Thai rice-pledging schemes cause 682 billion baht loss

[fab4]

682 billion baht lost.......................thais should read the news and say something about this new.....with that money you can build quiet a few university and hospital or renew at least the materiel....but these people who permit such things are criminals

or one could get 3 years 6 months of military expenditure (at 2013 rates), or a coup* - they don't come cheap in terms of GDP...........................

( * Paul Collier, a professor of economics at Oxford who has noted that coups “are not a cheap way of replacing a government”, calculates that the cumulative effect of a coup, tracked over several years, is to reduce incomes by 7%.) http://www.economist.com/blogs/banyan/2014/10/thailands-economy

Edited November 13, 2014 by fab4

[metisdead]

Posts there were rather nonsensical and not addressing the topic have been removed and will continue to be removed.

[rubl]

She should have to pay the money back for this or be put to work doing labour for such a blunder. Maybe big brother can pitch in.

She probably didn't even have a clue, that the ricepledging scheme excisted!!

For your information Ms. Yingluck has her legal team defend her against the accusation of "negligence"

[rubl]

A fews days ago, it was 18 million tons of rice in stock and a total loss of 660 billion baht

http://englishnews.thaipbs.or.th/tdri-says-yinglucks-rice-pledging-scheme-causes-almost-trillion-baht-loss/

Now it's 19.2 million tons in stock and 510 billion bath loss

What will be the figures next week?

Most likely a wee bit different again.

Somehow it seems people like to present the picture from a different angle each and every time. Next week we'll probably get stock figures of 12 million tonnes or so with people forgetting to add that it had been taken into account the amount of rotten stuff, missing stuff and recent sales.

I think we need another reform committee, one which concentrates on government administration and accounting standards

[rubl]

682 billion baht lost.......................thais should read the news and say something about this new.....with that money you can build quiet a few university and hospital or renew at least the materiel....but these people who permit such things are criminals

or one could get 3 years 6 months of military expenditure (at 2013 rates), or a coup* - they don't come cheap in terms of GDP...........................

( * Paul Collier, a professor of economics at Oxford who has noted that coups “are not a cheap way of replacing a government”, calculates that the cumulative effect of a coup, tracked over several years, is to reduce incomes by 7%.) http://www.economist.com/blogs/banyan/2014/10/thailands-economy

Of course most of the military expenditures are within the National Budget, unlike the "self-financing" RPPS which only needed a "revolving funds".

BTW the economist article is really interesting although a bit too general at times. It also doesn't hint at the costs to the country had the Yingluck government been able to muddle along. That would be too specific and is therefore not covered although the coup is put on the heap of 'coups'.

"Like every government before theirs, the generals-turned-civilians face two longstanding economic puzzles: How much to pay farmers for their rice; and how best to manage the exchange rate. They are unlikely to find solutions fundamentally different from those attempted by the elected government they ousted."

Now if only the Yingluck government hadn't been on a spending spree the current government would be much more able to tackle the sluggish economy.

Anyway, the 40 billion Baht the current government spends on a 'rice' is a real subsidy, included in the National Budget 2014/2015.

[tbthailand]

Subsidies are by definition expenses. The money doesn't get burned, it goes into the local economy. TDRI seems to ignore that fact.

2.4 trillion baht being spent on rail/infrastructure is also a subsidy.

Questions on that? No. And why not?

[dcutman]

Subsidies are by definition expenses. The money doesn't get burned, it goes into the local economy. TDRI seems to ignore that fact.

2.4 trillion baht being spent on rail/infrastructure is also a subsidy.

Questions on that? No. And why not?

That theory might be ok if it went to the right people. In this case over Bt 500 billion went to 1.7 million farmers many of witch were large operations or farmers of a larger scale that did not need it.

How is a countries infrastructure needs a subsidy? A developing country does not need a bullet train.

Edited November 13, 2014 by dcutman

[JOC]

She should have to pay the money back for this or be put to work doing labour for such a blunder. Maybe big brother can pitch in.

She probably didn't even have a clue, that the ricepledging scheme excisted!!

