sriracha john Posted December 18, 2006 Share Posted December 18, 2006 Elite Card issuer could face closure Audit team investigates poor performance Thailand Privilege Card (TPC), issuer of the Thailand Elite Card, is being investigated by an audit team of the Tourism and Sports Ministry which is considering whether to continue further operations as the firm has claimed poor profitability since its establishment. A source from the tourism industry said that TPC was being investigated for its unprofitable performance. The investigation is expected to be completed by end of this month and a decision will be made whether to scrap the company or continue operations. Established during the administration of former prime minister Thaksin Shinawatra, TPC is a wholly owned subsidiary of the Tourism Authority of Thailand (TAT). The company is responsible for the Elite Card's membership recruitment and management as well as the distribution of revenue to the tourism-related operators who are selected as service providers. The firm provides solutions to serve members, from businessmen to young travellers and senior citizens from around the world. The interim government has appointed a new Tourism and Sports Minister, Suwit Yodmanee, to replace former minister Pracha Maleenont. The new government has paid much attention to corruption in Thaksin's projects, including TPC, and has already halted some. In the meantime, TPC president Choksiri Rodboonpha quit the company, causing internal problems. So far, Suwit has confirmed that he will keep TPC as one body driving the tourism industry despite rumours of TPC's collapse. There is another rumour that the Ministry of Finance wants to end TPC as it foresees fewer business opportunities. A Finance Ministry source said that Finance Minister Pridiyathorn Devakula has talked about the future of TPC but arrived at no solution. "Pridiyathorn wanted to terminate this company, but he is afraid that the country's image would be damaged by the move," the source said. However, the source said Pridiyathorn was likely to accept any decision made by the audit group late this month on whether to close TPC or not. Some newspapers reported that foreign members might sue TPC and ask for compensation if the company cuts off its lifetime-services contract. TPC has been operating with many problems since its establishment. Currently, board member Rapee Moungnont is acting as president. The process for the selection of a new president is expected to be completed by the first quarter next year. TPC has 1,700 members worldwide, mostly from Asian countries. The company has hired 130 staff, working at the head office on Sathorn Road and at Suvarnabhumi Airport. According to the source, most TPC staff believe the company will not come to an end. The Nation Link to comment Share on other sites More sharing options...
farangsay Posted December 18, 2006 Share Posted December 18, 2006 This scheme , unlike other really smart schemes like buying English soccer clubs , was unfortunately actually implemented. By all acounts they never actually had too many people sign up. It might be an idea to bite the bullet and scrub it. They could probably do a deal with all the people who had more money than sense. Give them their money back and still extend the less expensive priveledges (visa stuff eg) I find it an anomaly in Thailand that they can engineer a military coup (and hats off to the success that has been three months on) but there is a beurocratic hesitation on the no-brainers. Yours Puzzled of Bang Na Link to comment Share on other sites More sharing options...
johnnyk Posted December 18, 2006 Share Posted December 18, 2006 Yes, the line for refunds is on the left. Link to comment Share on other sites More sharing options...
LifeConvo Posted December 18, 2006 Share Posted December 18, 2006 This scheme , unlike other really smart schemes like buyingEnglish soccer clubs , was unfortunately actually implemented. By all acounts they never actually had too many people sign up. It might be an idea to bite the bullet and scrub it. They could probably do a deal with all the people who had more money than sense. Give them their money back and still extend the less expensive priveledges (visa stuff eg) I find it an anomaly in Thailand that they can engineer a military coup (and hats off to the success that has been three months on) but there is a beurocratic hesitation on the no-brainers. Yours Puzzled of Bang Na Good post, hats off to you, I agree totally. Link to comment Share on other sites More sharing options...
sriracha john Posted December 19, 2006 Author Share Posted December 19, 2006 In the meantime, TPC president Choksiri Rodboonpha quit the company, causing internal problems. I see yet another boss has bailed out... that's quite telling that there has been so much of that over the course of this scheme. Link to comment Share on other sites More sharing options...
Barney_the_Dinosaur Posted December 19, 2006 Share Posted December 19, 2006 Elite Card issuer could face closureThe firm provides solutions to serve members, The Nation I can't believe the Nation sub editors let cut n' paste cliches like this slip through ! Shame on them. Link to comment Share on other sites More sharing options...
