Rice-pledging scheme: NACC to probe more Thai officials

[PeterSmiles]

Siam Indica Co Ltd. For those with a short memory that is the revered Arisman's and his wife's company.

Read further and learn.These guys are up to their scrawny necks in this crap.

Mr Warong said his own investigation found there were alleged irregularities in the rice deal with China.

GSSG Import & Export Corp, a China-based trading firm, which bought rice from Thailand, was represented by a man who authorised a resident of Phichit's Bang Mun Nak district to sign the rice deal on his behalf, said the Democrat MP.

The man was an assistant of Pheu Thai Party MP Rapeepan Pongruangrong, wife of red-shirt leader Arisman Pongruangrong, he said.

The plot thickens.

http://assistamerica.countrywatch.com/rcountry.aspx?vcountry=170&topic=CBWIR&uid=6067023

Someday this will all be on show.

But I'm afraid that I will not live long enough to experience that day.

[tomacht8]

Siam Indica Co Ltd. For those with a short memory that is the revered Arisman's and his wife's company.

Read further and learn.These guys are up to their scrawny necks in this crap.

Mr Warong said his own investigation found there were alleged irregularities in the rice deal with China.

GSSG Import & Export Corp, a China-based trading firm, which bought rice from Thailand, was represented by a man who authorised a resident of Phichit's Bang Mun Nak district to sign the rice deal on his behalf, said the Democrat MP.

The man was an assistant of Pheu Thai Party MP Rapeepan Pongruangrong, wife of red-shirt leader Arisman Pongruangrong, he said.

The plot thickens.

http://assistamerica.countrywatch.com/rcountry.aspx?vcountry=170&topic=CBWIR&uid=6067023

Someday this will all be on show.

Hopefully, but I fear that the flow of money, was only partially documented.

The evidence being destroyed, the documents are burned, papers disappear, bank accounts are resolved, etc.

For the taxpayer, it will then be such that he knows he had 100 baht in the purse, now only 20 baht in there, and no one can say where the 80 baht remained.

Connecting a few lies and away is the money / Treasury.

They must improve their financial control systems pronto.

I can understand that the people are on the streets, and have enough of it.

And it is the taxpayer on the street and not the farmers (of which has almost paid no taxes).

Equitable redistribution for the common good, yes, but not with this idotic rice scheme.

At the end the rice farmers will realize that they and their children have been buggered.

[Robby nz]

Yesterday the UN Food and Agricultural Organisation released a report that says among other things that :

Even if Thai exports increase 26% to 8.5 million tons in 2014 t Thai stockpiles will still grow to 20.4 million tons.

They put global reserves of milled rice at 179 million tons in 2013 - 2014 year.

The price of Thai 5% broken white rice which is used as an industry standard has fallen 23% to US$450 (14,000) per ton this year.

That is against the cost of purchase, milling, storage, cartage etc to the Thai Govt of 29,605 B per ton.

They also said :

The Thai Govts willingness to sell at a loss weighed heavily on market sentiment.

My interpretation : The rest of the worlds rice traders are highly pissed off.

Sorry no link but if you look elsewhere you will find it yourself.

[kingalfred]

The NACC are not going to look for and name the real culprits at the top of this mass corruption.It goes too far up .All those wasted billions on some"air brain" scheme by an "air brain" PM to placate her "air brain" supporters.Some time in the future,maybe a long time,a government and PM is going to have to deal with the economic disaster and it maybe when the country truly is third world in all aspects.

[tomacht8]

Yesterday the UN Food and Agricultural Organisation released a report that says among other things that :

Even if Thai exports increase 26% to 8.5 million tons in 2014 t Thai stockpiles will still grow to 20.4 million tons.

They put global reserves of milled rice at 179 million tons in 2013 - 2014 year.

The price of Thai 5% broken white rice which is used as an industry standard has fallen 23% to US$450 (14,000) per ton this year.

That is against the cost of purchase, milling, storage, cartage etc to the Thai Govt of 29,605 B per ton.

They also said :

The Thai Govts willingness to sell at a loss weighed heavily on market sentiment.

My interpretation : The rest of the worlds rice traders are highly pissed off.

