Union threatens BAAC executives: Rice-pledging scheme

[webfact]

Union threatens BAAC executives
Suphannee Pootpisut
The Nation



Demands end to lending to rice-pledging scheme using bank liquidity

BANGKOK: -- The Bank for Agriculture and Agricultural Cooperatives' (BAAC) labour union has threatened to seek the ouster of the bank's executives if its board persists in using the bank's liquidity to fund the government's rice-pledging scheme.

Union members wore black to the annual meeting at the BAAC head office yesterday to show their opposition to the government's spending of the bank's money on the rice-pledging scheme.

"If the BAAC's board of directors persists in using the bank's liquidity on this project, the labour union will escalate its opposition into a massive protest in a bid to oust directors and executives who are involved with this matter. One way or another, we will [take some kind of action]. But we will not stop work," said union chairman Prasit Pahom.

Of the bank's Bt180 billion worth of liquidity, it needs to maintain reserves worth Bt60 billion, in line with the Bank of Thailand's capital-adequacy ratio. Another Bt80 billion is reserved for lending to farmers and the remaining Bt40 billion is for deposits.

Moreover, the union reported that the Public Health Ministry said it would withdraw its deposits from the bank if the BAAC continued to allocate its liquidity to the rice-pledging scheme.

The BAAC's board of directors cancelled its meeting scheduled for 2pm yesterday in the face of protests from the union and the anti-government People's Democratic Reform Committee, which rallied outside the bank's head office.

PDRC protesters also targeted the Government Savings Bank (GSB) yesterday. They blockaded the bank and demanded that it not lend money to finance the government's rice-pledging scheme.

Currently, the GSB has surplus liquidity of Bt200 billion. Its president Woravit Chailimpamontri yesterday insisted the bank was not a direct lender to the government for the scheme.

The bank had informed its depositors of the protest situation, and there had been no signs of a rush to withdraw money, he said. Of the total 1,000 GSB branches, only five were affected by the rally protests, and they were only closed temporarily.

The PDRC also warned Krungthai Bank over lending to the government for the scheme.

KTB president Vorapak Tanyawong said in a statement yesterday that the bank provided loans to the BAAC under the same conditions as those applied to general customers.

KTB is widely considered to have been a source of funding for the BAAC in support of past government agricultural-pledging schemes - not only the rice programme. Only 10 per cent of the bank's loan portfolio was lent to the state sector, however.


-- The Nation 2014-01-21

[JRSoul]

The BP reports that the Anti-Corruption Org. of Thailand (ACT) is calling for those found guilty by the NACC in charges relating to the rice scam to be made to pay compensation. The question is, can the NACC charge the prime instigator/beneficiary?

[MaxLee]

The BP reports that the Anti-Corruption Org. of Thailand (ACT) is calling for those found guilty by the NACC in charges relating to the rice scam to be made to pay compensation. The question is, can the NACC charge the prime instigator/beneficiary?

No, big brother in Dubai has too much influence abroad to EVER be charged with corruption charges along with his Pheu Thai minions.

So in other words this article means:

Pheu Thai: "Dear Rice farmers, starting from today on, you are free to rob any bank in Thailand, because they have your long awaited money. You will not be charged of any wrong doings and you shall receive an extra 1,000 Baht vote buying commission, sponsored by Thaksin"

Edited January 21, 2014 by MaxLee

[FangFerang]

Calling this a mess is an insult to messes. I wish they would track the money down and get it back...

but if wishes were fishes...

[ChrisY1]

Calling this a mess is an insult to messes. I wish they would track the money down and get it back...

but if wishes were fishes...

I agree....but unfortunately given the lengthy notice that the NACC has now given of pending charges to officials, I would be surprised if any of these stolen funds are still in Thailand....Thb 300 billion??......a lot of rice!

[EricBerg]

Well the government could issue an international arrest warrant for the big bad guy and revoke his passport. Nothing wrong with making him sweat a bit. Oops... the next government of course... If it's not run by the guy himself.

And it would be nice btw to see at least some of the hoodlums being put in prison. It's a bit more damaging than some criminal committing some common street robbery.

[Thait Spot]

Unbelievable interferrence in the banks.

Reminds me of Exim.....

[poisonus]

The BAAC board should not even be conducting a meeting regarding the government borrowing money for the scam.

There is NOTHING to discuss. The EC has said NO!

But it seems to me that the government are going to get so far backed into a corner, they will unconstitutionally borrow the money regardless and sort out the consequences later.

They should be impeached and dissolved on the same day any money changes hands and the money returned to the lender, and the BAAC board arrested for embezzlement.

[kurtgruen]

It started with educating the people, about all the corruption. Now it is slowly moving into it's second phase...union involvement, which will eventually lead to a general strike, among everything else, that is going on. Behind it all, you have the courts, quickly moving through all the corruption stuff and nailing Phuea Thai, legally. As a bonus, the rice farmers are pissed off and are starting to join the protests. In my opinion, Khun Suthep and his protesters, after scoring many smaller victories (cancelling of the Amnesty Bill etc.), are on their way to the final victory.

[MaiChai]

Other threads are reporting depositors are withdrawing funds from the bank. Don't believe the government or media; if you have savings in the bank, go and withdraw them before the bank goes bust!

[kurtgruen]

Other threads are reporting depositors are withdrawing funds from the bank. Don't believe the government or media; if you have savings in the bank, go and withdraw them before the bank goes bust!

The three banks, that are of concern, are the BAAC, the Government Savings Bank and Khrung Thai Bank. The later, because the BAAC borrows from them. I usually deal with Khrung Thai and Bangkok Bank, but took out all of my money from Khrung Thai already. Bangkok Bank and Siam Commercial Bank, should be safe, one would think.

...and yes, you are right, people, foreigners as well as Thai People, are withdrawing their money, in order to keep it safe. Why take a chance. Once can always put it back in later.

The bulk of my money is always in the Bangkok Bank.

It should be obvious, not to leave money in the BAAC, since it is more or less at it's reserve and banks never have as much money, as they claim, here or in the West. They just shuffle our money around and most of it, only exists on paper.

[Scamper]

It seems daylight bank robberies are coming back into fashion, as the Yingluck administration is scrambling to find ever more massive amounts of money on an ongoing basis - with the desperation of a heroin addict.

[icommunity]

This is another act of sabotaging the rice pledge scheme.

Send from my Mobile

[casualbiker]

This is another act of sabotaging the rice pledge scheme.Send from my Mobile

What are you on about? This is a last ditch act to protect the bank and it's employees and depositors from this governments badly executed rice pledging. The exact same rice pledging problems that they were warned about.

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