Scott Posted December 19, 2006 Share Posted December 19, 2006 This the problem with gov'ts doing business. It creates a big mess and messes that are hard to get out of. They will have either a lot of money to return, or many, many years of services to provide with no further income--either way it's a big mess. Not to mention that a lot of those cards were just given away as a promotion. I wonder how long before they start making them down on Khao San Rd. Link to comment Share on other sites More sharing options...
Meerkat Posted December 19, 2006 Share Posted December 19, 2006 Just trying to slip in a couple more rounds of golf before the inevitable! Link to comment Share on other sites More sharing options...
Coffee Drinker Posted December 19, 2006 Share Posted December 19, 2006 If the program closes, will they give refunds? Link to comment Share on other sites More sharing options...
PeaceBlondie Posted December 19, 2006 Share Posted December 19, 2006 If the program closes, will they give refunds?Back in some Western countries, if a private company goes bankrupt, 'card holders' such as these would be unsecured creditors, and probably get nothing. But if it's a government company, how can it go bankrupt unless the entire national treasury is emptied? Link to comment Share on other sites More sharing options...
Meerkat Posted December 19, 2006 Share Posted December 19, 2006 If the program closes, will they give refunds? That's the million baht question! Strictly speaking, they wouldn't have to. In a democratically elected government, chances are that worries over how they would look internationally would probably lead to some sort of reimbursement. With an unelected junta that has already shrugged off worldwide condemnation of the coup, it kind of gives them carte blanche to do what they like. Along with the cancellation of the investment visa and recent capital controls, it's not like Thailand is wooing foreign money at the moment. You know the rules; never put more money into... Link to comment Share on other sites More sharing options...
bendix Posted December 19, 2006 Share Posted December 19, 2006 the chances of people getting money back are probably similar to those of us having a white christmas here in Bangkok. Link to comment Share on other sites More sharing options...
steveromagnino Posted December 19, 2006 Share Posted December 19, 2006 the chances of people getting money back are probably similar to those of us having a white christmas here in Bangkok. Yes indeed, although there seems to be a nice 50cm base on the Rangsit express chair, and the Rama nine T Bar has firm packed powder with unlimited visibility. Chains required from the 30km mark. Link to comment Share on other sites More sharing options...
Gary A Posted December 19, 2006 Share Posted December 19, 2006 To apply for your refund, you must submit the documents directly to Khun Thaksin. That's IF he is ever permitted to come back to Thailand. Link to comment Share on other sites More sharing options...
Thaising Posted December 19, 2006 Share Posted December 19, 2006 (edited) To apply for your refund, you must submit the documents directly to Khun Thaksin. That's IF he is ever permitted to come back to Thailand. :D Maybe to his dead body. Edited December 19, 2006 by Thaising Link to comment Share on other sites More sharing options...
ovenman Posted December 19, 2006 Share Posted December 19, 2006 Back in some Western countries, if a private company goes bankrupt, 'card holders' such as these would be unsecured creditors, and probably get nothing. But if it's a government company, how can it go bankrupt unless the entire national treasury is emptied? Is it a government company? I've always been under the impression (perhaps mistaken) that while the Elite Card program itself has government backing, the day-to-day affairs are administered by a private company. Even so, I've said all along that were the Elite Card to go belly-up, I wouldn't be at all surprised if the government continued to honor the five-year visa for card holders. There wouldn't be that many of these visas issued overall and doing so would be at no real cost to the government. Link to comment Share on other sites More sharing options...
sriracha john Posted December 19, 2006 Author Share Posted December 19, 2006 I believe that's part of the problem with the program. The public is not clear about who is running what and who is responsible. To me, that pretty basic and fundamental knowledge that should be crystal clear. With it's longevity and viability twisting so shakily in the wind, perhaps we can reconsider recommending it as an option to the various visa issues. Link to comment Share on other sites More sharing options...
Tony Clifton Posted December 19, 2006 Share Posted December 19, 2006 Elite Card issuer could face closureTPC has 1,700 members worldwide, mostly from Asian countries. The company has hired 130 staff, working at the head office on Sathorn Road and at Suvarnabhumi Airport. According to the source, most TPC staff believe the company will not come to an end. The Nation " Man, this was such a quiet and easy job! We're all coming back to Thailand with a PhD!" Link to comment Share on other sites More sharing options...
