BAAC top management slammed for confusing Thai farmers

[webfact]

BAAC top management slammed for confusing farmers



BANGKOK: -- The top management of the Bank of Agriculture and Agricultural Cooperatives (BAAC) was taken to task on Thursday by Deputy Commerce Minister Yanyong Puangrach for allegedly leaking confusing news to the media that the government is broke.

Apparently disturbed by such news, Mr Yanyong admitted that he didn’t understand why the management kept telling the media that the government is broke and has no money to pay the farmers who have pledged their crops under the rice pledging scheme.

He said that such inaccurate news would confuse the farmers into believing that the government has abandoned them which is untrue.

The minister insisted that the Finance Ministry had assured that before the end of this year, there would be an injection of 60 billion baht fresh fund into the BAAC to pay the farmers. There will be enough funding to sustain the rice pledging scheme till its end in next February, he added.

Referring to a recent press conference held by the bank’s labor union to talk about the bank’s financial problem, Mr Yanyong said that the union acted as if they were above the managing director in which case, he added, the managing director should hand over his job to the union and resign.

The deputy minister noted that the bank has enjoyed the benefit from the rice pledging scheme much more than any state agencies “but unfortunately has kept telling the media the opposite side”.

Citing the scheme for the 2011-12 harvests, he said the bank earned 14,745 million baht from management fees and interests. The bank also gained 4,095 million baht from management fees and interests for the 2012-13 harvests.

Source: http://englishnews.thaipbs.or.th/baac-top-management-slammed-confusing-farmers/


-- Thai PBS 2013-12-20

[Thai at Heart]

Hoho.

Let's desperately try to cover our ass.

[Robby nz]

You will have to try to understand Mr Deputy minister that the BAAC keeps telling the farmers the Govt has no money because the Govt has not given the bank the money to pay the farmers.

Or is there another reason the Govt has not given the bank the money ?

If so please let us all in on that reason.

Oh hang on I've just worked it out, Its because of the protests,

Edited December 19, 2013 by Robby nz

[zydeco]

Enough money to last until February, which, just coincidentally, happens to be when PTP wants to hold the new election.

[Tatsujin]

So, who's lying? Or do I do as I normally do and assume everyone is . . . ?

[worgeordie]

Dazed and confused,if anyone ever told the truth here it would all be clear

whats going on,but you can bet the farmers WILL be paid for their rice before

election day.

regards Worgeordie

[bluebluewater]

Confusion reigns because, as always, the first liar did not have a chance.

[wprime]

Dazed and confused,if anyone ever told the truth here it would all be clear

whats going on,but you can bet the farmers WILL be paid for their rice before

election day.

regards Worgeordie

You reckon? I think they're going to be paid after the elections, if PTP is voted in again and that this will be made very clear prior to the election.

[Johnnie99]

He confused them by hanging up two shovels and asking them to take their pick ...

[jaidam]

Showing the farmers a 3 card monty would be confusing them. What PTP are doing to them, ruining the Thai rice industry now and forever scuttling its hard-earned good reputation in order to win votes is slightly more than confusing. It's fraudulent grand larceny.

[ginjag]

One of a thousand reasons they all have to step down--leave lock stock and barrel.

[JRSoul]

Farmers confused? You would think they would know if they have been paid or not. Until they have been, it's just windbags in suits spreading organic fertilizer.

BTW the union represents workers who may feel moral indignation at being told to spread PTP's fertilizer.

Edited December 20, 2013 by JRSoul

[tomacht8]

The governments information politic to the public about this idiotic rice scheme,
is as a severe prostate infection with a huge swelling on Harnstrang.
The bladder is filled with fetid urin, but Information coming in drops.

[smedly]

My interpretation of the OP is - we are paying you handsomely so keep you mouths shut and stop telling the truth

2x trillion on the way and all will be well

<deleted>

[Skywalker69]

Hoho.

Let's desperately try to cover our ass.

In rice!

[slapout]

Again the Commerce Ministry's personal open mouth before engaging brain. The Management payment as quoted by earlier Commerce spokesmen was 68+_ million baht and now this motor mouth is claiming 18+ went to the Ag bank for management and Intrest???? How much was intrest and where/who received the rest of the taxpayer money for management fee????

The Prime Minister in her official capacity has assigned responsibility for various programs to PT cronies and her henchmen/women, cousin, bother in law, etc with the end result being massive theft (corruption does not adequately describe what has transpired) of funds from the nations coffers. The PT misfits are well on their way to self destruct, all the opposition has to do is present a small portion to the various legal watchdogs.

[dru2]

The governments information politic to the public about this idiotic rice scheme,

is as a severe prostate infection with a huge swelling on Harnstrang.

The bladder is filled with fetid urin, but Information coming in drops.

That may be true, Tomacht, but it's a pretty horrible analogy to read before my second cup of coffee!

[tomacht8]

So let us again hold the numbers:

686.000.000.000 Baht injection to start this §$”% Rice Scheme

+ 180.000.000.000 Baht injection from rice sales in 2 years.