Sorry no link but if you look elsewhere you will find it yourself.

Now many rice farmers are very happy. The rice scheme paid them very good money.

Well highly above the international market price. But this is only a short time situation.

So look forward a little bit.

Thailand as a rice producer, one from many other countries can not control the world market price.

So we have since a half year a clear downslide in international rice prices.

Thailand still build up there stock piles.

On the long run this rice scheme will come to an systemic automatically stop.

So long as Thailand have funds and use all credits they can get, they could run it, but at the end this scheme will stop itself.

To buy his own rice for 23.000 Baht a tonne unlimited, with a world market price around 14.000 Baht a tonne for milled rice.

1000% the bang will come.

So then, what happened then to the rice farmers?

With a stockpile around 20 Mio. Metric Tonne rice then?

The world market can not absorb this quantity.

The world market prices will continue to fall. Absolute oversupply. The government can no longer finance their program. Many farmers, lured by the program will have changed to rice cultivation. And then they will stand before their mill and no one wants then, more rice.

And then the rice farmers will realised that they stay in very deep shit then.

I hope that this madness as soon as possible is terminated.

The only way now: 20 million tons stockpile of milled rice. Give it free to all Thai people. Every household in Thailand, lets say 20 million families will then have 1000 kg rice each.

Enjoy your meal.

[ratcatcher]

Yesterday the UN Food and Agricultural Organisation released a report that says among other things that :

Even if Thai exports increase 26% to 8.5 million tons in 2014 t Thai stockpiles will still grow to 20.4 million tons.

They put global reserves of milled rice at 179 million tons in 2013 - 2014 year.

The price of Thai 5% broken white rice which is used as an industry standard has fallen 23% to US$450 (14,000) per ton this year.

That is against the cost of purchase, milling, storage, cartage etc to the Thai Govt of 29,605 B per ton.

They also said :

The Thai Govts willingness to sell at a loss weighed heavily on market sentiment.

My interpretation : The rest of the worlds rice traders are highly pissed off.

Sorry no link but if you look elsewhere you will find it yourself.

Now many rice farmers are very happy. The rice scheme paid them very good money.

Well highly above the international market price. But this is only a short time situation.

So look forward a little bit.

Thailand as a rice producer, one from many other countries can not control the world market price.

So we have since a half year a clear downslide in international rice prices.

Thailand still build up there stock piles.

On the long run this rice scheme will come to an systemic automatically stop.

So long as Thailand have funds and use all credits they can get, they could run it, but at the end this scheme will stop itself.

To buy his own rice for 23.000 Baht a tonne unlimited, with a world market price around 14.000 Baht a tonne for milled rice.

1000% the bang will come.

So then, what happened then to the rice farmers?

With a stockpile around 20 Mio. Metric Tonne rice then?

The world market can not absorb this quantity.

The world market prices will continue to fall. Absolute oversupply. The government can no longer finance their program. Many farmers, lured by the program will have changed to rice cultivation. And then they will stand before their mill and no one wants then, more rice.

And then the rice farmers will realised that they stay in very deep shit then.

I hope that this madness as soon as possible is terminated.

The only way now: 20 million tons stockpile of milled rice. Give it free to all Thai people. Every household in Thailand, lets say 20 million families will then have 1000 kg rice each.

Enjoy your meal.

I am afraid you have a very limited awareness of the world around you.

With millions of tons of Thai rice stored in warehouses with millions more to come, maybe Thailand should become a major player in the fight against starvation and scenes like these.

There are AFAIK no starving Thais, we live in a land self sufficient in food.

If Thais were given 1000kg each family, many would sell it. Pointless.

Perhaps Yingluck and her brother could donate to Africa and be eligible for a Nobel?

[tomacht8]

Yesterday the UN Food and Agricultural Organisation released a report that says among other things that :

Even if Thai exports increase 26% to 8.5 million tons in 2014 t Thai stockpiles will still grow to 20.4 million tons.

They put global reserves of milled rice at 179 million tons in 2013 - 2014 year.

The price of Thai 5% broken white rice which is used as an industry standard has fallen 23% to US$450 (14,000) per ton this year.