For your information Ms. Yingluck has her legal team defend her against the accusation of "negligence"

Maybe her legal team should defend her against the accusation of "ignorance"?

[tbthailand]

Subsidies are by definition expenses. The money doesn't get burned, it goes into the local economy. TDRI seems to ignore that fact.

2.4 trillion baht being spent on rail/infrastructure is also a subsidy.

Questions on that? No. And why not?

That theory might be ok if it went to the right people. In this case over Bt 500 billion went to 1.7 million farmers many of witch were large operations or farmers of a larger scale that did not need it.

How is a countries infrastructure needs a subsidy? A developing country does not need a bullet train.

well, the theory is the same no matter who gets the money. I think we would agree that the program would have been more worthwhile if the recipients of the government program would have been more small farmers, ... just as an example.

In the US, agricultural subsidies go largely to large corporations, but the public perception is that we are helping family farms. There is a disconnect. This rice program seemed to fail in the same way.

In general, the current 'government' seems to want to whip up a hysteria around the rice program to turn it into a political boat anchor. That could have serious implications for future policy-makers who want to do the right thing for Thailand.

As for the infrastructure, it was just to point out another example where almost any government spending can be classified as a subsidy for someone. It is one of the weaknesses of the argument that 'all populist policies are bad' which seems to be a fashionable argument in Thailand at the moment.

[Thai at Heart]

Subsidies are by definition expenses. The money doesn't get burned, it goes into the local economy. TDRI seems to ignore that fact.

2.4 trillion baht being spent on rail/infrastructure is also a subsidy.

Questions on that? No. And why not?

Exactly.

They don't even figure that one baht of it went back into the govt coffers. This we all know is rubbish, because it spurred the sale of mercs,BMW and Ferraris in issan.

That's 300% duty ladies and gents. So how much of it did go back? According to this calc. Zero. Stupid calculation

[rametindallas]

Who Has the Biggest Losses

[webfact]

Bt682 bn lost to rice scheme
Suphannee Pootpisut
The Nation



Spending on rice-pledging programmes over 10 years totals Bt1.1 trillion, says Finance Ministry

BANGKOK: -- Rice-pledging programmes have recorded an accumulated loss of Bt682 billion over the past decade, against total spending of as much as Bt1.1 trillion, the Finance Ministry disclosed yesterday.

The figures cover the period from 2004 to 2014 and 15 subsidy schemes.

The state has secured only Bt374 billion in revenue from rice sales, leaving the country with a combined loss of Bt682 billion, according to an initial report of a post-audit for the subsidy schemes. Of the total, about 76 per cent or Bt518 billion in losses were accumulated during the Yingluck Shinawatra administration from 2011-14. The remaining loss of Bt164 billion was from the Thaksin Shinawatra government's subsidy schemes for 11 crops.

"The losses are within the expectations of the subcommittee. But we must concede that there were loopholes in the [subsidy] process, causing financial leaks and leading to problems with transparency," said Rungson Sriworasat, permanent secretary to the Finance Ministry.

He said the losses would be further reported to the Rice Policy Management, chaired by Prime Minister Prayut Chan-o-cha.

Rungson said the committee would consider issuing bonds to repay and reschedule the debts accumulated by the rice scheme.

Previously, Finance Minister Sommai Phasee had said the government was considering a debt-management plan, by issuing long-term bonds with tenors of five to 20 years. This was to reduce interest payments on the debt.

However, the losses exclude the results of the inspection of the quality of rice in the state's inventory, about 19.2 million tonnes worth about Bt225 billion. This is calculated based on the Commerce Ministry's selling average of Bt11,700 per tonne as of May 22.

The subcommittee for auditing of crop-subsidy projects will further finalise the losses of the schemes after September when the rice in the state's granaries is inspected for quality and quantity.

Yingluck likely to make statement to NLA

Former prime minister Yingluck Shinawatra is likely to make her opening statement personally when the National Legislative Assembly convenes to determine whether she should be impeached, her lawyer Norrawit Larlaeng said yesterday.

