Massive damages reported from the Thai rice pledging scheme

[webfact]

10-year of rice-pledging scheme nets total loss of bt680 billion

BANGKOK: -- A total of Bt1.1 trillion from the government budget has been spent for 15 rounds o rice pledging that continued for 10 years while the government could sell the rice for only Bt374 billion, and thus suffering a loss of Bt680 billion, Permanent Secretary for Finance Ministry Rangsan Sriworasart said Thursday.

He disclosed the figures after chairing a meeting of a sub-committee in charge of auditing the scheme.

Source: http://www.nationmultimedia.com/breakingnews/10-year-of-rice-pledging-scheme-nets-total-loss-of-30247674.html


-- The Nation 2014-11-13

[phanangpete]

Had to comment, cocopops, i think you are a relative newbe on Tv , right, ive been on here for atleast 3 or four years .

Also ive lived in Thailand for nearly ten years , have thai fam ..... etc etc.

I'm sorry to say you are one of the first posters i can remember referring to yourself as 'we ' as in thai we .

Got a laugh anyhow so thanks for that.

As for the scheme ,flawed from the start , i feel sorry for the poor farmers in this Country, they are treated like sh...t.

AS usual , ill be very surprised it anyone will go to jail, corruption is totally indemic in Thai society

Edited November 13, 2014 by phanangpete

[NeverSure]

10-year of rice-pledging scheme nets total loss of bt680 billion

BANGKOK: -- A total of Bt1.1 trillion from the government budget has been spent for 15 rounds o rice pledging that continued for 10 years while the government could sell the rice for only Bt374 billion, and thus suffering a loss of Bt680 billion, Permanent Secretary for Finance Ministry Rangsan Sriworasart said Thursday.

He disclosed the figures after chairing a meeting of a sub-committee in charge of auditing the scheme.

Source: http://www.nationmultimedia.com/breakingnews/10-year-of-rice-pledging-scheme-nets-total-loss-of-30247674.html

-- The Nation 2014-11-13

Why don't I believe they have Bt374 billion worth of real rice to actually sell? Where is it?

[Pierrefun]

As for the scheme, flawed from the start, i feel sorry for the poor farmers in this Country, they are treated like sh...t.

AS usual , ill be very surprised it anyone will go to jail, corruption is totally endemic in Thai society

And with the Yingluck rice scheme, we see corruption going to the worst level in Thailand's history.

[Thai at Heart]

10-year of rice-pledging scheme nets total loss of bt680 billion

BANGKOK: -- A total of Bt1.1 trillion from the government budget has been spent for 15 rounds o rice pledging that continued for 10 years while the government could sell the rice for only Bt374 billion, and thus suffering a loss of Bt680 billion, Permanent Secretary for Finance Ministry Rangsan Sriworasart said Thursday.

He disclosed the figures after chairing a meeting of a sub-committee in charge of auditing the scheme.

Source: http://www.nationmultimedia.com/breakingnews/10-year-of-rice-pledging-scheme-nets-total-loss-of-30247674.html

-- The Nation 2014-11-13

10years? Only 374bn in 10 years? Huh? Surely shome mishtake.

[IAMHERE]

The audit showed so much of the rice is/was substandard. I didn't realize Thailand grew so much poor rice.

[candide]

"He said after closing entries of all accounts, it revealed 682 billion baht loss, with four schemes implemented under the Yingluck government suffering 510 billion baht loss, and the remainder 11 schemes inflicting 163 billion baht in accumulated damages." (from the Nation article quoted before)

They thought 510 billion bath loss was not a good enough figure, so they found a way to get an headline with an higher amount by aggregating all plans since 2004.

They probably could have reached an higher amount for the early plans if they had taken inflation into account....

[mikemac]

The rouge monk who was reported as to having at least10 bank accounts, each of which saw several million moved thru it each day. It would be interesting to see the names of people who were involved in both the rice and the monk scam. There was a huge amount of loss with reliable estimates of 30 to 40 billion us dollars in the rice scam.This amount sent out via banking system, truck, air, or whatever should be tracable if the legal systems in Thailand worked together with the true intent of jailing and seizing assits of those involved. Of course if you give imunity to the monks and the crooked politicans, millers, storage owners, etc , you certainly decrease your chances of any substational recovery.

This info was published several days prior to legal action being taken by the authorties (RTP) etc, the monk abscounded and is reported to now be in Cambodia, the accounts were drawn down to virtually nothing Another monk/abbot was recently demoted for using donated money (millions of baht) to play the stock exchange for personal gain, add the published/admitted fact that the vast majority of temples do not send in a yearly accounting as they are required and are not punished. This might not be connected to money laundering, but the amounts reported handled can be a great temptation and abuse of the system appears to be known, but not followed up to stop future abuse.

The only reason to create such an enormous free charity system like this with no accounting is money laundering.

............."The only reason to create such an enormous free charity system like this with no accounting is money laundering."......................

That is exactly how I see the PTP's and/or Thaksin's populist scams, massive infrastructure projects (Swampy eg.) and proposed trillion baht loans.

The perfect foil to recover the money invested in spent on vote buying to get them into that position to start with, and much, much more.