That is against the cost of purchase, milling, storage, cartage etc to the Thai Govt of 29,605 B per ton.

They also said :

The Thai Govts willingness to sell at a loss weighed heavily on market sentiment.

My interpretation : The rest of the worlds rice traders are highly pissed off.

Sorry no link but if you look elsewhere you will find it yourself.

Now many rice farmers are very happy. The rice scheme paid them very good money.

Well highly above the international market price. But this is only a short time situation.

So look forward a little bit.

Thailand as a rice producer, one from many other countries can not control the world market price.

So we have since a half year a clear downslide in international rice prices.

Thailand still build up there stock piles.

On the long run this rice scheme will come to an systemic automatically stop.

So long as Thailand have funds and use all credits they can get, they could run it, but at the end this scheme will stop itself.

To buy his own rice for 23.000 Baht a tonne unlimited, with a world market price around 14.000 Baht a tonne for milled rice.

1000% the bang will come.

So then, what happened then to the rice farmers?

With a stockpile around 20 Mio. Metric Tonne rice then?

The world market can not absorb this quantity.

The world market prices will continue to fall. Absolute oversupply. The government can no longer finance their program. Many farmers, lured by the program will have changed to rice cultivation. And then they will stand before their mill and no one wants then, more rice.

And then the rice farmers will realised that they stay in very deep shit then.

I hope that this madness as soon as possible is terminated.

The only way now: 20 million tons stockpile of milled rice. Give it free to all Thai people. Every household in Thailand, lets say 20 million families will then have 1000 kg rice each.

Enjoy your meal.

I am afraid you have a very limited awareness of the world around you.

With millions of tons of Thai rice stored in warehouses with millions more to come, maybe Thailand should become a major player in the fight against starvation and scenes like these.

There are AFAIK no starving Thais, we live in a land self sufficient in food.

If Thais were given 1000kg each family, many would sell it. Pointless.

Perhaps Yingluck and her brother could donate to Africa and be eligible for a Nobel?

starv1.jpgstarv2.jpgstarv3

Consent, my intention was just to show how big the dimensions are!

[Old Man River]

The NACC panel said the G2G trading was believed to have caused losses to the rice-pledging scheme because rice would be sold at less than the market price.[/

Here it is guys! Thailand sold rice to other governments below market price.........and somebody must have received the difference between selling price and market price...

Now please pay attention, I'll only say this once:

It's the difference between pledge price and selling price can counts

yes

First, the economic loss: The difference between the pledged price and sales price (which has been lower). Then, add to this loss the rice that sits there and goes bad.

Second is the corruption issue: Why do the farmers, who grow the rice, get such a small amount of what the government pays?

[kimamey]

Yesterday the UN Food and Agricultural Organisation released a report that says among other things that :

Even if Thai exports increase 26% to 8.5 million tons in 2014 t Thai stockpiles will still grow to 20.4 million tons.

They put global reserves of milled rice at 179 million tons in 2013 - 2014 year.

The price of Thai 5% broken white rice which is used as an industry standard has fallen 23% to US$450 (14,000) per ton this year.

That is against the cost of purchase, milling, storage, cartage etc to the Thai Govt of 29,605 B per ton.

They also said :

The Thai Govts willingness to sell at a loss weighed heavily on market sentiment.

My interpretation : The rest of the worlds rice traders are highly pissed off.

Sorry no link but if you look elsewhere you will find it yourself.

Now many rice farmers are very happy. The rice scheme paid them very good money.

Well highly above the international market price. But this is only a short time situation.

So look forward a little bit.

Thailand as a rice producer, one from many other countries can not control the world market price.

So we have since a half year a clear downslide in international rice prices.

Thailand still build up there stock piles.

On the long run this rice scheme will come to an systemic automatically stop.

So long as Thailand have funds and use all credits they can get, they could run it, but at the end this scheme will stop itself.

To buy his own rice for 23.000 Baht a tonne unlimited, with a world market price around 14.000 Baht a tonne for milled rice.

1000% the bang will come.

So then, what happened then to the rice farmers?

With a stockpile around 20 Mio. Metric Tonne rice then?

The world market can not absorb this quantity.