Norrawit said Yingluck gave much importance to the impeachment case against her.

"She may appear in person on the day of the opening statement," he said. He added that Yingluck's legal team was not worried about the case, as it was taking the necessary steps.

The NLA is scheduled to convene on November 28 to decide the date for Yingluck's team to present its opening statement. This is expected to be no later than seven days after the assembly's first meeting over the impeachment case. The meeting was postponed on Wednesday after Yingluck's legal team claimed that it was not given sufficient time to prepare the case.

Norrawit and other members of the legal team went to Parliament yesterday to copy by hand more than 3,800 pages of documents regarding the case that were submitted to the NLA by the National Anti-Corruption Commission. The documents were labelled "confidential" and could not be photocopied.

Source: http://www.nationmultimedia.com/politics/Bt682-bn-lost-to-rice-scheme-30247731.html


-- The Nation 2014-11-14

[Thai at Heart]

Bt682 bn lost to rice scheme

Suphannee Pootpisut

The Nation

Spending on rice-pledging programmes over 10 years totals Bt1.1 trillion, says Finance Ministry

BANGKOK: -- Rice-pledging programmes have recorded an accumulated loss of Bt682 billion over the past decade, against total spending of as much as Bt1.1 trillion, the Finance Ministry disclosed yesterday.

The figures cover the period from 2004 to 2014 and 15 subsidy schemes.

The state has secured only Bt374 billion in revenue from rice sales, leaving the country with a combined loss of Bt682 billion, according to an initial report of a post-audit for the subsidy schemes. Of the total, about 76 per cent or Bt518 billion in losses were accumulated during the Yingluck Shinawatra administration from 2011-14. The remaining loss of Bt164 billion was from the Thaksin Shinawatra government's subsidy schemes for 11 crops.

"The losses are within the expectations of the subcommittee. But we must concede that there were loopholes in the [subsidy] process, causing financial leaks and leading to problems with transparency," said Rungson Sriworasat, permanent secretary to the Finance Ministry.

He said the losses would be further reported to the Rice Policy Management, chaired by Prime Minister Prayut Chan-o-cha.

Rungson said the committee would consider issuing bonds to repay and reschedule the debts accumulated by the rice scheme.

Previously, Finance Minister Sommai Phasee had said the government was considering a debt-management plan, by issuing long-term bonds with tenors of five to 20 years. This was to reduce interest payments on the debt.

However, the losses exclude the results of the inspection of the quality of rice in the state's inventory, about 19.2 million tonnes worth about Bt225 billion. This is calculated based on the Commerce Ministry's selling average of Bt11,700 per tonne as of May 22.

The subcommittee for auditing of crop-subsidy projects will further finalise the losses of the schemes after September when the rice in the state's granaries is inspected for quality and quantity.

Yingluck likely to make statement to NLA

Former prime minister Yingluck Shinawatra is likely to make her opening statement personally when the National Legislative Assembly convenes to determine whether she should be impeached, her lawyer Norrawit Larlaeng said yesterday.

Norrawit said Yingluck gave much importance to the impeachment case against her.

"She may appear in person on the day of the opening statement," he said. He added that Yingluck's legal team was not worried about the case, as it was taking the necessary steps.

The NLA is scheduled to convene on November 28 to decide the date for Yingluck's team to present its opening statement. This is expected to be no later than seven days after the assembly's first meeting over the impeachment case. The meeting was postponed on Wednesday after Yingluck's legal team claimed that it was not given sufficient time to prepare the case.

Norrawit and other members of the legal team went to Parliament yesterday to copy by hand more than 3,800 pages of documents regarding the case that were submitted to the NLA by the National Anti-Corruption Commission. The documents were labelled "confidential" and could not be photocopied.

Source: http://www.nationmultimedia.com/politics/Bt682-bn-lost-to-rice-scheme-30247731.html

-- The Nation 2014-11-14

What is the point of an article like this if they openly admit it doesn't include the current 18mn in storage.

Then beyond this, they claim the entire decade worth of sales only recouped 374bn?

