Thai talk: We aren't becoming ungovernable; we are getting enlightened

[webfact]

THAI TALK
We aren't becoming ungovernable; we are getting enlightened
Suthichai Yoon
The Nation

BANGKOK: -- It used to be quite simple. If the powers-that-be wanted any state enterprise to undertake a controversial task, no matter how sensitive or risky, all that was needed was a call from one of the Cabinet members to the top executive there. Things could always be arranged to suit the political bosses.

This time around, the tide has turned. The caretaker government is trying to get the first rice-scheme amount of Bt20 billion (out of a total Bt135 billion) from commercial banks, private and public. A total of 34 of them were invited to bid for the loan.

Under normal circumstances, the financial institutions would have scrambled to get the deal. Why not? It's guaranteed by the Finance Ministry. It's almost risk-free. And you are doing a favour to the establishment as well.

But things have changed, and dramatically. The government is running the country in a caretaker capacity. The Election Commission, whose official endorsement was required for any government action whose consequences would pass to the post-election government, decided not to give the green light. Instead, the EC told the Yingluck government to make its own decision - in other words, do it at your own risk.

The government, under growing pressure from farmers demanding payment for their crops under the highly controversial rice-pledging scheme, decided to proceed to get loans. But alas, none of the banks came forward to offer a bid. None - not even the government banks.

The reason was simple. This is an age of transparency in which every detail of the deal is analysed, criticised and commented upon in the social media and on the anti-government stages.

Once reports leaked that pressure was being applied to the Agricultural and Agricultural Cooperatives Bank, a government financial institution, to lend money to the government for this project, the bank's labour union came out in full force to protest the move, arguing that this kind of political pressure would undermine the bank's stability. Depositors could start withdrawing their savings and the bank's management could face legal action.

It was around the same time that the Government Savings Bank was cited as another target. There, the labour union also launched a protest.

The scene on Tuesday at Krungthai Bank, the country's biggest public financial institution, was dramatic. Once rumours started flying that the bank's management had approved the loan to the government, employees gathered to show their dissatisfaction. The bank's CEO Vorapak Tahnyawongse had to appear personally to deny a report that the bank had in the past two weeks extended Bt160 billion to the rice-pledging project.

His statement was remarkable and probably unprecedented. In the past, most top executives of government banks would have succumbed to political pressure, if for no other reason than to keep their jobs. It is no secret that most of them have benefited from political connections to get where they are.

But Vorapak told reporters in no uncertain terms that the bank was being run under strict rules of good governance and was rigidly following the central bank's control and supervision guidelines. He insisted that the management based its judgement on the interests of its depositors and that no loans would be made without proper consideration.

Then he said something that few other executives of state enterprises would say - or have the courage to utter.

Vorapak declared: "I have been working in this field for more than 20 years. I joined Krungthai Bank as a professional banker, not because of politics. I owe nobody any political debt. Therefore, I don't have to repay anybody at the expense of the national interest."

That's the kind of technocrat the government should try to promote. With more and more bureaucrats and former state enterprise officials joining the protest and declaring their "independence" from the powers-that-be, the hope for national reform should shine brighter.

No, Thailand is not becoming ungovernable. We have become more enlightened.


-- The Nation 2014-02-06

[englishoak]

This guy Vorapak realises the fragility of the banking sector when it comes to trust and confidence, trying very hard and imo very correctly to stave off any further rumblings.

Vorapak declared: "I have been working in this field for more than 20 years. I joined Krungthai Bank as a professional banker, not because of politics. I owe nobody any political debt. Therefore, I don't have to repay anybody at the expense of the national interest."

unprecedented in my time here to see this in print from someone with some important standing, be it only financial it is nevertheless impressive and not a little Ironic that a banker is coming out and saying hey ... I am not corrupt like the politicians or those politicising things.

Wow two good stories in one day from the Nation .... maybe the lightbulb has switched on in some areas not dependent on the usual trough they have their own already big enough and dont need another one thats doomed anyway.

Edited February 5, 2014 by englishoak

[Somtamnication]

The definition of ungovernable: 5 different governments in 6 years. Am I missing something?

[davehowden]

"we are getting enlightened" well you sure got a long ways to go yet my dear.

[Thai at Heart]

Enlightened?

Not quite I would call it.

In terms of political development its like having watched a child take its first steps without falling down and breaking its nose.

I guess its progress. Next year, potty training.

[WitawatWatawit]

I wouldn't start to get carried away just yet. It could be that certain people are noting the death rattle of the odious Shinawatras and are more emboldened. When a new regime takes over, how do we know that these certain people will not revert to type? Then, of course, is the ingrained money grubbing culture which will always be predominant over morals and principles.

[chainarong]

Enlightenment comes with democracy , ungovernable Thailand has been since 1997 Chuan government, so what's the problem.

[mamypoko]

I'm not saying it is ideal, but I don't see too many dissimilarities between TL's political development compared to where I come from...Oh, say can you see?

We've had/have our fair share of abuse...

[Somtamnication]

Enlightened means smoking pot and watching Cheech and Chong movies. The political situation in Thailand is far from that. Sorta like watching Cheech and Chong, but without the pot.

