Thai PBS chief resigns to 'take responsibility' over CPF debentures

[webfact]

Thai PBS chief resigns to 'take responsibility' over CPF debentures
By The Nation

 

Thai PBS Director Krisda Rueangareerat announces his resignation Wednesday night.

 

BANGKOK: -- Thai PBS Director Krisda Rueangareerat resigned Wednesday after he has come under mounting criticism and pressure regarding to an investment in debentures from Charoen Pokphand Foods (CPF).

 

The controversial investment has raised the public concerns whether integrity and good governance of the public broadcaster was compromised. Thai PBS subscribed CPF’s debentures worth Bt200 million. 

 

“The director resigned in order to take responsibility [for the investment],” a statement issued by Thai PBS Wednesday night said.

 

Krisda announced his resignation during an emergency meeting of the station's policy committee for reviewing the controversial investment Wednesday night.

 

He earlier defended the station’s investment decision, saying the annual Bt2-billion budget from “sin taxes” was not enough for running the station. 

 

Before announcing his departure, the Thai PBS Wednesday afternoon issued a statement, saying it would review its investment framework in the capital market and cease investments in some companies, without mentioning any specific companies, including the CPF. 

 

Thai PBS executives said in the statement that they regretted the decision and wished to apologise to the public if their decision to purchase the debentures caused concerns. 

 

The purchase, they said, was aimed at maximising financial management of the organisation and adhered to the policy framework. 

 

However, to demonstrate that Thai PBS listens to the public, it would review its policy framework concerning investments and cease investments in some companies. 

 

The announcement placing on its website says that the matter will be submitted to its policy committee soon.

 

Meanwhile, Deputy Prime Minister Wissanu Krea-ngam said Wednesday that he would send a letter to Thai PBS to ask for more information regarding its investment in debentures from CPF.

 

Prime Minister Prayut Chan-o-cha also responded to the issue, saying concerned officials are now taking care of it.

 

Wissanu said he oversees the broadcaster’s policies but he has never gone into details on how the station runs. He added that Thai PBS is considered independent and it is not obliged to make periodic reports to the government. 

 

Somkiat Tangkitvanich, a drafter of the law setting up Thai Public Broadcasting Service in 2007, Tuesday suggested on his Facebook page that the station should review its investment from an ethical aspect. He added, however, that public broadcasting law does not prohibit the station from investing in the market.

 

Full story: http://www.nationmultimedia.com/news/national/30309237

 

-- © Copyright The Nation 2017-03-16

[webfact]

Thai PBS chief quits over investment controversy

 

 

BANGKOK: -- Mr Kritsada Ruengareerat resigned on Wednesday as director-general of Thai PBS to demonstrate his responsibility over the public broadcaster’s investment in bonds of CPF, a unit of the Charoen Pokphand Group.

 

While insisting that the controversial investment was legal and was beneficial to Thai PBS, he said the move might have hurt the feelings of members of the public and the network which has been working closely with the organization.

 

He added that he understood their concerns and was willing to accept their suggestions.

 

Asking for their forgiveness, Mr Kritsada said he was ready to accept his responsibility over the controversy by resigning as director-general of Thai PBS.

 

Full story: http://englishnews.thaipbs.or.th/thai-pbs-chief-quits-investment-controversy/

 

-- © Copyright Thai PBS 2017-03-16

[mikebell]

Staggering!  A high-ranking Thai accepting responsibility?

[mtls2005]

This is very embarrassing for the junta...

 

Deputy Prime Minister Wissanu Krea-ngam said he is in charge of policy administration and does not interfere in the broadcaster's management. Thai PBS is not required to report its investment decisions to the government, he said.

 

 

[Jonmarleesco]

Well, that has to be a first. A Thai executive actually taking responsibility.