Ministers dispute Thai rice-pledging loss figure

[waza]

I would imagine the World Bank might just be wondering if it really ought to lend any money to these guys.

Thai investors told to brace for foreign capital outflows

Not with foriegn capital flowing out of Thailand.

[hellodolly]

Stop the buss, will the PTP put the figures out to an independent accounts , this will stop all this unbelievable rot about the rice scheme, unfortunately, will the figures that be provided , be the truth or a false set of feel good ones, the distrust for the truth from the PTP beggars belief on any issue , so history wont be made on this subject.

It will be years before we know the full amount of money lost if we ever do.

It will take years before we know how much of the rice was rotten and unsalable and the government will probably never let on to the price they got in there G2G deals

I really liked this part of the article.

The information and figures revealed by Pridiyathorn are too concise and have not been proved, he said, adding that anyone in possession of information about corruption in the rice-pledging scheme should share it with the government, so that it could be investigated disappeared.

I had to correct one word so that it would be accurate.

[Thai at Heart]

Of course, the devil is always in the detail anyway.

What difference in value between 10mn tons of grade A hom Mali and 10mn tons of parboiled broken rubbish.

They only say rice in, rice out. No commodities business would survive more than 6 months with this level of analysis and reporting.

[Robby nz]

And apparently from the house yesterday :

Deputy Commerce Minister Yanyong Phuangrach yesterday admitted that no formal agreement has been signed for China to buy 1 million tones of Thai rice annually through government-to-government contracts.

It was reported that he also said that the Chinese Premier had talked about it and his word was better than any signed agreement.

So you can remove FORMAL from the deputy ministers statement.

Which means there is no agreement at all other than the MOT that has been signed for 200K tons per year for the next 5 years from private exporters to Chinese importers which is not a G 2 G deal.

That would mean that there is in fact no G 2 G deal with China at all.

And of course an MOT is only an agreement in principle and not a binding contract.

I remember that it was reported a month or so back that one minister or other said that they were still trying to get China to act upon a MOU that had been signed 2 years ago to buy 2 million tons of Thai rice.

If this is correct then an MOU is really a quite worthless piece of paper.

[Thai at Heart]

And apparently from the house yesterday :

Deputy Commerce Minister Yanyong Phuangrach yesterday admitted that no formal agreement has been signed for China to buy 1 million tones of Thai rice annually through government-to-government contracts.

It was reported that he also said that the Chinese Premier had talked about it and his word was better than any signed agreement.

So you can remove FORMAL from the deputy ministers statement.

Which means there is no agreement at all other than the MOT that has been signed for 200K tons per year for the next 5 years from private exporters to Chinese importers which is not a G 2 G deal.

That would mean that there is in fact no G 2 G deal with China at all.

And of course an MOT is only an agreement in principle and not a binding contract.

I remember that it was reported a month or so back that one minister or other said that they were still trying to get China to act upon a MOU that had been signed 2 years ago to buy 2 million tons of Thai rice.

If this is correct then an MOU is really a quite worthless piece of paper.

If anyone was wanting to get the Chinese government to overpay for dodgy mouldy rice, doing the deal in full view of the press of both countries is hardly very smart.

At this rate cp will export it to itself in China for rice to make pig feed and then sell it back to Thailand at an inflated price, claiming that for some amazing reason there was a shortage of pig feed in Thailand.

[sustento]

"The ministers said the loss should not in fact exceed Bt100 billion a year"