Lite Beer Posted October 26, 2013 Share Posted October 26, 2013 Rungson vows to review rice scheme lossSUPHANNEE POOTPISUTTHE SUNDAY NATION BANGKOK: -- The man set to become the new permanent secretary at the Finance Ministry says he will review the amount lost under the government's controversial rice-pledging scheme.Rungson Sriworasat, acting permanent secretary of the Finance Ministry, said that he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee, headed by deputy permanent secretary Supa Piyajitti.He said that he would also replace Supa as chair of the audit team. He denied Supa was removed, saying that she would still work with him. But that as the permanent secretary, he should be in charge of the audit committee."As someone with a background in accounting and a director of the Bank for Agriculture and Agricultural Cooperatives for eight years, I don't think the loss is that high," Rungson said."We will have to review the audit committee's report to see if a loss of Bt200 billion a year is correct," he said.Rungson said that with a simple calculation, he believed the loss should be "only Bt36 billion" a year. He explained that under the scheme the government offered Bt15,000 for every tonne of rice, compared to the market price of Bt12,000, which meant a loss of Bt3,000 a ton. And the government had about 12 million tonnes of rice in its stockpiles and the loss would be about Bt36 billion.The Cabinet earlier this month appointed Rungson as acting permanent secretary for finance, and he is expected to become the new permanent secretary.On Monday, the Finance Ministry put the annual losses from the rice-pledging scheme |in the vicinity of Bt200 billion after wrapping up its audit. The audit report from Supa's committee was signed by former permanent secretary Areepong Bhoocha-oom, who was transferred to the post of secretary-general of the Public Sector Development Commission. His transfer followed allegations that he was unable to control Finance Ministry officials who repeatedly expressed concerns over the scheme's impact on the national fiscal position. -- The Nation 2013-10-27 Link to comment Share on other sites More sharing options...
clockman Posted October 27, 2013 Share Posted October 27, 2013 Smoke and mirrors! without transparency, how can anybody. Know! 1 Link to comment Share on other sites More sharing options...
Popular Post Local Drunk Posted October 27, 2013 Popular Post Share Posted October 27, 2013 "he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee" Sound's like he's already made up his mind... 5 Link to comment Share on other sites More sharing options...
Popular Post whybother Posted October 27, 2013 Popular Post Share Posted October 27, 2013 There are only 12 million tonnes currently in stockpiles. What about the rest that has been bought and sold, and storage costs, and loss due to damage, and plenty of other issues. Just the fact that he has already come up with a dodgy number speaks of the whitewash coming. Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app 5 Link to comment Share on other sites More sharing options...
NongKhaiKid Posted October 27, 2013 Share Posted October 27, 2013 "he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee" Sound's like he's already made up his mind... Most certainly. He's was a cabinet appointment to an acting post which is about to become permanent. There's no way the government would appoint someone who wasn't on board and no way will he risk losing a permanent post. 2 Link to comment Share on other sites More sharing options...
Popular Post Thait Spot Posted October 27, 2013 Popular Post Share Posted October 27, 2013 Another lackey rewarded Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app 3 Link to comment Share on other sites More sharing options...
marcusd Posted October 27, 2013 Share Posted October 27, 2013 There are only 12 million tonnes currently in stockpiles. What about the rest that has been bought and sold, and storage costs, and loss due to damage, and plenty of other issues. Just the fact that he has already come up with a dodgy number speaks of the whitewash coming. Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app I used GOOGLE and the current price per tonne of rice is 2500 baht. So there is a HUGE discrepency here and Yes I agree the whitewash has already begun. 12million x 9500 difference on world price is 114 000 000 000 (114 Billion baht) and the 12 million tonnes is probably what is left that is SALEABLE. Remember Thailand has NOT been able to move rice for nearly 2 years in quantities they previously sold. So he is using old figures. I guess he went to a Thai public school. 1 Link to comment Share on other sites More sharing options...
waza Posted October 27, 2013 Share Posted October 27, 2013 (edited) If I was Thaksin I would bring in a spin doctor to do a bit of creative arithmetic, to buy more time, to get the 2.2 trillion baht loan signed and sealed. Oops he did. Edited October 27, 2013 by waza 1 Link to comment Share on other sites More sharing options...
whybother Posted October 27, 2013 Share Posted October 27, 2013 (edited) There are only 12 million tonnes currently in stockpiles. What about the rest that has been bought and sold, and storage costs, and loss due to damage, and plenty of other issues. Just the fact that he has already come up with a dodgy number speaks of the whitewash coming. Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app I used GOOGLE and the current price per tonne of rice is 2500 baht. So there is a HUGE discrepency here and Yes I agree the whitewash has already begun. 12million x 9500 difference on world price is 114 000 000 000 (114 Billion baht) and the 12 million tonnes is probably what is left that is SALEABLE. Remember Thailand has NOT been able to move rice for nearly 2 years in quantities they previously sold. So he is using old figures. I guess he went to a Thai public school. This (http://www.indexmundi.com/commodities/?commodity=rice&months=60) is showing about $470 / THB 14000 - for white milled rice, not paddy. Where did you see 2500 baht? Edited October 27, 2013 by whybother Link to comment Share on other sites More sharing options...