+ 60.000.000.000 Baht new injection

= 926.000.000.000 Baht Government spend for the rice scheme

- 130.000.000.000 Baht (Stockpile value at best (Assumption of 25% is rotten))

- 14.745.000 Baht BAAC fees 2012

- 4.095.000 Baht BAAC fees 2013

= 795.981.160.000 Baht loss on states tax payers money.

The account of the BAAC must be something like this:

100.000.000.000 Baht equity

- 82.000.000.000 Baht Outstanding loans of farmers

- 12.000.000.000 Baht Cash (As yesterday reported)

- 6.000.000.000 Baht Accounting profit before depreciation

It is unbelievable that there is no valid information here.

Every little food stall on the street has a better accounting than this government.

If we assume further the local corruption rate of 30%

Then 238.794.348.000 Baht is gone by corruption

This amount is offset by any economic performance!

This is an indictment of this government.

Those responsible must be used to account here!

If this money destruction is not stopped immediately, the future of all children in this country is significantly worsened.
The scope to improve this country in the future is severely restricted.

[Nibbles48]

You mean he has been slammed for being honest, and ordered back to refute his statement.

It's the PTP way isn't it?

[Old Man River]

You will have to try to understand Mr Deputy minister that the BAAC keeps telling the farmers the Govt has no money because the Govt has not given the bank the money to pay the farmers.

Or is there another reason the Govt has not given the bank the money ?

If so please let us all in on that reason.

Oh hang on I've just worked it out, Its because of the protests,

It is so hard to believe that the Pheu Thai's Deputy Commerce Minister, at this senior level, doesn't understand that the Pheu Thi is more than 30 days in arrears on its payment obligations. If this was owed to a bank, it would be a bad loan.

Abhisit, please don't boycott the next election. The PT is imploding with its rice scheme. Let it happen.

[smedly]

You will have to try to understand Mr Deputy minister that the BAAC keeps telling the farmers the Govt has no money because the Govt has not given the bank the money to pay the farmers.

Or is there another reason the Govt has not given the bank the money ?

If so please let us all in on that reason.

Oh hang on I've just worked it out, Its because of the protests,

It is so hard to believe that the Pheu Thai's Deputy Commerce Minister, at this senior level, doesn't understand that the Pheu Thi is more than 30 days in arrears on its payment obligations. If this was owed to a bank, it would be a bad loan.

Abhisit, please don't boycott the next election. The PT is imploding with its rice scheme. Let it happen.

Yes I agree but don't forget that PTP were in the process of getting their hands on a 2x trillion baht off budget loan - like I've been saying for weeks - this loan was not at all for the so called infrastructure projects - keep the feet for dancing

[Baerboxer]

So let us again hold the numbers:

686.000.000.000 Baht injection to start this §$”% Rice Scheme

+ 180.000.000.000 Baht injection from rice sales in 2 years.

+ 60.000.000.000 Baht new injection

= 926.000.000.000 Baht Government spend for the rice scheme

- 130.000.000.000 Baht (Stockpile value at best (Assumption of 25% is rotten))

- 14.745.000 Baht BAAC fees 2012

- 4.095.000 Baht BAAC fees 2013

= 795.981.160.000 Baht loss on states tax payers money.

The account of the BAAC must be something like this:

100.000.000.000 Baht equity

- 82.000.000.000 Baht Outstanding loans of farmers

- 12.000.000.000 Baht Cash (As yesterday reported)

- 6.000.000.000 Baht Accounting profit before depreciation

It is unbelievable that there is no valid information here.

Every little food stall on the street has a better accounting than this government.

If we assume further the local corruption rate of 30%

Then 238.794.348.000 Baht is gone by corruption

This amount is offset by any economic performance!

This is an indictment of this government.

Those responsible must be used to account here!

If this money destruction is not stopped immediately, the future of all children in this country is significantly worsened.

The scope to improve this country in the future is severely restricted.

I agree - apart from the comment on this regimes accounting. I think they have very good accounting, and know where every satang has gone. It ain't ever going to be shared information though.

Meantime, play the fudging game by issuing lots and lots of meaningless confusing numbers and simply lie as usual when challenged.

[GeorgeO]

You will have to try to understand Mr Deputy minister that the BAAC keeps telling the farmers the Govt has no money because the Govt has not given the bank the money to pay the farmers.

Or is there another reason the Govt has not given the bank the money ?

If so please let us all in on that reason.

Oh hang on I've just worked it out, Its because of the protests,

I'm just wondering who am I to believe, the guy who is responsible for running the bank, and who has not received money to pay to the farmers, or the guy who is responsible for paying the bank, and has failed to do so...!!

Hmm, difficult one this

[tomacht8]

So let us again hold the numbers:

686.000.000.000 Baht injection to start this §$”% Rice Scheme

+ 180.000.000.000 Baht injection from rice sales in 2 years.

+ 60.000.000.000 Baht new injection

= 926.000.000.000 Baht Government spend for the rice scheme

- 130.000.000.000 Baht (Stockpile value at best (Assumption of 25% is rotten))

- 14.745.000 Baht BAAC fees 2012

- 4.095.000 Baht BAAC fees 2013

= 795.981.160.000 Baht loss on states tax payers money.

