Loss from Yingluck's rice pledging scheme jumps higher after latest update

[webfact]

Loss from Yingluck's rice pledging scheme jumps higher after latest update



BANGKOK: -- The loss from the implementation of the rice pledging scheme during the administration of former prime minister Yingluck Shinawatra rise a 19 billion baht more after latest update ending September 30 last year.

Estimated loss from the scheme in May last year was 518 billion baht.

According to Bangkok Post, Finance ministry’s permanent secretary Rungson Sriworasat said the latest estimate was updated to the end of fiscal 2014 from just last May 22 in the earlier estimate.

He said the latest update has raised the total losses from buying 84 million tonnes of paddy in the 15 schemes from 2004-14 to almost 700 billion baht.

Of this total loss in 10 years of the scheme, loss from the Yingluck government alone accounted for 537 billion, or 19 billion baht higher from last estimate, he said.

Mr Rungson chairs a subcommittee overseeing accounting of all rice subsidy schemes.

He said the latest estimate was based on findings from a rice inspection team under the supervision of PM’s Office Minister ML Panadda Diskul.

Earlier the National Anti-Corruption Commission (NACC) has formally asked the Finance Ministry to file civil suit demanding compensation from those causing financial losses to the state from the rice pledging scheme and the fake Chinese G2G rice deals.

Those persons included Ms Yingluck, former commerce minister Boonsong Teriyapirom, his deputy Poom Sarapol and 19 other high-level officials, civilians.

Source: http://englishnews.thaipbs.or.th/loss-yinglucks-rice-pledging-scheme-jumps-higher-latest-update


-- Thai PBS 2015-02-25

[Costas2008]

Playing with a few billion up or down, doesn't make any difference.

Yingluck and the others are guilty as charged.

They should suffer the consequences and pay for their wrongdoings.

That will also teach a good lesson to future politicians.

[EricBerg]

Let's hope those responsible get stripped of all their worldly goods to repay some of the immense loss. That includes the ricemill and warehouse owners as well as the civil servants that contributed their part in the stealing and the top rats like Yingluck.

The missunderstood fugitive in Dubai seems to be out of range so far. But I do hope the government will try hard to bring him home. Then see how much he can cough up. He must be tha main benefactor of the theft.

[Anthony5]

Playing with a few billion up or down, doesn't make any difference.

Yingluck and the others are guilty as charged.

They should suffer the consequences and pay for their wrongdoings.

That will also teach a good lesson to future politicians.

Future politicians?

You seem hopeful as always.

[Costas2008]

Playing with a few billion up or down, doesn't make any difference.

Yingluck and the others are guilty as charged.

They should suffer the consequences and pay for their wrongdoings.

That will also teach a good lesson to future politicians.

Future politicians?

You seem hopeful as always.

Anthony, eventually they will come.

He says at the beginning of 2016.....give or take some time.......he can't prolong it.

Then we, on TVF, will have all the pleasure, bashing them for their wrongdoings.

It's not toooooo far away............

[Bakseeda]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

[Bakseeda]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

[Keesters]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

Well you don't expect YS and her mates to have declared it do you.

[barry51]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

For a billion or two I could put up with a bit of shame. Prosecute them, jail them and strip them of there assets would be better and the right thing to do.

[Gunna]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

Most of the money has gone from buying 80 million tons of rice for up to 15,000bt per ton and sell it for 5-7,000bt per ton

A lot of money has already gone in storage, fumigation, milling, drying and transport fees

A lot of money has gone already to Cambodia, Laos and Myanmar as rice was smuggled from there and sold in Thailand as Thai rice.

A lot of money has gone already because rice rotted and cannot be sold

A lot of money has gone already because rice was eaten by rats, birds, weevils etc.

A lot of money has gone on rice that was stolen or claimed to be stolen from warehouses

A lot of money has gone already on rice stored in several warehouses that mysteriously caught fire

A lot of money has gone already because rice detoriated with so many years in storage that nobody wants to buy it

A lot of money was paid for rice that never existed - some that money may be able to be retrieved from corrupt Rice Millers, but I suspect much of it is now safely in offshore banks, including a lot in Dubai

Edited February 25, 2015 by Gunna

[jalansanitwong]

There was alot of Vietnamese rice being sold in the markets that had been rebagged .... Product of Thailand.

The rich families in Bangkok were buying Viet rice for about 8,000 baht/tonne and cashing in here with the Gov for 15000 b/tonne.

The money will never be recovered because alot people involved in the rice scam are lawmakers.

[ezzra]

Playing with a few billion up or down, doesn't make any difference.

Yingluck and the others are guilty as charged.

They should suffer the consequences and pay for their wrongdoings.

That will also teach a good lesson to future politicians.

