Thai govt touts success of final auction of quality rice

[webfact]

Govt touts success of final auction of quality rice

 

 

BANGKOK, 19 July 2017 (NNT) – The Department of Foreign Trade (DFT) has announced that the private sector purchased nearly all of the 160,000 tons of quality rice put up for grabs in the latest auction. 

According to DFT Director-General Duangporn Rodphaya, the final batch of rice for consumption in the government stock, totaling 160,000 tons, has been offered to the private sector in this year’s third round of bidding. Eleven entrepreneurs submitted their bids for 99.93 percent of the lot, worth a combined 1.13 billion baht. Bidding prices averaged between 4,500 and 10,200 baht per ton. 

Results of the auction will now be reported to the Rice Policy and Management Committee for endorsement. Consideration will also be given to the method of releasing the 100-ton leftover of quality rice. 

Following the auction of the last batch of edible rice, the government stock is currently holding only rice for industrial use, which amounts to 270,000 tons. If the court injunction against its auction is lifted, the government will be able to release all the old rice kept by the previous administration, enabling the rice market mechanism to return to its usual course.

 

-- nnt 2017-07-19

[Ricardo]

Hopefully someone will then do the final calculation, of how much the rice-scheme has cost the government/country, and release the figures in the interests of transparency ?

[Eric Loh]

Let's hope the auction will be transparent and scandal free and not like the 2 cases of alleged corruption cases brought up by MPs Watchara and Yuttapong. Prayut as chairman of the national rice policy committee must restore public confidence and make clear that his government does not apply 'double standard'.  

[Ulic]

That is quite a spread from 4,500 to 10,200 per ton

Edited July 19, 2017 by Ulic

[Redline]

They don't even know the numbers, and you can't believe anything anyway

[williamgeorgeallen]

40 minutes ago, Redline said:

They don't even know the numbers, and you can't believe anything anyway

wont stop them making some numbers up. all makes for entertaining reading. whats going on with yinglucks fine?

[Redline]

5 hours ago, williamgeorgeallen said:

wont stop them making some numbers up. all makes for entertaining reading. whats going on with yinglucks fine?

Heard nothing yet.  Maybe 800 million?