hanuman2543 Posted October 27, 2013 Share Posted October 27, 2013 Welcome to Lala land Sent from my i-mobile IQ XA using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
Ricardo Posted October 27, 2013 Share Posted October 27, 2013 There are only 12 million tonnes currently in stockpiles. What about the rest that has been bought and sold, and storage costs, and loss due to damage, and plenty of other issues. Just the fact that he has already come up with a dodgy number speaks of the whitewash coming. Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app That he forgets about any losses on the rice previously purchased, and 'disappeared' from the warehouses or resold again already, demonstrates his total lack-of-understanding & inability to do a senior job at the Finance Ministry. Which makes him a perfect fit, with the rest of the PTP-led government-coalition, unfit-for-purpose. 2 Link to comment Share on other sites More sharing options...
bigbamboo Posted October 27, 2013 Share Posted October 27, 2013 This guy seems so far up himself I doubt he'll be able use his special PT calculator. Link to comment Share on other sites More sharing options...
Popular Post jonclark Posted October 27, 2013 Popular Post Share Posted October 27, 2013 "Rungson said that with a simple calculation, he believed the loss should be "only Bt36 billion" a year. He explained that under the scheme the government offered Bt15,000 for every tonne of rice, compared to the market price of Bt12,000, which meant a loss of Bt3,000 a ton. And the government had about 12 million tonnes of rice in its stockpiles and the loss would be about Bt36 billion" What a totally numpty. Someone pleas explain that having the rice in stockpiles does not mean it can be written off as "sold' . Until you actually sell it, the rice is a loss making asset. Just storing it doesn't make it profitable. If you never sell it, you will never get money. What a totally arse! I've seen better financial advice given by 'Trigger; in Only Fools and Horses' 8 Link to comment Share on other sites More sharing options...
Popular Post slapout Posted October 27, 2013 Popular Post Share Posted October 27, 2013 He is out of his tree, with the numbers he throws out , he is either total inept, with no idea of current rice prices, nationally or internationally, amount of rice in storage, monthly upkeep cost of same, cost to government to purchase rice under this program, losses in storage, transport, milling, fire, floods, theft, ag bank, police monitoring, government checks on inventory and proper handling, etc., or he is another flim flam man to further confuse the Thai people and the rest of the world. 5 Link to comment Share on other sites More sharing options...
Popular Post Bakseeda Posted October 27, 2013 Popular Post Share Posted October 27, 2013 "Rungson said that with a simple calculation, he believed the loss should be "only Bt36 billion" a year. He explained that under the scheme the government offered Bt15,000 for every tonne of rice, compared to the market price of Bt12,000, which meant a loss of Bt3,000 a ton. And the government had about 12 million tonnes of rice in its stockpiles and the loss would be about Bt36 billion" What a totally numpty. Someone pleas explain that having the rice in stockpiles does not mean it can be written off as "sold' . Until you actually sell it, the rice is a loss making asset. Just storing it doesn't make it profitable. If you never sell it, you will never get money. What a totally arse! I've seen better financial advice given by 'Trigger; in Only Fools and Horses' I've seen better financial advice given by "Trigger" The Lone Rangers horse.... 4 Link to comment Share on other sites More sharing options...
CPT Posted October 27, 2013 Share Posted October 27, 2013 Nothing is lost until the rice is sold so unless he has buyers locked in for all the rice the government stockpile his numbers are meaningless. Plus the fact that his numbers don't include storage costs and spoilage... I get that it was a quick 'back of the envelope' type calculation intended to make a point but still... 1 Link to comment Share on other sites More sharing options...
waza Posted October 27, 2013 Share Posted October 27, 2013 Welcome to Lala land Sent from my i-mobile IQ XA using Thaivisa Connect Thailand mobile app Everything look rosy from the bar Link to comment Share on other sites More sharing options...
waza Posted October 27, 2013 Share Posted October 27, 2013 (edited) "Rungson said that with a simple calculation, he believed the loss should be "only Bt36 billion" a year. He explained that under the scheme the government offered Bt15,000 for every tonne of rice, compared to the market price of Bt12,000, which meant a loss of Bt3,000 a ton. And the government had about 12 million tonnes of rice in its stockpiles and the loss would be about Bt36 billion" What a totally numpty. Someone pleas explain that having the rice in stockpiles does not mean it can be written off as "sold' . Until you actually sell it, the rice is a loss making asset. Just storing it doesn't make it profitable. If you never sell it, you will never get money. What a totally arse! I've seen better financial advice given by 'Trigger; in Only Fools and Horses' of course how could we have been so silly as to miss that. So if they paid 15,000 baht per ton and they have 12,000,000 ton of rice, then they only spent 180,000,000,000 baht on rice and not the reported 700,000,000,000 baht that they did. Because if they did then that means a loss of 520,000,000,000 baht just on purchase, then there is the ongoing costs, management fees, interest on loans and the depreciation of assets ect ect Edited October 27, 2013 by waza Link to comment Share on other sites More sharing options...
drdoom6996 Posted October 27, 2013 Share Posted October 27, 2013 A new guy with a headline. But he missed the photo op. Link to comment Share on other sites More sharing options...
