Support For Thirachai As Thai Finance Minister

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Support for Thirachai as finance minister

By SIRIPORN CHANJINDAMANEE

THE NATION

Private firms in the financial and capital markets are welcoming Thirachai Phuvanatnaranubara, former secretary-general of the Securities and Exchange Commission (SEC), as a candidate for next finance minister.

His resignation from the SEC post emerged suddenly, effective yesterday.

Many top management figures in the financial and capital sector have pushed Thirachai for the post as he is acceptable both.

Give the current situation, Thirachai is considered one of the most appropriate persons for this job, many market watchers said.

The finance minister should have experience in both the financial and capital markets, especially during a transition period when the country needs to prepare for change and compete with its rivals, commented experts in the financial sector.

"I believe that Thirachai will continue the development of the nation's capital market, following its master plan," said an executive.

Thirachai was appointed secretary-general of the SEC on December 28, 2003. Before that he was deputy governor of the Bank of Thailand.

He was born in 1951. He studied economics at the London School of Economics and Political Science and received a bachelor's degree in 1974. After that he joined Price Waterhouse's London office, and qualified as a Fellow of Chartered Accountants at the Institute of Chartered Accountants in England and Wales.

He started at the Bank of Thailand in 1977. His career over the 26 years covered supervision of financial institutions, monetary policy and financial markets. He was involved in the enactment of many laws related to financial services.

He is married with three children.

His other postings include the board of Experts for Interpretation of the Tax Code, the Thai Institute of Directors, the Financial Institution Policy Board at the Bank of Thailand, the National Credit Bureau and the Insurance Commission.

He also serves on various committees set up by government agencies to study and make recommendations on policy issues.

-- The Nation 2011-08-06

[mccw]

This is good; hopefully he can get the PTP to understand economic reality and the adverse effects some of their crazy promises would wreak if actualy implemented .

[473geo]

If he is good he will assist in providing workable solutions for PTP...he will also take advantage of the restraint in spending many other countries are experiencing. A strong economy will allow Thailand to invest in the Thai people, and move forward as other countries stagnate under their self imposed economic burdens......great time to be finance minister in Thailand

Edited August 6, 2011 by 473geo

[Tarric]

If he is good he will assist in providing workable solutions for PTP...he will also take advantage of the restraint in spending many other countries are experiencing. A strong economy will allow Thailand to invest in the Thai people, and move forward as other countries stagnate under their self imposed economic burdens......great time to be finance minister in Thailand

I completely agree, Thailand is an unique position to take advantage of the current global turmoil, grow its economy and become a more self sustaining nation economically. Thankfully Thailand's major export industries are not based upon high level consumer goods instead being based upon cheap consumer goods and food both of which will continue to be bought and sold in spite of the current economic climate. Thailand is reasonably well insulated from the external shocks that could very well send China into a downward spiral.

I echo your sentiments it is a great time to be the finance minister in one of the last high growth countries on earth that isnt entirely reliant on consumer spending in the West. It is a wonderful opportunity for Thailand to get miles ahead of the rest of the world, as the Wests financial systems collapse all those investors are going to need a place to get high returns on their investments and Thailand is going to become an even bigger destination for that foreign capital.

[whybother]

I thought Yingluck had said that there would be no outsiders in her cabinet?

[473geo]

I thought Yingluck had said that there would be no outsiders in her cabinet?

When you unify a country, there are no outsiders.....

[dinooz]

I thought Yingluck had said that there would be no outsiders in her cabinet?

When you unify a country, there are no outsiders.....

true only insiders

The importance of Win Mark was confirmed by efforts invested in preventing any deeper investigation. The Anti-Money Laundering Office, headed by a Thaksin nominee, claimed it had no jurisdiction to investigate the money trails linking Win Mark to the Shinawatra family. Thaksin's sister, Yingluck, chairwoman of SC Asset, declared "Win Mark has no relationship with the Shinawatra family". Thirachai Phuvanatnaranubala, head of the SEC, announced the sale was clean and there was no reason to investigate the offshore companies. Under pressure, he lamented that the SEC had to get the information from counterparts in Singapore and Malaysia who were not very helpful, and that the information could not be disclosed for fear of upsetting these counterparts. He later reluctantly admitted that there "seems to be a link" between Win Mark and the family, but that was all. While Thaksin remained in power, the investigations went nowhere

[whybother]

I thought Yingluck had said that there would be no outsiders in her cabinet?

When you unify a country, there are no outsiders.....

I'll rephrase.

I thought Yingluck had said there would be no one who is not an MP in her cabinet.

[Old Man River]

I thought Yingluck had said that there would be no outsiders in her cabinet?

When you unify a country, there are no outsiders.....

true only insiders

The importance of Win Mark was confirmed by efforts invested in preventing any deeper investigation. The Anti-Money Laundering Office, headed by a Thaksin nominee, claimed it had no jurisdiction to investigate the money trails linking Win Mark to the Shinawatra family. Thaksin's sister, Yingluck, chairwoman of SC Asset, declared "Win Mark has no relationship with the Shinawatra family". Thirachai Phuvanatnaranubala, head of the SEC, announced the sale was clean and there was no reason to investigate the offshore companies. Under pressure, he lamented that the SEC had to get the information from counterparts in Singapore and Malaysia who were not very helpful, and that the information could not be disclosed for fear of upsetting these counterparts. He later reluctantly admitted that there "seems to be a link" between Win Mark and the family, but that was all. While Thaksin remained in power, the investigations went nowhere

There is more, but that was then and now is now. His preferred side has won. When he does well, Korn doesn't. It will be interesting to watch the two of them go at it.

[moe666]

Having worked for an accounting firm he should have no problems cooking the books.