The average sales prices are all over the place.

[RustBucket]

Bt682 bn lost to rice scheme

Suphannee Pootpisut

The Nation

Spending on rice-pledging programmes over 10 years totals Bt1.1 trillion, says Finance Ministry

BANGKOK: -- Rice-pledging programmes have recorded an accumulated loss of Bt682 billion over the past decade, against total spending of as much as Bt1.1 trillion, the Finance Ministry disclosed yesterday.

The figures cover the period from 2004 to 2014 and 15 subsidy schemes.

The state has secured only Bt374 billion in revenue from rice sales, leaving the country with a combined loss of Bt682 billion, according to an initial report of a post-audit for the subsidy schemes. Of the total, about 76 per cent or Bt518 billion in losses were accumulated during the Yingluck Shinawatra administration from 2011-14. The remaining loss of Bt164 billion was from the Thaksin Shinawatra government's subsidy schemes for 11 crops.

"The losses are within the expectations of the subcommittee. But we must concede that there were loopholes in the [subsidy] process, causing financial leaks and leading to problems with transparency," said Rungson Sriworasat, permanent secretary to the Finance Ministry.

He said the losses would be further reported to the Rice Policy Management, chaired by Prime Minister Prayut Chan-o-cha.

Rungson said the committee would consider issuing bonds to repay and reschedule the debts accumulated by the rice scheme.

Previously, Finance Minister Sommai Phasee had said the government was considering a debt-management plan, by issuing long-term bonds with tenors of five to 20 years. This was to reduce interest payments on the debt.

However, the losses exclude the results of the inspection of the quality of rice in the state's inventory, about 19.2 million tonnes worth about Bt225 billion. This is calculated based on the Commerce Ministry's selling average of Bt11,700 per tonne as of May 22.

The subcommittee for auditing of crop-subsidy projects will further finalise the losses of the schemes after September when the rice in the state's granaries is inspected for quality and quantity.

Yingluck likely to make statement to NLA

Former prime minister Yingluck Shinawatra is likely to make her opening statement personally when the National Legislative Assembly convenes to determine whether she should be impeached, her lawyer Norrawit Larlaeng said yesterday.

Norrawit said Yingluck gave much importance to the impeachment case against her.

"She may appear in person on the day of the opening statement," he said. He added that Yingluck's legal team was not worried about the case, as it was taking the necessary steps.

The NLA is scheduled to convene on November 28 to decide the date for Yingluck's team to present its opening statement. This is expected to be no later than seven days after the assembly's first meeting over the impeachment case. The meeting was postponed on Wednesday after Yingluck's legal team claimed that it was not given sufficient time to prepare the case.

Norrawit and other members of the legal team went to Parliament yesterday to copy by hand more than 3,800 pages of documents regarding the case that were submitted to the NLA by the National Anti-Corruption Commission. The documents were labelled "confidential" and could not be photocopied.

Source: http://www.nationmultimedia.com/politics/Bt682-bn-lost-to-rice-scheme-30247731.html

-- The Nation 2014-11-14

What is the point of an article like this if they openly admit it doesn't include the current 18mn in storage.

Then beyond this, they claim the entire decade worth of sales only recouped 374bn?

The average sales prices are all over the place.

You just don't understand the economics. Or you are just so entrenched in pro-shin denial, your mind won't allow the facts through.

One thing is for sure, the PTP Finance Ministry would have continued to echo how successful and non-corrupt it was.

What a difference a coup makes.

[Thai at Heart]

Bt682 bn lost to rice scheme

Suphannee Pootpisut

The Nation

Spending on rice-pledging programmes over 10 years totals Bt1.1 trillion, says Finance Ministry

BANGKOK: -- Rice-pledging programmes have recorded an accumulated loss of Bt682 billion over the past decade, against total spending of as much as Bt1.1 trillion, the Finance Ministry disclosed yesterday.

The figures cover the period from 2004 to 2014 and 15 subsidy schemes.

