Varathep defends Commerce Ministry on losses from rice pledging scheme

[OzMick]

Even if enough idiots believe the problem now, the scam goes on. Rice stocks and losses continue to mount, and budget allocations have to be made to cover the debts incurred.

The first version of the rice scam was cut short by a coup. If there isn't one soon, Yingluk is going to have to stand up and admit what has been a huge "mistake". People will be held accountable, and hopefully those who have profited illegally will be jailed.

[khaowong1]

Objectively the Minister of the Prime Minister's Office Varathep Ratanakorn has provided some data with loss figure 'statements' from two Ministrial departments only differing by a trifling THB 87 billion. He said 337 billion was spent on 21.52m tonnes of rice. He didn't say if the 337 billion spent was just on rice, but it seems implied. That means the normal administrative costs of a few billion, handling/preserving/storage costs, various other minor charges seem excluded. Also very unclear what the loss relates to and how.

I'm sure that a former CEO PM and the current PM who was a former company president will be appelled by this type of financial reporting. SET would suspend trading of shares in such company, the Company share holders would demand the head of the CEO and/or president, etc., etc.

Mind you, as foreigner I not only do not understand but most likely will be unable to understand this level of Thainess in higher economics, administration and auditing.

If I was a economics student in a Thai university, I would switch my major to arts and something else. Maybe politics, that seems to be where the money is.

[Thai at Heart]

Objectively the Minister of the Prime Minister's Office Varathep Ratanakorn has provided some data with loss figure 'statements' from two Ministrial departments only differing by a trifling THB 87 billion. He said 337 billion was spent on 21.52m tonnes of rice. He didn't say if the 337 billion spent was just on rice, but it seems implied. That means the normal administrative costs of a few billion, handling/preserving/storage costs, various other minor charges seem excluded. Also very unclear what the loss relates to and how.

I'm sure that a former CEO PM and the current PM who was a former company president will be appelled by this type of financial reporting. SET would suspend trading of shares in such company, the Company share holders would demand the head of the CEO and/or president, etc., etc.

Mind you, as foreigner I not only do not understand but most likely will be unable to understand this level of Thainess in higher economics, administration and auditing.

If I was a economics student in a Thai university, I would switch my major to arts and something else. Maybe politics, that seems to be where the money is.

Buggar economics, a 6 year old can work this equation out.

[billd766]

Why don't they therefore publically layout ALL the methods used to calculate the costs and tell the truth?

How much they bought at what price?

How much they sold at what price

How much they still have in store and how much ALL the costs are and let the whole world know how honest and transparent they are?

Because they cannot tell the truth. If they do then the government would most likely collapse and most of them would be in jail.

Just thought that I would point out that you have spelt a word wrong near the end.

Surely you mean SHOULD, don't you??

my apologies, you are right, but at least half should be in jail already.