Krung Thai Bank offers regret over an employee who overcharged commemorative banknotes



BANGKOK: -- The state-owned Krung Thai Bank has expressed regret over an incident when a man claiming to be an employee of the bank posting in his Facebook page an image showing a bunch of 70-baht commemorative banknotes and offering to sell them at 120 baht apiece.

The bank said that it ordered an investigation into the incident and it was discovered that the seller was not a bank staffer but an employee of a security company in Phuket which was affiliated with the bank and that he actually had only 10 commemorative banknotes to celebrate the 70th anniversary of His Majesty the King’s accession to the throne.

The man has been put on probation by the company, said the bank, adding that all the firms affiliated with the bank have been told to make sure that their employees do not engage in overpriced sale of the commemorative banknotes.

Meanwhile, Mr Woraporn Tangsa-ngasaksri, assistant governor of the Bank of Thailand in charge of issuance of banknotes, said that the central bank had allocated more than 10 million commemorative banknotes amounting to over half of the banknotes printed to banks to be distributed to members of the public who are interested to buy them for collection.

He, however, admitted that not every commercial bank was allocated the same amount of banknotes.

The central bank will consider whether more banknotes should be printed or not, said Mr Woraporn, adding that he believes the 20 million notes printed should be enough to meet public demand.

Source: http://englishnews.thaipbs.or.th/krung-thai-bank-offers-regret-employee-overcharged-commemorative-banknotes/


-- Thai PBS 2016-06-10

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

Ok he was not technically an employee of the bank but apart from that he did nothing wrong

Ok he was not technically an employee of the bank but apart from that he did nothing wrong

Does seem to be a bit of legal minefield - classing them as a banknote is a bit misleading since the banks are already 'selling' them at a price higher than their face value.

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

No-one gets fired...they go to inactive posts....or suspended on full pay...or "urged" to take a long holiday.....

Does seem to be a bit of legal minefield - classing them as a banknote is a bit misleading since the banks are already 'selling' them at a price higher than their face value.

Nothing misleading about it at all. Several countries do the same thing. Scotland has sold commemorative £5 notes for £20. England does a similar thing with coins.

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

I'm not too sure what he did wrong. He was selling notes as a private citizen. No one was forced to buy them or needed to do so.

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

No-one gets fired...they go to inactive posts....or suspended on full pay...or "urged" to take a long holiday.....

What did he do wrong?

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

Hold the world hostage with a stockpile of nuclear warheads secreted in a volcanic island fortress I would imagine.Though possibly he'd be moved to an inactive volcano island for a month.

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

No-one gets fired...they go to inactive posts....or suspended on full pay...or "urged" to take a long holiday.....

What did he do wrong?

Claiming to be a bank employee.

i think you will find that this employee is affiliated to the bank through the partner associates.who supply security staff to the bank.therefore he is attached to the bank through the partnership.

but to cause a stink over something that he has done NO WRONG when you have certain people who are involved in stealing BILLIONS. T.I.T.

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

Doing their job efficiently and properly without resorting to corruption.

I was more interested in the comments made by the assistant governor of the Bank of Thailand.

He said that of the 20 million banknotes printed, over 10 million had been allocated to be distributed to members of the public.

So who gets the other 9 million plus and at what price?

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

No-one gets fired...they go to inactive posts....or suspended on full pay...or "urged" to take a long holiday.....

What did he do wrong?

Claiming to be a bank employee.

He probably had the intend to rip people off.

In his pictures it looks like he has piles and piles of the banknotes, which he probably planned to sell on FB.

But since he only has 10 banknotes he wont be able to supply all buyers and is likely to just make a runner with the money.

Problem is he did not do anything wrong yet, hence the probation instead of being arrested.

Police should have bought 20 notes from him, and when he accepts the money wait a few days till its clear he wont deliver and then arrest him.

Then you have reason to put him in jail.

I was more interested in the comments made by the assistant governor of the Bank of Thailand.

