Thai Govt eyes income from 1m-tonne G2G China rice sale

[Robby nz]

Terrible lot of iff's and but's in that lot, and the farmers might get paid my the end of the year, that'll make them happy.

You're such a pessimist. What can possibly go wrong.

Not a pessimist a realist, around here the harvest is well underway with thousands of rai of paddy being harvested.

In the next month millions of tons of new seasons rice will come on to the market, all of it in direct competition with the old rice the Govt is trying to sell.

Even the farmers who have been paid will be reluctant to sell to the Govt as it has been well publisised that the country has no money to pay the farmers who have already sold under the scheme.

The scheme is due to run its course very soon and is unlikely to be reinstated in its present form even if a Govt should be formed before it is finished.

That means that most if not all farmers will be selling their new seasons rice on the open market therefore the traders and millers will be able to buy most or all of the rice they need to fulfill orders without needing to buy from the Govt stockpiles.

Couple that with the question of dubious quality of the stored rice and it leaves the Govt with their suspect G2G deals out in the cold.

Taken this morning, rice harvest well underway.

[bigbamboo]

The Farmers could get paid if the "Ammart"(Rich Elite Establishment) quit their selfish opposition to the government getting a loan, but it will be interesting when a loan is presented to the EC and they reject it all will know who is causing the farmers suffering for political gain!

Cheers!

Why should the southern elite bail out the northern elite so they can steal from them as well as the farmers?

Perhaps Tarit could investigate the rice paper trail and some of the filched money could be recovered instead.

[Brub]

The Farmers could get paid if the "Ammart"(Rich Elite Establishment) quit their selfish opposition to the government getting a loan, but it will be interesting when a loan is presented to the EC and they reject it all will know who is causing the farmers suffering for political gain!

Cheers!

Can you tell me why, with thaialand drowning in unsold rice. The government didn't donate any to their ASEAN members The Philippines

[gemini81]

why not be content with eyeing the income in their offshore accounts that they acquired on the backs of taxpayers and the working class?

[Jonmarleesco]

'An industry source said the Chinese government could sign an agreement for the deal in the next few weeks ...' Again? How many more times will this old chestnut rise from the dead?

[WitawatWatawit]

The big problem of this rice marketing scheme according to an article that I read in the media is as follows;

Corrupt rice-pledging officials have sapped 60 billion baht of government cash to Hong Kong through an illegal money exchange network in Yaowarat, a rice miller has claimed.

A banker claimed that corrupt officials used a system known as “Phoi Khwan” to channel cash and cheques through a negotiator in Yaowarat in exchange for money orders that could be redeemed in Hong Kong.

Shades of 1997. Before the baht was unpegged from the US dollar, large trunks of money were known to have been shipped to Hong Kong and exchanged for dollars. Then returned to Thailand for a whopping profit. Bank staff in HK (not executives) reported handling large suitcases full of baht, loads and loads of them. Fingers were pointed in all directions, including at a certain group of elites including members of the ruling party and a man who later was to become PM - all taking advantage of insider knowledge. Wonder what the HK bank staff have to say today. Sick, sad and disgusting.

[rogerdee123]

I thought that the Chinese stated a few weeks ago they would not be buying Thai Rice, Is this just another stalling tactic.?Thailand needs to start selling its rice stockpiles before they become , either rotten or contaminated with fumigants.

Yes ... if it's real, I wonder what the Chinese are getting besides rice ?

[rogerdee123]

The big problem of this rice marketing scheme according to an article that I read in the media is as follows;

Corrupt rice-pledging officials have sapped 60 billion baht of government cash to Hong Kong through an illegal money exchange network in Yaowarat, a rice miller has claimed.

A banker claimed that corrupt officials used a system known as “Phoi Khwan” to channel cash and cheques through a negotiator in Yaowarat in exchange for money orders that could be redeemed in Hong Kong.

Maybe the million tonnes will be purchased by part of this 60 billion baht .... like a huge pyramid scheme. The appearance will be that they are selling it. Nothing would surprise me.

[zydeco]

Good title for this story, because the Thai government can "eye" that money all they want. They're still never going to get their hands on it.

[Thai at Heart]

This could simply mean access to funding that has already been shifted out of the country. Govt raises shifty invoices money sent back out of Hong Kong. Farmers paid, rice goes nowhere.

[Thai at Heart]

The big problem of this rice marketing scheme according to an article that I read in the media is as follows;

Corrupt rice-pledging officials have sapped 60 billion baht of government cash to Hong Kong through an illegal money exchange network in Yaowarat, a rice miller has claimed.