The world market prices will continue to fall. Absolute oversupply. The government can no longer finance their program. Many farmers, lured by the program will have changed to rice cultivation. And then they will stand before their mill and no one wants then, more rice.

And then the rice farmers will realised that they stay in very deep shit then.

I hope that this madness as soon as possible is terminated.

The only way now: 20 million tons stockpile of milled rice. Give it free to all Thai people. Every household in Thailand, lets say 20 million families will then have 1000 kg rice each.

Enjoy your meal.

By which time someone else will be in power and get the blame.

[pedro01]

The year this scheme folds will be a killer. 20 million tonnes being dumped on the world markets and Thai farmers still growing that rice for what will be a pittance.

Sent from my iPhone using Thaivisa Connect Thailand

[Robby nz]

Just what position the farmers are in could possibly be judged by the level of farmers credit card indebtedness to the BAAC, which has said :

There have been about 4 million Farmers cards issued.

As of the end of November the outstanding balance of cash advances drawn on farmers credit cards is close to 8 billion baht.

The BAAC had outstand loans of 92 billion baht since April 1. That is in only 8 months.

This is only the first year the card scheme has been in operation.

They charge 7% PA for overdue amounts but offer a 5 month interest free period.

And the position of the bank itself, well that's been gone into elsewhere on topics about them having no money to pay the farmers.

Happy farmers???

[PeterSmiles]

Perhaps Yingluck and her brother could donate to Africa and be eligible for a Nobel?

starv1.jpgstarv2.jpgstarv3.jpg

That would be a marvelous idea for Thaksin, give away other peoples money and cash in on the Nobel price

[Old Man River]

Just what position the farmers are in could possibly be judged by the level of farmers credit card indebtedness to the BAAC, which has said :

There have been about 4 million Farmers cards issued.

As of the end of November the outstanding balance of cash advances drawn on farmers credit cards is close to 8 billion baht.

The BAAC had outstand loans of 92 billion baht since April 1. That is in only 8 months.

This is only the first year the card scheme has been in operation.

They charge 7% PA for overdue amounts but offer a 5 month interest free period.

And the position of the bank itself, well that's been gone into elsewhere on topics about them having no money to pay the farmers.

Happy farmers???

There is a reason why the Amnesty Bill, that everyone talks about as absolving Abhisit and Thaksin, also included amnesty for Yingluck as it relates to the rice pledging scheme.

[kingalfred]

So funny the naive Yingluck.Goes around the world different countries (China in particular) and they say to her,maybe we buy so many tons of rice( no solid commitment) and this is what you are left with,Massive rice stockpiles,mass corruption.and massive debt added to the bubble bursting future.

Edited December 5, 2013 by kingalfred

[tomacht8]

The year this scheme folds will be a killer. 20 million tonnes being dumped on the world markets and Thai farmers still growing that rice for what will be a pittance.

Sent from my iPhone using Thaivisa Connect Thailand

I guess they know it.

If they would now stop this rice scheme money - rain adhoc, then also the rice farmers were on the streets.

They have already lowered the purchase price from 14,000 baht to 13,000 baht per ton for paddy. Also lowered the maximum amount to 300,000 Baht per family.

If no fresh money coming soon into this system, the program is anyway soon doomed.

The BAAC reported that they run out of funds.

The 78Billion bonds sale does not seem to have been so successful.

Now they try to sell rice from the stock pile under market price to get some cash.

All measures aim to gain more time.

Think the initiators have not itself expected how many sticky fingers are in the game.

Would be good, in the government's own interest, to identify and explain here.

Why the government not answered the questions and documented the money flow in the Parliament completely?

But one thing seems certain: there is no 500 Billion revolving fund anymore in the BAAC, as from the Ministry of Finance shortly reported.

The NACC as a hopefully independent institution, that they would have to be in essence to protect the country assets

(how else corruption can ever be cleared up then) must act.

If the ministry of finance reported the BAAC have a 500 Billion revolving fund and the BAAC reported that they run out of cash (no money), then

it will be a good move from the NACC (and this is there duty!) to check this!