He said that of the 20 million banknotes printed, over 10 million had been allocated to be distributed to members of the public.

So who gets the other 9 million plus and at what price?

I think we can all guess where the other 9+ million notes go to.

Hint: its not to the "members of the public" so that leaves only one other group (hi-so's, government officials, people in charge, rich people, etc).

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

Support the "wrong" political colour

Does seem to be a bit of legal minefield - classing them as a banknote is a bit misleading since the banks are already 'selling' them at a price higher than their face value.

Nothing misleading about it at all. Several countries do the same thing. Scotland has sold commemorative £5 notes for £20. England does a similar thing with coins.

But those are commerative versions of legal tender that already exists. These are 70 Baht and are portrait as opposed to landscape so hardly a banknote.

No comment.

Always read the forum rules before posting.

Although this is just a guideline, be very aware that you can be in huge trouble for the slightess slur.

Just some helpful advice to newbies.

Edited June 11, 201610 yr by Wilsonandson

Does seem to be a bit of legal minefield - classing them as a banknote is a bit misleading since the banks are already 'selling' them at a price higher than their face value.

Nothing misleading about it at all. Several countries do the same thing. Scotland has sold commemorative £5 notes for £20. England does a similar thing with coins.

But those are commerative versions of legal tender that already exists. These are 70 Baht and are portrait as opposed to landscape so hardly a banknote.

They are being sold as collectors items so why should they not be resalable by a private individual at whatever price he can get for them.

Edited June 11, 201610 yr by Orac

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

112

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"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

I'm not too sure what he did wrong. He was selling notes as a private citizen. No one was forced to buy them or needed to do so.

"The man has been put on probation by the company, said the bank, adding that all the firms affiliated with the bank have been told to make sure that their employees do not engage in overpriced sale of the commemorative banknotes."

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

Die...

Does seem to be a bit of legal minefield - classing them as a banknote is a bit misleading since the banks are already 'selling' them at a price higher than their face value.

Nothing misleading about it at all. Several countries do the same thing. Scotland has sold commemorative £5 notes for £20. England does a similar thing with coins.

But those are commerative versions of legal tender that already exists. These are 70 Baht and are portrait as opposed to landscape so hardly a banknote.

They are being sold as collectors items so why should they not be resalable by a private individual at whatever price he can get for them.

I agree with you. I was pointing out more points as to why classifying it as a legal banknote is suspect. I think you should be able to sell it for whatever someone's willing to pay for it.

Good job nobody mentioned how much the 500,000 baht note was sold for.

You're offering a 70 baht note - which I've never seen for the purchase price of 100 not good economics -

U.K. Queen commerative coin bought at face value

Edited June 11, 201610 yr by phil2407

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

I'm not too sure what he did wrong. He was selling notes as a private citizen. No one was forced to buy them or needed to do so.

"The man has been put on probation by the company, said the bank, adding that all the firms affiliated with the bank have been told to make sure that their employees do not engage in overpriced sale of the commemorative banknotes."

If they are his property it's his right to sell them on. He's not forcing anyone to buy them.

Edited June 12, 201610 yr by Bluespunk

"The man has been put on probation by the company..."

What does somebody need to do in order to get fired in this country?

I'm not too sure what he did wrong. He was selling notes as a private citizen. No one was forced to buy them or needed to do so.

"The man has been put on probation by the company, said the bank, adding that all the firms affiliated with the bank have been told to make sure that their employees do not engage in overpriced sale of the commemorative banknotes."

If they are his property it's his right to sell them on. He's not forcing anyone to buy them.

It's like a conflict of interest when someone working for a Government Owned Bank seems to have misused his position to acquire lots of 70-Baht commemorative banknotes while the general public can't buy them for 70-Baht. Now if he wanted to keep all those for himself that might be greedy, but buying and immediately offering to sell seem very improper.

Probably not a criminal offence, but sufficient reason for a reprimand. He's lucky no one raised an LM case. I know that would be over the top, but in Thailand possible.