A banker claimed that corrupt officials used a system known as Phoi Khwan to channel cash and cheques through a negotiator in Yaowarat in exchange for money orders that could be redeemed in Hong Kong.

Shades of 1997. Before the baht was unpegged from the US dollar, large trunks of money were known to have been shipped to Hong Kong and exchanged for dollars. Then returned to Thailand for a whopping profit. Bank staff in HK (not executives) reported handling large suitcases full of baht, loads and loads of them. Fingers were pointed in all directions, including at a certain group of elites including members of the ruling party and a man who later was to become PM - all taking advantage of insider knowledge. Wonder what the HK bank staff have to say today. Sick, sad and disgusting.

This avenue for transferring illegal money has been open for the wealthy of thailand for decades. Every wealthy Thai has their money in Singapore and Hong Kong. Those supposedly Thai companies who trade Thai commodities have been transfer pricing money out of the country for decades.

[rubl]

Interesting to call these funds 'investment' funds when they're based on donations or just offering a minimal return. All that would make me believe that to expect 20 billion from the public or 'caring' investors is a wee bit of wishful thinking.

BTW the incoming of the possible G2G sales will be used to pay farmers, middleman, millers. What about the 700++ billion the BAAC already spent and for which the government put guarantees?

Edited February 28, 2014 by rubl

[Dogmatix]

All the more reason to hold elections. Pheu Thai should nominate a candidate, democrats nominate Abhisit or someone, and Suthep should run or designate someone to head a party that he legally forms. Hold elections and stick to the result. Then the PM can pay farmers. One way or another the farmers have to be paid. You either take out a loan, print money, sell some gold, or tax the land in Bangkok. The farmers have to be paid. If you handcuff Yingluck tomorrow and tar and feather her, the farmers still have to be paid. Issues should be prioritized.

The option of handcuffing Yingluck and tarring and feathering her, then paying the farmers sounds good to me. I 'll go for that one.

[SICHONSTEVE]

Terrible lot of iff's and but's in that lot, and the farmers might get paid my the end of the year, that'll make them happy.

All some of them will have to do is survive for 10 months on their savings (if they have any money left).

Looks like it is going to be an annus horribilus for some.

[WitawatWatawit]

The big problem of this rice marketing scheme according to an article that I read in the media is as follows;

Corrupt rice-pledging officials have sapped 60 billion baht of government cash to Hong Kong through an illegal money exchange network in Yaowarat, a rice miller has claimed.

A banker claimed that corrupt officials used a system known as Phoi Khwan to channel cash and cheques through a negotiator in Yaowarat in exchange for money orders that could be redeemed in Hong Kong.

Shades of 1997. Before the baht was unpegged from the US dollar, large trunks of money were known to have been shipped to Hong Kong and exchanged for dollars. Then returned to Thailand for a whopping profit. Bank staff in HK (not executives) reported handling large suitcases full of baht, loads and loads of them. Fingers were pointed in all directions, including at a certain group of elites including members of the ruling party and a man who later was to become PM - all taking advantage of insider knowledge. Wonder what the HK bank staff have to say today. Sick, sad and disgusting.

This avenue for transferring illegal money has been open for the wealthy of thailand for decades. Every wealthy Thai has their money in Singapore and Hong Kong. Those supposedly Thai companies who trade Thai commodities have been transfer pricing money out of the country for decades.

Oh, for sure - let there be no doubt about that. I only raised that point out of historical interest and for the fact that it cost the country untold billions of baht. Just another notch in the very long scam belt.

[Old Man River]

Apparently they won't be selling the rice the OAG inspected today in the Wat Bod District in Phitsanulok. It had a lot of dead birds and rats in it. The rice had deteriorated to powder.

Sent from my iPad using Thaivisa Connect Thailand

[speedtripler]

Apparently they won't be selling the rice the OAG inspected today in the Wat Bod District in Phitsanulok. It had a lot of dead birds and rats in it. The rice had deteriorated to powder.

Sent from my iPad using Thaivisa Connect Thailand

its probabaly all going to be in bad condition and have to be dumped so nobody can figure out how much was stolen

and how much just "perished"

apparently the money was sent illegally to hong kong by a broker in (yammorat) chinatown ? he should be arrested and put under the grill

until he says who else is involved

[Spartakos]

I thought that the Chinese stated a few weeks ago they would not be buying Thai Rice, Is this just another stalling tactic.?Thailand needs to start selling its rice stockpiles before they become , either rotten or contaminated with fumigants.