ilyushin Posted December 19, 2006 Share Posted December 19, 2006 Why not change the fees to Baht 150,000 down and get PR status also? They could then charge a yearly fee for the extras like golf, immigration express, busines lounges, etc... Make it more suitable to the mass numbers of great Expats and old hands. Only way to make it work. Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted December 19, 2006 Share Posted December 19, 2006 Why not change the fees to Baht 150,000 down and get PR status also? They could then charge a yearly fee for the extras like golf, immigration express, busines lounges, etc...Make it more suitable to the mass numbers of great Expats and old hands. Only way to make it work. That'd work. Link to comment Share on other sites More sharing options...
johnnyk Posted December 19, 2006 Share Posted December 19, 2006 Looking for refunds? 555 It wasn't a government company and they have no obligation or liability. The taxpayer (through the gov't) merely "bought" 30% of it. In other words, a tidy sum was funnelled into private pockets under the guise of a gov't "investment" while control and admin remained in the hands of the cronies who benefited from the "investment". 'Scam' comes to mind. Link to comment Share on other sites More sharing options...
sriracha john Posted December 19, 2006 Author Share Posted December 19, 2006 Why not change the fees to Baht 150,000 down and get PR status also? They could then charge a yearly fee for the extras like golf, immigration express, busines lounges, etc...Make it more suitable to the mass numbers of great Expats and old hands. Only way to make it work. One other that likely would have made it work. If they were able to keep their initial promise that card holders could own land in their own name, completely, legally and totally. Link to comment Share on other sites More sharing options...
Spenthouse Posted December 20, 2006 Share Posted December 20, 2006 Why not change the fees to Baht 150,000 down and get PR status also? They could then charge a yearly fee for the extras like golf, immigration express, busines lounges, etc...Make it more suitable to the mass numbers of great Expats and old hands. Only way to make it work. That'd work. but only if they change the name to "peasant card" Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted December 20, 2006 Share Posted December 20, 2006 Why not change the fees to Baht 150,000 down and get PR status also? They could then charge a yearly fee for the extras like golf, immigration express, busines lounges, etc...Make it more suitable to the mass numbers of great Expats and old hands. Only way to make it work. That'd work. but only if they change the name to "peasant card" They'd prolly do that if it was gonna work for them. Link to comment Share on other sites More sharing options...
keenok Posted December 20, 2006 Share Posted December 20, 2006 the whole scheme(scam) was always goin to be a joke.1700 members !!! i wonder how much money this company has made(lost)? anybody got any figures? ive never seen anybody go to the thailand elite counter at immigration ,but then ive never seen anybody staffing it either. just another stupid idea from toxin i think.i wouldnt be surprised if it all goes tits up soon with no compensation,after all with 1700 members there wont be much of an outcry will there? i dont think any of us who live here doubt the governments ability to do extraordinary things and not give a f*** about others opinions.i know if i had membership i would be trying to sell it fast! Link to comment Share on other sites More sharing options...
Pilchard Posted December 22, 2006 Share Posted December 22, 2006 Monday is D-Day for struggling Elite Card The future of the Elite Card, a pet project of former prime minister Thaksin Shinawatra intended to attract affluent tourists, is expected to be decided on Monday. Tourism and Sports Minister Suvit Yodmani will be presented with two options for the future of Thailand Privilege Card Co (TPC), the government-owned company set up to market the Elite Card. The first option is to dissolve the company and the second is to continue it but with a clearer financial plan and closer supervision by the ministry to ensure that it could generate income. http://www.bangkokpost.com/Business/22Dec2006_biz46.php They work on christmas day ! Link to comment Share on other sites More sharing options...
midas Posted December 22, 2006 Share Posted December 22, 2006 But would any rational person even with a spare 1 million baht lying about buy one of these things now with the risk that this same debate and similar circumstances could arise again in three months, six months or whenever ? Surely everyone knows now just how borderline this whole scheme really is so how could they ever win back their credibility ? Link to comment Share on other sites More sharing options...
percy2 Posted December 22, 2006 Share Posted December 22, 2006 I was approved to purchase one just before the coup. I have held off buying until now. I will continue to hold until a least Monday afternoon If it was evenly reasonably secure right now I would still go for it. Cheers Link to comment Share on other sites More sharing options...
midas Posted December 22, 2006 Share Posted December 22, 2006 If it was evenly reasonably secure right now I would still go for it.Cheers but I'm just interested - what is your criteria for determining whether it is " reasonably secure " or not ? Link to comment Share on other sites More sharing options...
Old Man River Posted December 22, 2006 Share Posted December 22, 2006 A very wise man once told me that if it has the word "membership" in it, you will lose money. Link to comment Share on other sites More sharing options...
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