Not only her, a whole gaggle of cohorts, co conspirators and enablers, which, without them it would have

been impossible to run and maintain the racket and the scams... many more has to face the judges

and have the book thrown at them, and hard......

[AGareth2]

don't trust accountants

19 billion eh!

[Robby nz]

There was alot of Vietnamese rice being sold in the markets that had been rebagged .... Product of Thailand.

The rich families in Bangkok were buying Viet rice for about 8,000 baht/tonne and cashing in here with the Gov for 15000 b/tonne.

The money will never be recovered because alot people involved in the rice scam are lawmakers.

Presumably you have a rice DNA tester with you when you buy rice to be so sure it is from Vietnam.

If you have proof of what you write about these rich BKK families then I suggest you get to the NACC promptly, they will be keen to know.

So it is not possible to get any restitution out of lawmakers, interesting. When you write lawmakers I presume you mean members parliament.

[jalansanitwong]

There was alot of Vietnamese rice being sold in the markets that had been rebagged .... Product of Thailand.

The rich families in Bangkok were buying Viet rice for about 8,000 baht/tonne and cashing in here with the Gov for 15000 b/tonne.

The money will never be recovered because alot people involved in the rice scam are lawmakers.

Presumably you have a rice DNA tester with you when you buy rice to be so sure it is from Vietnam.

If you have proof of what you write about these rich BKK families then I suggest you get to the NACC promptly, they will be keen to know.

So it is not possible to get any restitution out of lawmakers, interesting. When you write lawmakers I presume you mean members parliament.

The rice merchants were saying there was alot of Viet rice coming into the system . It makes sense. Buy rice for far around 8 k and sell it for 15K.

The quality of rice definitely dropped during Yinglucks term of office. I'm no expert but i do eat alot of it. I can tell the difference just like anyone else.

lawmakers,officials etc this country is totally corrupt. Any country that heavily relies on prostitution for tourism cant be trusted. I only stay here because its reasonably easy to export.

Edited February 25, 2015 by jalansanitwong

[LuckyLew]

Let's hope those responsible get stripped of all their worldly goods to repay some of the immense loss. That includes the ricemill and warehouse owners as well as the civil servants that contributed their part in the stealing and the top rats like Yingluck.

The missunderstood fugitive in Dubai seems to be out of range so far. But I do hope the government will try hard to bring him home. Then see how much he can cough up. He must be tha main benefactor of the theft.

The tosser in Dubai is not out of range

People in power are too scared / stupid / useless to ask for help

Interpol arrest warrant would be a nice place to start

Boggles the mind why one has never been issued

[tigermonkey]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

Most of the money has gone from buying 80 million tons of rice for up to 15,000bt per ton and sell it for 5-7,000bt per ton

A lot of money has already gone in storage, fumigation, milling, drying and transport fees

A lot of money has gone already to Cambodia, Laos and Myanmar as rice was smuggled from there and sold in Thailand as Thai rice.

A lot of money has gone already because rice rotted and cannot be sold

A lot of money has gone already because rice was eaten by rats, birds, weevils etc.

A lot of money has gone on rice that was stolen or claimed to be stolen from warehouses

A lot of money has gone already on rice stored in several warehouses that mysteriously caught fire

A lot of money has gone already because rice detoriated with so many years in storage that nobody wants to buy it

A lot of money was paid for rice that never existed - some that money may be able to be retrieved from corrupt Rice Millers, but I suspect much of it is now safely in offshore banks, including a lot in Dubai

If one reads the OP, you will notice that the costs/losses ( almost 700 billion Baht ) are from 15 rice subsidy and rice pledging schemes from 2004 through 2014, and while the majority of those costs/losses may be attributable to the most recent rice pledging scheme, there is much more to this story than is presently being discussed. ...... and we must remember that all of the numbers are "estimates" from the current military "democracy"

[tigermonkey]

But the main question still hovers around.... WHO got and where did the billions go... Name and shame them...

Yes, by all means name and shame them -- all of them from 2004 through 2014 - it would be a very interesting list !

[halloween]

700 billion, a figure I have used regularly, and only B10,000 for every Thai.

If you want an image for your Thai friends unable to comprehend the number, a wall of B1000 notes 3m high and over 11km long. (using B100,000 =3cm thick)

[JAG]

Let's hope those responsible get stripped of all their worldly goods to repay some of the immense loss. That includes the ricemill and warehouse owners as well as the civil servants that contributed their part in the stealing and the top rats like Yingluck.

The missunderstood fugitive in Dubai seems to be out of range so far. But I do hope the government will try hard to bring him home. Then see how much he can cough up. He must be tha main benefactor of the theft.

The tosser in Dubai is not out of range

People in power are too scared / stupid / useless to ask for help

Interpol arrest warrant would be a nice place to start

Boggles the mind why one has never been issued

Its never been issued because it would be pointless.

