!! Were just ATM machines to be extorted and sent home – compare this to the western attitude to foreigners.

However, electing a wanted criminal on the back of a vote bribe just proves that Thais can be bought VERY cheaply – ask yourself why??. Nowhere else can a political party openly buy a vote for 10 pounds (14$) !!! So go ahead Thailand, bring Thaksin back, then he can pillage the country again like he did 5 years ago and the village people in Isan who've by and large never seen the inside of a classroom can have a new cow with the 3000 baht they get in 4 instalments!!

The civilized world has just managed to escape from financial and inflation disaster, so what does this wanted criminal suggest – "bring in credit cards for those unable to payback", that's his major policy. He talks about making Thailand "a hub: the same as Dubai – Dubai has had to be bailed out by Saudi 14 times in the last 3 years and remember, unfortunately Thailand doesn't have a big Arab brother to bail it out!!. This man will destroy Thailand and it will never recover. After Pheu Thai are elected, the next time a street beggar asks you for money, tell him in Thai "Not my job any more - Thaksin will take care of you now!" Thailand WILL become the laughing stock of the whole world if they allow a wanted criminal to buy his way into their countries Premiership, but I fear that Thais are so greedy, that that's exactly what will happen !! And they'll call it democracy!!!!!

So the article is about the BOT being unable to account for a lot of money, and you choose to write a post about Thaksin, I have seen some tenuous links on this forum before from people desperate to disparage Thaksin but yours takes first prize

[ianbaggie]

Election in Thailand – so what!! Why would any educated westerner care?? We pay taxes to the Thai state, we don't get to vote!! We are subjected to a 2 tier payment system for everything from food to toilet paper to books to kitchen cabinets – Ive even seen Thais try to charge more for petrol than the pump prices say for foreigners. We cant own land or more than 49% of a business or house!! Were just ATM machines to be extorted and sent home – compare this to the western attitude to foreigners.

However, electing a wanted criminal on the back of a vote bribe just proves that Thais can be bought VERY cheaply – ask yourself why??. Nowhere else can a political party openly buy a vote for 10 pounds (14$) !!! So go ahead Thailand, bring Thaksin back, then he can pillage the country again like he did 5 years ago and the village people in Isan who've by and large never seen the inside of a classroom can have a new cow with the 3000 baht they get in 4 instalments!!

The civilized world has just managed to escape from financial and inflation disaster, so what does this wanted criminal suggest – "bring in credit cards for those unable to payback", that's his major policy. He talks about making Thailand "a hub: the same as Dubai – Dubai has had to be bailed out by Saudi 14 times in the last 3 years and remember, unfortunately Thailand doesn't have a big Arab brother to bail it out!!. This man will destroy Thailand and it will never recover. After Pheu Thai are elected, the next time a street beggar asks you for money, tell him in Thai "Not my job any more - Thaksin will take care of you now!" Thailand WILL become the laughing stock of the whole world if they allow a wanted criminal to buy his way into their countries Premiership, but I fear that Thais are so greedy, that that's exactly what will happen !! And they'll call it democracy!!!!!

So the article is about the BOT being unable to account for a lot of money, and you choose to write a post about Thaksin, I have seen some tenuous links on this forum before from people desperate to disparage Thaksin but yours takes first prize

election= election. Vote buying = vote buying see - if you apply more than one brain cell the link becomes LESS tenuous - unless of course you dont have a problem with vote buying and election rigging.

[random]

Election in Thailand – so what!! Why would any educated westerner care?? We pay taxes to the Thai state, we don't get to vote!! We are subjected to a 2 tier payment system for everything from food to toilet paper to books to kitchen cabinets – Ive even seen Thais try to charge more for petrol than the pump prices say for foreigners. We cant own land or more than 49% of a business or house!! Were just ATM machines to be extorted and sent home – compare this to the western attitude to foreigners.

However, electing a wanted criminal on the back of a vote bribe just proves that Thais can be bought VERY cheaply – ask yourself why??. Nowhere else can a political party openly buy a vote for 10 pounds (14$) !!! So go ahead Thailand, bring Thaksin back, then he can pillage the country again like he did 5 years ago and the village people in Isan who've by and large never seen the inside of a classroom can have a new cow with the 3000 baht they get in 4 instalments!!

The civilized world has just managed to escape from financial and inflation disaster, so what does this wanted criminal suggest – "bring in credit cards for those unable to payback", that's his major policy. He talks about making Thailand "a hub: the same as Dubai – Dubai has had to be bailed out by Saudi 14 times in the last 3 years and remember, unfortunately Thailand doesn't have a big Arab brother to bail it out!!. This man will destroy Thailand and it will never recover. After Pheu Thai are elected, the next time a street beggar asks you for money, tell him in Thai "Not my job any more - Thaksin will take care of you now!" Thailand WILL become the laughing stock of the whole world if they allow a wanted criminal to buy his way into their countries Premiership, but I fear that Thais are so greedy, that that's exactly what will happen !! And they'll call it democracy!!!!!