The state has secured only Bt374 billion in revenue from rice sales, leaving the country with a combined loss of Bt682 billion, according to an initial report of a post-audit for the subsidy schemes. Of the total, about 76 per cent or Bt518 billion in losses were accumulated during the Yingluck Shinawatra administration from 2011-14. The remaining loss of Bt164 billion was from the Thaksin Shinawatra government's subsidy schemes for 11 crops.

"The losses are within the expectations of the subcommittee. But we must concede that there were loopholes in the [subsidy] process, causing financial leaks and leading to problems with transparency," said Rungson Sriworasat, permanent secretary to the Finance Ministry.

He said the losses would be further reported to the Rice Policy Management, chaired by Prime Minister Prayut Chan-o-cha.

Rungson said the committee would consider issuing bonds to repay and reschedule the debts accumulated by the rice scheme.

Previously, Finance Minister Sommai Phasee had said the government was considering a debt-management plan, by issuing long-term bonds with tenors of five to 20 years. This was to reduce interest payments on the debt.

However, the losses exclude the results of the inspection of the quality of rice in the state's inventory, about 19.2 million tonnes worth about Bt225 billion. This is calculated based on the Commerce Ministry's selling average of Bt11,700 per tonne as of May 22.

The subcommittee for auditing of crop-subsidy projects will further finalise the losses of the schemes after September when the rice in the state's granaries is inspected for quality and quantity.

Yingluck likely to make statement to NLA

Former prime minister Yingluck Shinawatra is likely to make her opening statement personally when the National Legislative Assembly convenes to determine whether she should be impeached, her lawyer Norrawit Larlaeng said yesterday.

Norrawit said Yingluck gave much importance to the impeachment case against her.

"She may appear in person on the day of the opening statement," he said. He added that Yingluck's legal team was not worried about the case, as it was taking the necessary steps.

The NLA is scheduled to convene on November 28 to decide the date for Yingluck's team to present its opening statement. This is expected to be no later than seven days after the assembly's first meeting over the impeachment case. The meeting was postponed on Wednesday after Yingluck's legal team claimed that it was not given sufficient time to prepare the case.

Norrawit and other members of the legal team went to Parliament yesterday to copy by hand more than 3,800 pages of documents regarding the case that were submitted to the NLA by the National Anti-Corruption Commission. The documents were labelled "confidential" and could not be photocopied.

Source: http://www.nationmultimedia.com/politics/Bt682-bn-lost-to-rice-scheme-30247731.html

-- The Nation 2014-11-14

What is the point of an article like this if they openly admit it doesn't include the current 18mn in storage.

Then beyond this, they claim the entire decade worth of sales only recouped 374bn?

The average sales prices are all over the place.

You just don't understand the economics. Or you are just so entrenched in pro-shin denial, your mind won't allow the facts through.

One thing is for sure, the PTP Finance Ministry would have continued to echo how successful and non-corrupt it was.

What a difference a coup makes.

Well you explain those numbers then....

[Mango Bob]

There are Yellows here stating just outrageous figures of one trillion baht yesterday. Hope they come out today to explain the difference.

[siampolee]

Irrespective of the numbers yet again it proves what a bunch of corrupt self serving creatures the P.T.P. puppets were and no doubt still are.

Trash collector gets fined an astronomical sum for recycling C.D.s Yet the politicians walk free.

Now where are all those self righteous Messiah Shinwatra disciples, are they coming to this mans defense and are they willing to help financially ?

He was convicted originally under the last administration, his appeal was dismissed under this administration yet the rabid Shin fans say nowt.

No of course not there's no political mileage in his case is there

[mikemac]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

He said the total loss had already included the rotting rice stocks

which was estimated at 30 billion baht.< Quote

According to the general 90% of the stock was rotten at a estimated value at 300 billion baht!!

Someone is not telling the truth!! Wonder who and why?? (rethorical question) alt=whistling.gif>

He never said that, stop twisting facts so they fit your red manual.

On Tuesday, Prime Minister Prayut Chan-o-cha revealed the outcome of a nationwide rice audit led by ML Panadda Diskul, permanent secretary for the Prime Minister’s Office, that reported only 10% of the 18 million tonnes of rice was of good quality.