I know that you and many others here loathe and detest him, but it is a simple fact that if an arrest warrant were to be issued it would be regarded as a political move by a military junta which has replaced an elected government, replaced an elected parliament with an appointed legislative council and has curtailed many freedoms, including those of the press and freedom of assembly. The same was true of the government installed by the last coup i 2006 (?). The only government since the military ousted Thaksin which might have been able to get any success with Interpol (apart from the elected "Thaksin proxy" governments, who were obviously not going to do so), was Abhisits administration. Their legitimacy in international circles rather ended when they cut the army loose on the Redshirt demonstrators in Bangkok.

If the present administration attempted to issue any sort of warrant for any political figure it would be laughed at, because they are a junta which came to power through a military coup.

Edited February 25, 2015 by JAG

[Neeranam]

It's criminal that she's not behind bars already. I bet she thought that with all the billions of $$$$s that her brother nicked, nobody would notice a few billion baht for her shopping trips.

[metisdead]

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[wabothai]

I think that the 700 billion baht is worth getting this Dubai guy's behind into Thailand. History has shown it can be done.

Just out of respect of his sister he should turn himself in. It just shows who he really is. Coward first class and will f.... his own family.

[Soutpeel]

Just out of respect of his sister he should turn himself in. It just shows who he really is. Coward first class and will f.... his own family.

you obviously have no idea how the mind of a megalomaniac works then, family, friends are all fair game to be used to forward the persons agenda.

[Dannybigboy]

This is the whole season WHY Thailand will remain a third World country and why development and a Bright future never will come ! I have lived in Thailand on and of for 30 years......and still all those corrupt officials and politicians ! It makes me sick !! Why dont Prayuth tackle this problem once and for all ????? You have to implement harder punishments in cases like this as a deterrent !! Long live Thailand and its wonderful people !!

[Eric Loh]

This is the whole season WHY Thailand will remain a third World country and why development and a Bright future never will come ! I have lived in Thailand on and of for 30 years......and still all those corrupt officials and politicians ! It makes me sick !! Why dont Prayuth tackle this problem once and for all ????? You have to implement harder punishments in cases like this as a deterrent !! Long live Thailand and its wonderful people !!

He already said stop asking questions on my family wealth. So tell me how you expect Prayuth to tackle this problem one and for all.

[winstonc]

Let's hope those responsible get stripped of all their worldly goods to repay some of the immense loss. That includes the ricemill and warehouse owners as well as the civil servants that contributed their part in the stealing and the top rats like Yingluck.

The missunderstood fugitive in Dubai seems to be out of range so far. But I do hope the government will try hard to bring him home. Then see how much he can cough up. He must be tha main benefactor of the theft.

The tosser in Dubai is not out of range

People in power are too scared / stupid / useless to ask for help

Interpol arrest warrant would be a nice place to start

Boggles the mind why one has never been issued

Its never been issued because it would be pointless.

I know that you and many others here loathe and detest him, but it is a simple fact that if an arrest warrant were to be issued it would be regarded as a political move by a military junta which has replaced an elected government, replaced an elected parliament with an appointed legislative council and has curtailed many freedoms, including those of the press and freedom of assembly. The same was true of the government installed by the last coup i 2006 (?). The only government since the military ousted Thaksin which might have been able to get any success with Interpol (apart from the elected "Thaksin proxy" governments, who were obviously not going to do so), was Abhisits administration. Their legitimacy in international circles rather ended when they cut the army loose on the Redshirt demonstrators in Bangkok.

If the present administration attempted to issue any sort of warrant for any political figure it would be laughed at, because they are a junta which came to power through a military coup.

so are you saying that hes a good guy then..amazing..your probably one of those who think mother theresa was a good woman..

[aircut]

Playing with a few billion up or down, doesn't make any difference.

Yingluck and the others are guilty as charged.

They should suffer the consequences and pay for their wrongdoings.

That will also teach a good lesson to future politicians.

Pity that only future politicians you are happy to teach what about our current politicians ?

[luk AJ]

There was alot of Vietnamese rice being sold in the markets that had been rebagged .... Product of Thailand.

The rich families in Bangkok were buying Viet rice for about 8,000 baht/tonne and cashing in here with the Gov for 15000 b/tonne.

The money will never be recovered because alot people involved in the rice scam are lawmakers.

I wonder if the rich and powerful would play this game... Gross profit 7000thb/ton minus transport costs, bribing customs etc.. Maybe results in 3000thb/ ton net. 20 ton per truck makes 60.000thb/truck. The rich and powerful will not move for less than 100 mill this is equal to 1.666 trucks..i dont see this happening...

[shirtless]

Find these corrupt people and make them pay , otherwise its really just propaganda /