Baerboxer Posted October 27, 2013 Share Posted October 27, 2013 I wonder if Moody's, the other credit rating agencies and the World Bank will believe these figures. Perhaps its an acceptable "white lie" to build confidence in the new man at the FM - "look he's only been there 5 minutes and he's made a big difference already". Give him a few weeks and it will be turned into a profit making scheme after all. See, these silly farangs know nothing about economics and accounting. Just trust the government, they know exactly what they are doing What's sad is the arrogance and contempt with which they treat the Thai people in spouting this bilge which they are expected to believe. Simply lie - don't worry about any facts, or figures, or back up information. PTP transparency at its best ! Khun Rungson has just demonstrated his keen skills and knowledge in accountancy to a level that's expected. The real loss will never be revealed until there is a change in government. Then it will be shock, horror, best keep it quiet mode. God (whoevers) help Thailand if these crooks get their hands on the 2.2. trillion. Link to comment Share on other sites More sharing options...
Jack007 Posted October 27, 2013 Share Posted October 27, 2013 (edited) From the first moment the rice system started i knew it is business full of fraud and corruption.Follow the moneyflow out first,because i expect it don't goes only to farmers.Count your stock and the selling and you know how much is missing. I agree it should be 36 billion Baht but i believe it will be more than 100 billion baht, caused by fraud and corruption.Seize the property of the people who did fraud, because the victims are the farmers and the population (government)Change the system and gives the farmers 3.000 baht per ton compensation and let them sell their own rice.It is only an idea, but the fraud and corruption will be less.Go for it government. There is much money to earn back! Edited October 27, 2013 by metisdead Oversize font reset to normal. Please do not post using overly large font. Link to comment Share on other sites More sharing options...
trainman34014 Posted October 27, 2013 Share Posted October 27, 2013 Just another one in a long line of 'Mouths on a stick' appointed by this criminal Government to cover their own arse's. 1 Link to comment Share on other sites More sharing options...
AleG Posted October 27, 2013 Share Posted October 27, 2013 Wow, amazing! first day in the job and already reduced the expected losses to almost one third of the Commerce Minister's dubious figures. 1 Link to comment Share on other sites More sharing options...
Thait Spot Posted October 27, 2013 Share Posted October 27, 2013 His numbers are a big, Viagra-induced fallacy. Look at the agriculture bank's account and ye shall see Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
godden Posted October 27, 2013 Share Posted October 27, 2013 can he sort my over draft!! Link to comment Share on other sites More sharing options...
jaidam Posted October 27, 2013 Share Posted October 27, 2013 If this latest Thaksin mouthpiece is correct and the rice losses are only 36 billion per year, and nobody is doubting that 700 billion has been plowed into the scam, then by using basic arithmetic 600+ billion has been stolen or misappropriated. Big boss should have been happier with the original loss figures! Link to comment Share on other sites More sharing options...
brianb1944 Posted October 27, 2013 Share Posted October 27, 2013 "he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee" Sound's like he's already made up his mind... He has been told an acceptable number, now has to spin it to justify 1 Link to comment Share on other sites More sharing options...
hellodolly Posted October 27, 2013 Share Posted October 27, 2013 "he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee" Sound's like he's already made up his mind... You got that right Rungson Sriworasat, acting permanent secretary of the Finance Ministry, said that he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee, headed by deputy permanent secretary Supa Piyajitti. He said that he would also replace Supa as chair of the audit team. He denied Supa was removed, saying that she would still work with him. But that as the permanent secretary, he should be in charge of the audit committee. There is an iron clad guarantee that it will not exceed 200,000,000 baht. Kinda of like putting Thaksin in charge of looking into the crimes in the 2010 attempted coup Link to comment Share on other sites More sharing options...
longway Posted October 27, 2013 Share Posted October 27, 2013 The guy is talking utter nonsense. Paddy is bought at 15000, but that equates to (generously) 650 kg milled rice. Even using his bs numbers that's a loss of 12000 per tonne of milled rice. So with 12 million tonnes that 144 billion loss. Link to comment Share on other sites More sharing options...
GeorgeO Posted October 27, 2013 Share Posted October 27, 2013 "he did not believe the loss would be as high as Bt200 billion a year, as concluded a ministry audit committee" Sound's like he's already made up his mind... ... and as the new head of the audit committee, I have no doubt that he will prove himself correct...! Furthermore, she who released the figures has not been sacked ... really!! 1 Link to comment Share on other sites More sharing options...
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