“The report shows 70% of the rice is tainted with a yellow colour, while the rest is in bad condition and not edible and should only be allocated for ethanol production,” said Gen Prayut.

For your question, you are not telling the truth.

http://www.bangkokbusinessbrief.com/2014/10/29/rice-audit-finds-90-substandard/#ixzz3Iw9ZkpSQ

'80% of rice is fine'

The Nation July 29, 2014

"Only 10 per cent of rice stockpiles has spoiled and only some sacks were missing, while 80 per cent was in still good condition, the rice inspection committee reported to the Rice Policy Committee meeting yesterday"

"The audit of 18 million tonnes of pledged rice stored in granaries has progressed by 72 per cent to 1,290 out of 1,787 locations nationwide."

'Nationwide rice audit ordered by Junta nearly complete'

The Nation 2014-07-28

"... 18 million tonnes of pledged rice in 1,787 granaries around the country have been checked by troops against records for both quantity and quality."

"Of that, 126 granaries [as of Friday] were found to have irregular rice, and the type of rice in storage was not the same as that listed on the records," he [General Prayuth].

"The NCPO had agreed to the plan proposed by the committee on rice releasing - to sell 18 tonnes of rice over three years," he [General Prayuth] said.

"The Commerce Ministry is preparing to resume selling rice from its stocks early next month, gradually in small lots, at the rate of about 500,000 tonnes per month."

The Commerce Ministry is preparing to resume selling rice from its stocks early next month, gradually in small lots, at the rate of about 500,000 tonnes a month.

When it suits you red fans you quote The Nation newspaper, but when you don't like what they print you condemn it as rubbish. ???

Rick, you have about as much cred as Phipodon.

[AleG]

There are Yellows here stating just outrageous figures of one trillion baht yesterday. Hope they come out today to explain the difference.

That figure, unlike the one reported here, includes the expected future losses from the current stockpile.

Not that it would make one iota of impact in your mindset of course.

[fab4]

682 billion baht lost.......................thais should read the news and say something about this new.....with that money you can build quiet a few university and hospital or renew at least the materiel....but these people who permit such things are criminals

or one could get 3 years 6 months of military expenditure (at 2013 rates), or a coup* - they don't come cheap in terms of GDP...........................

( * Paul Collier, a professor of economics at Oxford who has noted that coups “are not a cheap way of replacing a government”, calculates that the cumulative effect of a coup, tracked over several years, is to reduce incomes by 7%.) http://www.economist.com/blogs/banyan/2014/10/thailands-economy

Of course most of the military expenditures are within the National Budget, unlike the "self-financing" RPPS which only needed a "revolving funds".

BTW the economist article is really interesting although a bit too general at times. It also doesn't hint at the costs to the country had the Yingluck government been able to muddle along. That would be too specific and is therefore not covered although the coup is put on the heap of 'coups'.

"Like every government before theirs, the generals-turned-civilians face two longstanding economic puzzles: How much to pay farmers for their rice; and how best to manage the exchange rate. They are unlikely to find solutions fundamentally different from those attempted by the elected government they ousted."

Now if only the Yingluck government hadn't been on a spending spree the current government would be much more able to tackle the sluggish economy.

Anyway, the 40 billion Baht the current government spends on a 'rice' is a real subsidy, included in the National Budget 2014/2015.

Spending spree - with the economy showing a debt to GDP ratio of 45.7% in 2013 I hardly think the economy was in a parlous state (not including the economic damage caused by the dem/pdrc government ouster campaign of course) You do know that the junta are planning to spend 3 Trillion Baht, more than the Yingluck government planned to, more even than the dems own 1.4 Trillion Baht schemes, and all with no appearances in the budget or transparency?

Anyway, glad you got your oft repeated "revolving fund" phrase in there , even if you can't use the 700++ one anymore.................................