[moe666]

If he is good he will assist in providing workable solutions for PTP...he will also take advantage of the restraint in spending many other countries are experiencing. A strong economy will allow Thailand to invest in the Thai people, and move forward as other countries stagnate under their self imposed economic burdens......great time to be finance minister in Thailand

I completely agree, Thailand is an unique position to take advantage of the current global turmoil, grow its economy and become a more self sustaining nation economically. Thankfully Thailand's major export industries are not based upon high level consumer goods instead being based upon cheap consumer goods and food both of which will continue to be bought and sold in spite of the current economic climate. Thailand is reasonably well insulated from the external shocks that could very well send China into a downward spiral.

I echo your sentiments it is a great time to be the finance minister in one of the last high growth countries on earth that isnt entirely reliant on consumer spending in the West. It is a wonderful opportunity for Thailand to get miles ahead of the rest of the world, as the Wests financial systems collapse all those investors are going to need a place to get high returns on their investments and Thailand is going to become an even bigger destination for that foreign capital.

Since Thailand is the second largest producer of pickup trucks in the world I wouldn't say all there imports are all that cheap. If the west collaspes who will buy all that cheap crap they are producing, I believe they are very much depedant upon the weststaying strong financially as are most asian exporters.

If you need more proof what happened to the Thai Set last week when the European debt crisis hit a snag.

[Ricardo]

Having worked for an accounting firm he should have no problems cooking the books.

Accountancy is an art, not (as sometimes popularly believed) a science, IME. There are national-rules/laws to follow, often tax-related, but these are often subject to a degree of interpretation by the accountant preparing the reports, who will also bear-in-mind industry-practise and the information-needs of the people the reports are intended to assist or inform.

Hence the difference between timely Management-Accounts bringing guidance for non-financial managers, to assist their current/future decision-making, and much-delayed audited financial-accounts, for legal-purposes (like reporting to the shareholders) or tax-purposes (to enable the authorities to calculate their levies).

And public-accounts for countries or public-bodies are a whole other 'can-of-worms', with their own standards & often with specialist-practitioners required.

Edited August 8, 2011 by Ricardo

[Old Man River]

If he is good he will assist in providing workable solutions for PTP...he will also take advantage of the restraint in spending many other countries are experiencing. A strong economy will allow Thailand to invest in the Thai people, and move forward as other countries stagnate under their self imposed economic burdens......great time to be finance minister in Thailand

I completely agree, Thailand is an unique position to take advantage of the current global turmoil, grow its economy and become a more self sustaining nation economically. Thankfully Thailand's major export industries are not based upon high level consumer goods instead being based upon cheap consumer goods and food both of which will continue to be bought and sold in spite of the current economic climate. Thailand is reasonably well insulated from the external shocks that could very well send China into a downward spiral.

I echo your sentiments it is a great time to be the finance minister in one of the last high growth countries on earth that isnt entirely reliant on consumer spending in the West. It is a wonderful opportunity for Thailand to get miles ahead of the rest of the world, as the Wests financial systems collapse all those investors are going to need a place to get high returns on their investments and Thailand is going to become an even bigger destination for that foreign capital.

Since Thailand is the second largest producer of pickup trucks in the world I wouldn't say all there imports are all that cheap. If the west collaspes who will buy all that cheap crap they are producing, I believe they are very much depedant upon the weststaying strong financially as are most asian exporters.

If you need more proof what happened to the Thai Set last week when the European debt crisis hit a snag.

I fully agree, although I would keep the SET out of it. It is too short term to draw any conclusions.

Thailand is no longer a cheap market for manufacturers (hence the hue and cry about the pending minimum wage increase). Financial difficulties and weakening currencies in their traditional export markets will make Thai goods expensive. China can produce for China, but Thailand cannot survive alone producing for Thailand.

It isn't a good time to be a finance minister in Thailand or any country for that matter.

[473geo]

If he is good he will assist in providing workable solutions for PTP...he will also take advantage of the restraint in spending many other countries are experiencing. A strong economy will allow Thailand to invest in the Thai people, and move forward as other countries stagnate under their self imposed economic burdens......great time to be finance minister in Thailand

I completely agree, Thailand is an unique position to take advantage of the current global turmoil, grow its economy and become a more self sustaining nation economically. Thankfully Thailand's major export industries are not based upon high level consumer goods instead being based upon cheap consumer goods and food both of which will continue to be bought and sold in spite of the current economic climate. Thailand is reasonably well insulated from the external shocks that could very well send China into a downward spiral.

I echo your sentiments it is a great time to be the finance minister in one of the last high growth countries on earth that isnt entirely reliant on consumer spending in the West. It is a wonderful opportunity for Thailand to get miles ahead of the rest of the world, as the Wests financial systems collapse all those investors are going to need a place to get high returns on their investments and Thailand is going to become an even bigger destination for that foreign capital.

Since Thailand is the second largest producer of pickup trucks in the world I wouldn't say all there imports are all that cheap. If the west collaspes who will buy all that cheap crap they are producing, I believe they are very much depedant upon the weststaying strong financially as are most asian exporters.

If you need more proof what happened to the Thai Set last week when the European debt crisis hit a snag.

I fully agree, although I would keep the SET out of it. It is too short term to draw any conclusions.

Thailand is no longer a cheap market for manufacturers (hence the hue and cry about the pending minimum wage increase). Financial difficulties and weakening currencies in their traditional export markets will make Thai goods expensive. China can produce for China, but Thailand cannot survive alone producing for Thailand.

It isn't a good time to be a finance minister in Thailand or any country for that matter.

If Thai goods are the preferred option due to price, a weakening currency will have the same purchase inflating effect on all potential suppliers....so no change.....and if the products are main stream consumables Thailand will continue to flourish.....and although there is much posturing, the world economic balance is just undergoing a minor adjustment, and is not about to be allowed to come crashing down..