Edited December 5, 2013 by tomacht8

[Trouble]

Government needs to end the rice subsidy program ASAP. Thailand needs to donate and/or sell off the stocks ASAP for what they can get. Government needs to pay off the farmers what they are owed. If there is an oversupply of rice on the world market farmers somewhere are going to take a hit. That is the world market place. Farmers need to be forewarned that the subsidy is ending. As this is unravelling and indications of corruption are surfacing, the Prime Minister and top officials should get the word out that there will be prosecution of corruption where found. I seriously doubt that most of the top officials are getting anything but bad press and I really don't thing the Prime Minister needs the money. Let's face facts that while there may be petty corruption throughout government, votes may be bought in parliament, etc., most in parliament are not getting a cut in the rice pledging scheme so they have nothing to loose by routing it out in this particular case. Corruption is endemic at all levels and those at the top should see that things will unravel if no action taken. I believe the rice pledging scheme was a way to help their political base, great idea in theory but not working and evidently full of corruption. Not only is it not working it could indeed backfire if farmers area not paid. Clean it up while there is a chance and help the farmers face the fact that there is too much world rice production making prices unstable. The government cannot help.

It actually amazes me that those in power can't seem to get into crisis mode and hire some international experts at crisis control/mitigation. This is not rocket science. The Thais of both parties just seem to muddle along and can't get out of their own way. If those in power in both parties are so weak that those on lower levels won't follow instructions/orders then things in Thailand are really out of hand and there will never be anything but total chaos.

[Skywalker69]

Siam Indica Co Ltd. For those with a short memory that is the revered Arisman's and his wife's company.

Read further and learn.These guys are up to their scrawny necks in this crap.

Mr Warong said his own investigation found there were alleged irregularities in the rice deal with China.

GSSG Import & Export Corp, a China-based trading firm, which bought rice from Thailand, was represented by a man who authorised a resident of Phichit's Bang Mun Nak district to sign the rice deal on his behalf, said the Democrat MP.

The man was an assistant of Pheu Thai Party MP Rapeepan Pongruangrong, wife of red-shirt leader Arisman Pongruangrong, he said.

The plot thickens.

http://assistamerica.countrywatch.com/rcountry.aspx?vcountry=170&topic=CBWIR&uid=6067023

Someday this will all be on show.[/qu

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

[JRSoul]

Government needs to end the rice subsidy program ASAP. Thailand needs to donate and/or sell off the stocks ASAP for what they can get. Government needs to pay off the farmers what they are owed. If there is an oversupply of rice on the world market farmers somewhere are going to take a hit. That is the world market place. Farmers need to be forewarned that the subsidy is ending. As this is unravelling and indications of corruption are surfacing, the Prime Minister and top officials should get the word out that there will be prosecution of corruption where found. I seriously doubt that most of the top officials are getting anything but bad press and I really don't thing the Prime Minister needs the money. Let's face facts that while there may be petty corruption throughout government, votes may be bought in parliament, etc., most in parliament are not getting a cut in the rice pledging scheme so they have nothing to loose by routing it out in this particular case. Corruption is endemic at all levels and those at the top should see that things will unravel if no action taken. I believe the rice pledging scheme was a way to help their political base, great idea in theory but not working and evidently full of corruption. Not only is it not working it could indeed backfire if farmers area not paid. Clean it up while there is a chance and help the farmers face the fact that there is too much world rice production making prices unstable. The government cannot help.

It actually amazes me that those in power can't seem to get into crisis mode and hire some international experts at crisis control/mitigation. This is not rocket science. The Thais of both parties just seem to muddle along and can't get out of their own way. If those in power in both parties are so weak that those on lower levels won't follow instructions/orders then things in Thailand are really out of hand and there will never be anything but total chaos.

I have this BS from Thais - "the Shinawatras are so rich they don't need to steal", Yet they do, and on a massive scale.

The rice scam was not set up to assist all those growing rice, only those SELLING rice, and the more you sell the more you benefit with no restriction on volume. There was also no protection for renters (the poorest farmers), so rents increased by ~50%, a huge windfall for landlords.

Yet you think that the seriously rich people in the PTP cabinet have got nothing from this but bad press. Gullible's Travels in Thailand.