Edited November 14, 2014 by fab4

[Estrada]

Before someone accuses me of being pro-Thaksin, I point out that I have been an advisor to the Democrats for 30 years. The author of the report produced by the Democrats on the losses of the Rice Subsidy Scheme is the son of a friend or mine. However, I point out that the report is one sided political propaganda it does not apportion any losses at all to the Democrats who started the vote buying scheme ran the rice pedging scheme at a loss for two years. For the 2011 election the Dems offered originally B11,000/tonnes whilst the farmers demanded B14,000/tonne. Phue Thai offered B15,000/tonne and were duly elected. Both the Dems and PTP schemes ould have made losses. The pie chart in the Nation article tries to apportion all losses to PTP and not to the schemes ran by the Dems, and other Goverments in power between 2004 and 2011. The article in the Bangkok Post is unbiased.

For a start the rice schemes were designed to subsidise the farmers and therefore designed to make a loss. From 2004 until 2007 the price of the rice bought by the program increased by a whopping 300% due to speculation in the commodity markets. This windfall profit therefore is the reason that the previous governments only lost 163Billion Baht. Had there not have been speculators gambling on the commodity markets, then the loss ot the previous Governments would have been similar to the current loss. It should also be realised that the currrent dumping of Thai stockpiled rice on the world market has reduced the selling price by a further 37% which has caused a further loss.

[Si Thea01]

She should have to pay the money back for this or be put to work doing labour for such a blunder. Maybe big brother can pitch in.

She probably didn't even have a clue, that the ricepledging scheme excisted!!

Of course she had no knowledge it existed. This was why she never attended any of the board meetings held despite being the Chairwoman. Never had a diary and to remember would be just too much.

[Si Thea01]

I wonder if the day is possible wherein Prayuth is so deeply in the shit that he invites Thaksin back home, to help him out. And suddenly, "Et tu Thaksin?"... as Prayuth succumbs to being a fart in a space suit.

Will never happen. Decent, honest men never invite convicted criminals back to the fold. Can you tell me where you obtained your intellectual skills, whoops, sorry my mistake, wrong spelling. It should read non-intellectual.

I suggest you look up the opposite of intellectual and you will see that I could have described you in many defamatory ways, such you have done to the Prime Minister in your post. But them I have more decorum in my little finger then you have in your whole body.

[retarius]

Why is there no investigation of people involved in rice whose bank accounts have become swollen in the past 4 years eg millers, brokers and price setters. $25 billion US or so has gone missing, the farmers got nothing but someone did....given the huge amount of money and the limited number of participants it should not be difficult to find a group of people whose net worth has increased massively in the past 4 years.

[fab4]

Before someone accuses me of being pro-Thaksin, I point out that I have been an advisor to the Democrats for 30 years. The author of the report produced by the Democrats on the losses of the Rice Subsidy Scheme is the son of a friend or mine. However, I point out that the report is one sided political propaganda it does not apportion any losses at all to the Democrats who started the vote buying scheme ran the rice pedging scheme at a loss for two years. For the 2011 election the Dems offered originally B11,000/tonnes whilst the farmers demanded B14,000/tonne. Phue Thai offered B15,000/tonne and were duly elected. Both the Dems and PTP schemes ould have made losses. The pie chart in the Nation article tries to apportion all losses to PTP and not to the schemes ran by the Dems, and other Goverments in power between 2004 and 2011. The article in the Bangkok Post is unbiased.

For a start the rice schemes were designed to subsidise the farmers and therefore designed to make a loss. From 2004 until 2007 the price of the rice bought by the program increased by a whopping 300% due to speculation in the commodity markets. This windfall profit therefore is the reason that the previous governments only lost 163Billion Baht. Had there not have been speculators gambling on the commodity markets, then the loss ot the previous Governments would have been similar to the current loss. It should also be realised that the currrent dumping of Thai stockpiled rice on the world market has reduced the selling price by a further 37% which has caused a further loss.

Thank you for an unemotional addition to the "debate".

On the lighter side it takes a brave man or woman to admit they have been an advisor to the Democrat Party for the past 30 years. I hope the political "success" of the dem party, post Leekpai, was not solely down to your advice...............................

