Selling gold - taxes

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Thumbs up from business sector

Business Reporters

The Nation

BANGKOK: -- Businesspeople welcomed the Constitution Court's verdict yesterday, saying that factors creating political stability will further drive the Kingdom's economic development.

The Stock Exchange of Thailand got a short-term boost of 17.16 points, closing at 1,210.29 yesterday after the Constitution Court ruling that the government's attempt to amend the Charter was not aimed at overthrowing the constitutional monarchy system. The judgement also removed the threat of a judicial dissolution of the ruling Pheu Thai Party, a move that would have sparked a new round of political unrest.

Kobsak Pootrakool, executive vice president of Bangkok Bank, said the court verdict pointed to the middle path on which all people can walk. This will not create trouble for the country.

Banyong Pongpannich, chairman of Phatra Securities, said past political instability that led to change of governments was not good for economic development. After the court's verdict, if political conflict remains but does not lead to violence, then it will not affect the economy much, he said.

Twatchai Yongkittikul, secretary-general of the Thai Bankers Association, said the court's instruction to conduct a public hearing for the amendment of every article in the Constitution was a good solution, as people may disagree with the majority vote in Parliament.

"It is time to move on and promote better understanding in the country," Twatchai said.

Pramon Sutivong, chairman of the Anti-Corruption Network, called on the public to respect the court ruling. He expected the clear judgement to reduce any adverse impact on the economy.

Kriangkrai Kanjanapokin, co-chief executive officer of leading event organiser Index Creative Village, said he believed this verdict would bring political stability for another year, as the government might suspend the plan to amend Article 291 to set up a drafting assembly during this short period. The government should instead focus on preventive measures for upcoming crises such as effects from the sovereign debt crisis in Europe and floods.

Wichit Aurareevorakul, executive adviser of the Thailand Cable TV Association, said the verdict had offered a proper solution. People should participate in the constitutional amendment through a referendum. The government should respect the court's decision.

Siam Commercial Bank president Kannikar Chalitaporn said Thai businesses wanted to see political stability, as any trouble has impacts on investor sentiment.

Yuwadee Chirathivat, president of Central Department Store, said: "My only concern at this time is the political issue, as it is a crucial factor that makes Thailand lag behind the others in Asean. In my opinion, all stakeholders [in Thai politics] should play a fair game and follow the rules and regulations of the country."

Phongsak Assakul, Board of Trade chairman, said the court's ruling had improved overall sentiment.

"It is quite a good solution. Thai and foreign investors will have more confidence in Thailand. We should respect the court ruling on conducting a public hearing for amendment of the Constitution," Phongsak said.

Payungsak Chartsutipol, chairman to the Federation of the Thai Industries, said the verdict would create better understanding among all. "The private sector wants to see the government pay less attention to political issues and focus more on administration," he said.

Hiromasa Yonekura, chairman of the Japan Business Federation, said Japanese and other foreign investors needed political stability.

Sisdivachr Cheewarattanaporn, president of the Association of Thai Travel Agents, said his association was not put at ease after the rulings were read.

He was worried that both parties might urge the court to reconsider the case.

-- The Nation 2012-07-14

[yoshiwara]

The hope will be that Thaksin does not try again, but this Freddy Krueger keeps coming back for more......

[Notstupid30]

Well the corrupt people get richer and the poor people get poorer ...

[Nigel1500]

Politics is the same all over the world. Whether it's "lipstick on a pig", a carbon tax, a scandal in the House of Lords, yet another Japanese Prime Minister, or an issue with Thaksin. No matter your background don't think corruption and scandals in politics are confined to Thailand.