The account of the BAAC must be something like this:

100.000.000.000 Baht equity

- 82.000.000.000 Baht Outstanding loans of farmers

- 12.000.000.000 Baht Cash (As yesterday reported)

- 6.000.000.000 Baht Accounting profit before depreciation

It is unbelievable that there is no valid information here.

Every little food stall on the street has a better accounting than this government.

If we assume further the local corruption rate of 30%

Then 238.794.348.000 Baht is gone by corruption

This amount is offset by any economic performance!

This is an indictment of this government.

Those responsible must be used to account here!

If this money destruction is not stopped immediately, the future of all children in this country is significantly worsened.

The scope to improve this country in the future is severely restricted.

I agree - apart from the comment on this regimes accounting. I think they have very good accounting, and know where every satang has gone. It ain't ever going to be shared information though.

Meantime, play the fudging game by issuing lots and lots of meaningless confusing numbers and simply lie as usual when challenged.

agree also, but i still belief they really do not know how many millions rice they have in stockpile.

The corruption is all the way down in the food chain.

15.000.000 ton of milled rice in 50kg bags is = 300.000.000 rice bags.

They are stored in over 2.000 stocks.

That there was/is double and triple bookings, some bags for family, they let the bags rotating between the stocks, same Truck drive around the block many times, manipulated scales, etc.

The system is constructed to cheat.

[whybother]

There is going to be a bumper rice crop next year, with all the bullshit the rice farmers are being fed.

[siampolee]

tomacht8 post # 18

So let us again hold the numbers:

686.000.000.000 Baht injection to start this §$”% Rice Scheme

+ 180.000.000.000 Baht injection from rice sales in 2 years.

+ 60.000.000.000 Baht new injection

= 926.000.000.000 Baht Government spend for the rice scheme

- 130.000.000.000 Baht (Stockpile value at best (Assumption of 25% is rotten))

- 14.745.000 Baht BAAC fees 2012

- 4.095.000 Baht BAAC fees 2013

= 795.981.160.000 Baht loss on states tax payers money.

The account of the BAAC must be something like this:

100.000.000.000 Baht equity

- 82.000.000.000 Baht Outstanding loans of farmers

- 12.000.000.000 Baht Cash (As yesterday reported)

- 6.000.000.000 Baht Accounting profit before depreciation

It is unbelievable that there is no valid information here.

Every little food stall on the street has a better accounting than this government.

If we assume further the local corruption rate of 30%

Then 238.794.348.000 Baht is gone by corruption

This amount is offset by any economic performance!

This is an indictment of this government.

Those responsible must be used to account here!

If this money destruction is not stopped immediately, the future of all children in this country is significantly worsened.
The scope to improve this country in the future is severely restricted.

Might well be a good time to remind the members of this puppet government that, '' Liars need exceptional memories.''

[zig]

Quite a strange way for defending the government - basically he is saying 'It is not true what BAAC is saying that we have not given them the money for rice subsidies. We shall have the money and pay to BAAC before the end of the year...'

His logic is fundamentally flawed because his statement actually does not refute the BAAC statements.

[tomacht8]

Quite a strange way for defending the government - basically he is saying 'It is not true what BAAC is saying that we have not given them the money for rice subsidies. We shall have the money and pay to BAAC before the end of the year...'

His logic is fundamentally flawed because his statement actually does not refute the BAAC statements.

Agree.

This is shadow fighting.

To see who should resign, he needs only to look in a mirror.

I hope the bank manager fills charges agains him for slander and false testimony.

That would gives the reform process surely more drive.

I am pitty for all the farmers who have to pay for this madness in the future,

and i am pitty for all the taxpayers who have paid for this madness until today.

[tingtongteesood]

Seems like Thaksin has decided to refund 60 billion of his ill gotten gains ( or commanded his cronies to do so ) then to try and keep the voters onside until a week after the election results. Then they can wait for another 4 years....

OR until the trillions loan comes in, but the peeople of Thailand will have a very high price to pay for their short term gains....

Edited December 20, 2013 by tingtongteesood

[Robby nz]

The deputy minister noted that the bank has enjoyed the benefit from the rice pledging scheme much more than any state agencies “but unfortunately has kept telling the media the opposite side”.

Citing the scheme for the 2011-12 harvests, he said the bank earned 14,745 million baht from management fees and interests. The bank also gained 4,095 million baht from management fees and interests for the 2012-13 harvests.

And these millions have gone back to the farmers as loans as part of the outstanding cash advances on the farmers credit cards which at the end of November stood at close to 8 billion B, and that is only cash advances on the almost 4 million farmers credit cards and does not include other things like fertilizer and spray they have put on the cards.

There are also the outstanding loans to farmers that stood at 92 billion B for the first 8 months from 1 April.

That means the farmers are deep in debt to the bank and therefor the banks owner the Govt.

And that is without any other debt like that to loan sharks or other banks or institutions for things like loans on vehicles or hire purchase deals.

The poor may well inherit the earth but the rich are well on the way to inheriting the poor.