[mikemac]

Before someone accuses me of being pro-Thaksin, I point out that I have been an advisor to the Democrats for 30 years. The author of the report produced by the Democrats on the losses of the Rice Subsidy Scheme is the son of a friend or mine. However, I point out that the report is one sided political propaganda it does not apportion any losses at all to the Democrats who started the vote buying scheme ran the rice pedging scheme at a loss for two years. For the 2011 election the Dems offered originally B11,000/tonnes whilst the farmers demanded B14,000/tonne. Phue Thai offered B15,000/tonne and were duly elected. Both the Dems and PTP schemes ould have made losses. The pie chart in the Nation article tries to apportion all losses to PTP and not to the schemes ran by the Dems, and other Goverments in power between 2004 and 2011. The article in the Bangkok Post is unbiased.

For a start the rice schemes were designed to subsidise the farmers and therefore designed to make a loss. From 2004 until 2007 the price of the rice bought by the program increased by a whopping 300% due to speculation in the commodity markets. This windfall profit therefore is the reason that the previous governments only lost 163Billion Baht. Had there not have been speculators gambling on the commodity markets, then the loss ot the previous Governments would have been similar to the current loss. It should also be realised that the currrent dumping of Thai stockpiled rice on the world market has reduced the selling price by a further 37% which has caused a further loss.

Thank you for an unemotional addition to the "debate".

On the lighter side it takes a brave man or woman to admit they have been an advisor to the Democrat Party for the past 30 years. I hope the political "success" of the dem party, post Leekpai, was not solely down to your advice...............................

I would have thought it would take an even braver man to admit he supported the Shin regime, considering their track record. Multiple criminal offenses within the family, parties shut down, massive losses of public monies, using a violent terrorist organization to further their cause, being run by a known criminal etc etc etc...................

Congratulations pips, where do I pin the medal ?

[Robby nz]

He said the total loss had already included the rotting rice stocks

which was estimated at 30 billion baht.< Quote

According to the general 90% of the stock was rotten at a estimated value at 300 billion baht!!

Someone is not telling the truth!! Wonder who and why?? (rethorical question)

Note down the bottom of the graphic "Excluding the outcome of the examination of the quality of rice in the state's inventory"

Edited November 14, 2014 by Robby nz

[Robby nz]

She should have to pay the money back for this or be put to work doing labour for such a blunder. Maybe big brother can pitch in.

She probably didn't even have a clue, that the ricepledging scheme excisted!!

She knew about it all right she even asked (urged even) for an inspection of the rice in storage :

Posted 2014-04-24 09:59:53

PM urges NACC to inspect rice stock to determine whether rice was really missing

BANGKOK, 24 April 2014 (NNT) – Prime Minister Yingluck Shinawatra has asserted that rice in the government's stockpile has not gone missing as suspected by the National Anti-Corruption Commission (NACC), urging the latter to conduct an inspection of the government's rice stock to determine whether rice was really missing.

Those who have called this a witch hunt may be surprised to know it was the witch herself who asked for it.

[northernjohn]

She should have to pay the money back for this or be put to work doing labour for such a blunder. Maybe big brother can pitch in.

She probably didn't even have a clue, that the ricepledging scheme excisted!!

For your information Ms. Yingluck has her legal team defend her against the accusation of "negligence"

That doesn't mean she had a clue as to what she was doing. Big brother just assured her it was right and at the same time hired a team of lawyers to shield her from the facts.

[Pierrefun]

The news media is using very descriptive adjectives to describe the depth of Yingluck's Folly...

Colossal Losses From Thai Rice Scheme Revealed

13 November 2014 APA

Thailand's finance ministry has revealed for the first time the scale of financial losses suffered by the country in disastrous rice-subsidies schemes initiated by the government overthrown in a May 22 coup, APA reports.

Since July 2011 -- the date the government headed by Prime Minister Yingluck Shinawatra was inaugurated -- losses have climbed to $15.8 billion, according to Rungson Sriworasat, the Permanent Secretary of the ministry.

http://en.apa.az/news/218960