Yes ... if it's real, I wonder what the Chinese are getting besides rice ?

Mould, rodent excriments, health endangering chemicals.

[SICHONSTEVE]

Apparently they won't be selling the rice the OAG inspected today in the Wat Bod District in Phitsanulok. It had a lot of dead birds and rats in it. The rice had deteriorated to powder.

Sent from my iPad using Thaivisa Connect Thailand

Its the fact that the birds and rats were dead that concerns me the most!!!

[Thai at Heart]

The big problem of this rice marketing scheme according to an article that I read in the media is as follows;

Corrupt rice-pledging officials have sapped 60 billion baht of government cash to Hong Kong through an illegal money exchange network in Yaowarat, a rice miller has claimed.

A banker claimed that corrupt officials used a system known as Phoi Khwan to channel cash and cheques through a negotiator in Yaowarat in exchange for money orders that could be redeemed in Hong Kong.

Shades of 1997. Before the baht was unpegged from the US dollar, large trunks of money were known to have been shipped to Hong Kong and exchanged for dollars. Then returned to Thailand for a whopping profit. Bank staff in HK (not executives) reported handling large suitcases full of baht, loads and loads of them. Fingers were pointed in all directions, including at a certain group of elites including members of the ruling party and a man who later was to become PM - all taking advantage of insider knowledge. Wonder what the HK bank staff have to say today. Sick, sad and disgusting.

This avenue for transferring illegal money has been open for the wealthy of thailand for decades. Every wealthy Thai has their money in Singapore and Hong Kong. Those supposedly Thai companies who trade Thai commodities have been transfer pricing money out of the country for decades.

Oh, for sure - let there be no doubt about that. I only raised that point out of historical interest and for the fact that it cost the country untold billions of baht. Just another notch in the very long scam belt.

Thing is, I wouldn't bother to try to tar only Thaksin with this brush. Just look at the rubber companies. All their trading arms are in Singapore, my old company used to transfer price everything in Hong Kong. Do you really think that the Chinese normally buy FOB Bangkok to a Thai entity. I am absolutely convinced they pay to a Hong Kong distributor. This is the way that Thaksin was going to try to cut the old rice companies out of it. Instead of paying a Hong Kong distributor for the product, they pay the Thai government FOB Bangkok. Thing is, he can't find buyers. The old rice companies have put these buyers in their pockets donkeys years ago, and at these prices they can't buy in a transparent manner.

I mean honestly. Are we supposed to believe some wizened old Chinese bloke that 60bn baht illegally went through his hands to Bangkok, and be shocked? This system has been filtering money out of the country for a fee for a hundred years. It is how the Chinese do business. I love how the rumour is around, even in the papers, and NOT one person has bothered to point out that moving money around like this is illegal. If you have enough Thai Chinese contacts, tell them you need to buy a condo in Kuala Lumpur, and ask how long it would take them to get the cash paid in KL. Less than a day.

[Thai at Heart]

Apparently they won't be selling the rice the OAG inspected today in the Wat Bod District in Phitsanulok. It had a lot of dead birds and rats in it. The rice had deteriorated to powder.

Sent from my iPad using Thaivisa Connect Thailand

its probabaly all going to be in bad condition and have to be dumped so nobody can figure out how much was stolen

and how much just "perished"

apparently the money was sent illegally to hong kong by a broker in (yammorat) chinatown ? he should be arrested and put under the grill

until he says who else is involved

Hahah. Put under the grill? He would bring down every single person of significant means in the whole of Thailand.

[speedtripler]

its a hundreds year old practice ,not restricted to thais / chinese etc

muslims use the exact same thing but call it " hawala "

take your money to the hawala and he will magic it to another country of your choice for a small fee .....

[SICHONSTEVE]

its a hundreds year old practice ,not restricted to thais / chinese etc

muslims use the exact same thing but call it " hawala "

take your money to the hawala and he will magic it to another country of your choice for a small fee .....

There is also a name for it in the West - its called fraud!!!

[Old Man River]

Apparently they won't be selling the rice the OAG inspected today in the Wat Bod District in Phitsanulok. It had a lot of dead birds and rats in it. The rice had deteriorated to powder.

Sent from my iPad using Thaivisa Connect Thailand

Its the fact that the birds and rats were dead that concerns me the most!!!

You raise a good point!

Sent from my iPad using Thaivisa Connect Thailand