So the article is about the BOT being unable to account for a lot of money, and you choose to write a post about Thaksin, I have seen some tenuous links on this forum before from people desperate to disparage Thaksin but yours takes first prize

election= election. Vote buying = vote buying see - if you apply more than one brain cell the link becomes LESS tenuous - unless of course you dont have a problem with vote buying and election rigging.

well firstly it IS a very tenuous link to the election, the election theory is just a spurious guess from a journalist, applying my considerable amount of brain cells to this I also recall that the Democrats were also guilty of vote buying at the last election, yet you seem to ignore this fact and focus on Thaksin. Hey what else is happening at the moment??? oh the dispute with Cambodia, maybe the money is to pay them off, or pay of the observers etc etc etc, can you see what I am doing here, I am providing more tenuous links

Just to clarify, it is spurious and tenuous from the journalist, and you telling me to use more than one brain cell is clearly a case of the pot calling the kettle, someone has just tried to sell you some shit and you have bought it, then added your own shit to it, mixed it all together and have come out with a work of fiction based on your bias.

You couldn't make it up. oh you did

What next? I can't wait for tomorrows gems from you, we will have a headline along the lines of 'man farts on BTS', I can't wait to see you link this to vote buying or some other such nonsense.

Oh a word of advise, if you want to try and belittle someones intelligence, be on firm ground yourself, clearly in this situation you are not, however many of your yellow friends jump into defend you

[meatboy]

10billion bht.it must have been that bus load of russians that arived in pattaya.

[LungKen]

So they could find out who withdrew the money but I guess they would not want to know.

well it wasn't me, i just left the bank and didn't get any where near that amount

Edited May 25, 2011 by LungKen

[ozzieovaseas]

How does 10 billion baht get withdrawn systematically throughout the country with out having any records of the withdrawals?

It's a BS story.

Whybother, you are slipping!! i thought you of all people would know the answer to that one..

Maybe a largish chunk of that money was used to ENSURE there WAS no records of the withdrawals

[Xonax]

In my area Samut Prakan people are being offered THB 500 to vote for PT !!! Over the fence my wife heard some of the local workers talking about it.

Edited May 25, 2011 by Xonax

[anterian]

Thais, particularly older ones, use Gold shops as banks, they move gold chains in and out as the price fluctuates. Gold has been climbing for months but just had a recent sudden dip, a good time to buy gold. Most gold dealers seem to use International and offshore banks, over which the BOT has no access.

Just a thought.

[samurai]

In my area Samut Prakan people are being offered THB 500 to vote for PT !!! Over the fence my wife heard some of the local workers talking about it.

Your Thai wife?

[Prasannas]

[arrowsdawdle]

Did anybody order an underwater blimp?

[tragickingdom]

The Bank of Thailand must be right. 10 Billion baht is less than what the kingdom paid in bonuses to the coup takers, it might be the right price for the kangaroo courts to disband a winning party and it is less than the proceeds of any scam that the Suthep, Newin and Banharn families pull off ever week.

[OZEMADE]

BOT Questions Disappearance of 10 Bln from Cash Circulation

The Bank of Thailand discovers that during the election campaign, over ten billion baht has been taken out of banks nationwide.

Sorasit Soontornkes, Assistant Governor at the Bank of Thailand, or BOT, has disclosed that since the the election campaign began, over ten billion baht has been withdrawn from banks nationwide.

Sorasit said that the bank has been unable to trace the cash that was withdrawn, as the system has no way of tracking how the funds were used.

Sorasit went on to say that bank has instructed its staff to investigate the ways the money left the system and trace where it might have gone.

He said that it is possible that the withdrawn funds could be used to buy and sell narcotics or to buy votes during the election campaign.

There is a particular risk of vote buying, as the two main political parties are now competing and campaigning very aggressively.

-- Tan Network 2011-05-25

So 10 billion has been withdrawn from banks all over Thailand? He said since the election campaign bagan,when did the election campaign begin or to buy and sell drugs or to buy votes.

Where did this guy get these outragious claims. Is it possible he has a finger in the pie.

How is it not possible to trace where and how 10 billion Baht went?

I think Sorasit Soontornkes, Assistant Governor at the Bank of Thailand, or BOT, has lost the plot.

Me thinks he has got a lot of explaining to do, if what he has allegedly stated is true.

[exbelg]

that must be vans full of 100 baht bills .... lol

no it is not true, it was not 10 billion, it was 20

555

[zthyadat]

My unaccounted doesn't just mean lost, Because WITHDRAWALS-i.e. more than one...how many withdrawals, no trace, ""not put back in"" ''Pulled out of the banking system '' ???????????????????????????. is this normal ? does this happen on a daily basis ?? I'm not into procedures of banking, beats me this one. I must be THICK

That will be the first thing we've ever agreed on.