[Publicus]

The Nation likes the guy, showing publicity on him, age 46, so far in his career. Yoon is not my favorite among his own faction of the elite. If Vorapak is a pal or personal and professional subsidiary of Yoon Inc, he's quite involved in the sleazebag politics of the former LOS, thus not going to be inclined to help the current government. If a major news organization were writing me up the ladder in my career, I might be somewhat predisposed toward it and its views, priorities, biases, prejudices.

Still, the guy looks less dirty than most.

It would seem Vorapak though has some good creds to stand on:

Education

• MBA in Finance, University of Missouri, Kansas City
• BS in Management Science & Computer System, Oklahoma State University, Stillwater

Training

• Advanced Bank Lending Education l (1990), Bank of America, Thai
• Advanced Bank Lending Education ll (1991), Bank of America, Thai
• Corporate Banking & Corporate Finance (1995), Bank of America, Thai

Given that he was a rising star at the same bank I do my business with both back in the States and here, and that I can say BoA under new leadership has improved greatly since 2010 - its stock price tripling since then - Vorapak can look a lot better than almost all the rest of 'em around these parts.

He might be past the potty training stage professionally but I suspect he's in league with someone I don't particularly care for, name spelled Y-o-o-n.

http://www.ktb.co.th/ktb/en/about-board-directors-detail.aspx?cid=dWlloQ5HoRv2y18uJu1vmA%3D%3D

[ChrisY1]

Yes...he seems to have very good credentials.....But...is he as honest as he protests......?

I'll remain sceptical that businessmen here in Thailand are squeaky clean.....no matter their positions.

[bigbamboo]

I think this road to enlightenment can be applied to Thais in general. Politicians are now finding it much harder to manipulate the people in the way they did even a few years ago as they become more aware.

As one of Thailand's favourite farangs would say, keep walking....

[maxme]

http://www.internationalcrimeauthors.com/?p=5047

This is a good read

Sent from my iPhone using Thaivisa Connect Thailand

Edited February 6, 2014 by maxme

[jollyman]

A "merchant Banker" there are many in the world!

[noitom]

"Declaring independence from the powers-that-be" - and throwing in with the "people's council" designated by 185 insiders that nobody knows anything about and certainly doesn't include the poor 40 million Thais in the farms, slums, and factory dwellings and barracks.

This article is preposterous tripe pandering to the establishment.

[soalbundy]

Yes...he seems to have very good credentials.....But...is he as honest as he protests......?

I'll remain sceptical that businessmen here in Thailand are squeaky clean.....no matter their positions.

I will remain sceptical if anyone anywhere on this planet is squeaky clean

[jpeg]

Enlightenment comes with democracy , ungovernable Thailand has been since 1997 Chuan government, so what's the problem.

I'm truly not sure which is worse, a country whose faux democracy is in plain sight, no illusions from the citizenry, or those who labour under the delusion they're countries have simply been able to hide their autocracy from their biddable sheep

[MrJohnson]

Does anyone remember Lehman Bros., Fanny May, Feddy Mac and the most odious of all, Goldman Sachs. Whatever is rotten with the banking sector and government in Thailand is amplified 100 times over by the abovementioned. And, wait for it, the American public were required to bail them out, well some of them anyway. Thais enlightened? Not quite, but some people are starting to ask some difficult questions. Maybe that is a start. Just don't hold your breath just yet.

[thaigold]

The silence is deafening ... if you get my drift.

[Maybole]

"I owe nobody any political debt" Well done, how did he achieve it and survive?

[Dumu Ali]

Enlightened means smoking pot and watching Cheech and Chong movies. The political situation in Thailand is far from that. Sorta like watching Cheech and Chong, but without the pot.

There are campsites all over the city and when I walked by the other day i get a warm smell of colitas rising up through the air and I can tell you they all look pretty "enlightened" if that is what you call spacin

[Choonpon]

Bankers are known for lending you an umbrella when its bright and sunny, taking back the umbrella when it starts raining.

[Ulic]

Thailand may be getting enlightened but it is a very narrow spotlight. Thailand needs a much bigger spotlight. One that

covers both political parties not just one at a time. People forget that while the rice scheme is a poorly thought out

program to help the rice farmers out of poverty the real issue is the corruption in the program and lack of transparency.

Many government programs around the world loose money and are contentious. Welfare programs in Europe and Canada.

Australia and the USA. All of these programs loose money. But there is no corrupt government individuals and a circle

of friends plundering these programs lining there pockets. For some reason here there is a lack of transparency. Probably

so connected individuals can skim money from the program. That is what has to be cleared up. Of course a better program

for farmers would be one that helps them increase productivity and quality to increase there income. Not just the simple to understand

and implement pledging scheme that pays a 40% premium on rice as compared to the world price. Suthep did nothing to clean up

corruption when he and the Democrats were running the country just a few years ago. On the contrary he was squarely focused

on lining his own pockets. Corruption increased in the country under the Democrats leadership. So it is a little rich he is now the

figurehead screaming against corruption. Just the pot calling the kettle black as far as I am concerned. Ban the top 100 from each

parties lists would be a good start. Two term limits for all politicians at all levels of governments. Maybe two academics should be elected

from each university by the students that are registered full time. I certainly am not the guy with the answers but I do know the current

leaders of both parties are not the answer either.