[mikemac]

"He said after closing entries of all accounts, it revealed 682 billion baht loss, with four schemes implemented under the Yingluck government suffering 510 billion baht loss, and the remainder 11 schemes inflicting 163 billion baht in accumulated damages." (from the Nation article quoted before)

They thought 510 billion bath loss was not a good enough figure, so they found a way to get an headline with an higher amount by aggregating all plans since 2004.

They probably could have reached an higher amount for the early plans if they had taken inflation into account....

So, if it was only a 510 billion baht loss that would be "a good enough figure" ?

[candide]

"He said after closing entries of all accounts, it revealed 682 billion baht loss, with four schemes implemented under the Yingluck government suffering 510 billion baht loss, and the remainder 11 schemes inflicting 163 billion baht in accumulated damages." (from the Nation article quoted before)

They thought 510 billion bath loss was not a good enough figure, so they found a way to get an headline with an higher amount by aggregating all plans since 2004.

They probably could have reached an higher amount for the early plans if they had taken inflation into account....

So, if it was only a 510 billion baht loss that would be "a good enough figure" ?

Apparently they thought it's not "good enough" (joking, I mean "bad enough") for their propaganda. So they found a way to put a higher figure on the title of their press release... Same for the TDRI press release, they found a way to put 1 trillion bath of possible loss in the headline (if it takes 10 years to sell it, blah blah...).

[mikemac]

I wonder if Yingluck will add Kasetsart University's Faculty of Economy to the list of witnesses she wants interviewed?

Yingluck? Do something by herself? What'd you want to incriminate her with?! She knew nothing, see/hear nothing, in fact she wasn't even there! You didn't get it yet? It's the defence system they worked out for her, from day one (as if they had a premonition it could all blow up...)! She was told by 'him' she would make her 1,500 £ white ruffled pecari leather Burberry gloves she's so fond of, dirty, when touching anything, and that then 'he' would have to take away that white credit card from the Cayman's bank 'he' gave her to play with too, mind you!

Reminds me of the motorists in Thailand who turn left into a street without looking to the right. I asked a Thai friend why they do it and he claims it is so that if you hit them their defense is "I did not see you, but you saw me, so it is your fault", or something along those lines.

I believe this was what Yingluck was doing, saying that she was not aware of what was happening so she is not at fault.

WRONG ! As the so-called leader of the government she should have been aware of everything that was going on, especially the big ones, like the rice scam and the disgusting ploy to bring in the Amnesty to clear her slimy brother of his crimes.

I hope her and the whole rotten family are banned from politics, forever.

[mikemac]

"He said after closing entries of all accounts, it revealed 682 billion baht loss, with four schemes implemented under the Yingluck government suffering 510 billion baht loss, and the remainder 11 schemes inflicting 163 billion baht in accumulated damages." (from the Nation article quoted before)

They thought 510 billion bath loss was not a good enough figure, so they found a way to get an headline with an higher amount by aggregating all plans since 2004.

They probably could have reached an higher amount for the early plans if they had taken inflation into account....

So, if it was only a 510 billion baht loss that would be "a good enough figure" ?

Apparently they thought it's not "good enough" (joking, I mean "bad enough") for their propaganda. So they found a way to put a higher figure on the title of their press release... Same for the TDRI press release, they found a way to put 1 trillion bath of possible loss in the headline (if it takes 10 years to sell it, blah blah...).

It's a moot point really, whether it is 500 billion or a trillion it is still a lot of money in anyone's books.

Lucky for Ying this country does not not use Chinese law, she would be shot for far less than that.

[maidee]

still moaning about the trillion baht SCAM

what do they say to all farangs that got cheated by their loving wife ??? write it off as an experience ....

[Thai at Heart]

The rouge monk who was reported as to having at least10 bank accounts, each of which saw several million moved thru it each day. It would be interesting to see the names of people who were involved in both the rice and the monk scam. There was a huge amount of loss with reliable estimates of 30 to 40 billion us dollars in the rice scam.This amount sent out via banking system, truck, air, or whatever should be tracable if the legal systems in Thailand worked together with the true intent of jailing and seizing assits of those involved. Of course if you give imunity to the monks and the crooked politicans, millers, storage owners, etc , you certainly decrease your chances of any substational recovery.

This info was published several days prior to legal action being taken by the authorties (RTP) etc, the monk abscounded and is reported to now be in Cambodia, the accounts were drawn down to virtually nothing Another monk/abbot was recently demoted for using donated money (millions of baht) to play the stock exchange for personal gain, add the published/admitted fact that the vast majority of temples do not send in a yearly accounting as they are required and are not punished. This might not be connected to money laundering, but the amounts reported handled can be a great temptation and abuse of the system appears to be known, but not followed up to stop future abuse.

The only reason to create such an enormous free charity system like this with no accounting is money laundering.

............."The only reason to create such an enormous free charity system like this with no accounting is money laundering."......................

That is exactly how I see the PTP's and/or Thaksin's populist scams, massive infrastructure projects (Swampy eg.) and proposed trillion baht loans.

The perfect foil to recover the money invested in spent on vote buying to get them into that position to start with, and much, much more.

Temples are even better. You can ask for forgiveness while washing the money.

[German Viking]

Put the Shinawatra Clan on trial and clean out these Augean Stables once and for all.

Hi Mr. Costas I think we need your help probably you should make a call to Herakles, that he clean up these mess!??

The only problem is, that he can not use water again, caused not so much water left in the reservoirs in LOS at the time.