- Posted January 10, 2014 by
THE SHINS ARE ABSOLUTELY SEIZING ALL ENTITIES OF STATE ENTERPRISES (1)
Petroleum Authority of Thailand (PTT), a national treasure worth hundreds of billions baht, was first divided and sold at the hands of the government of Yingluck’s brother. And if Consumer Protection Foundation had not appealed to the Administrative Court in the case when Pol. Lt. Col. Thaksin prepared to sell Electricity Generating Authority of Thailand (EGAT) till the court ordered revocation on March 23, 2006 of the decree to define the authoritative rights and interests of EGAT (Public Company) in 2005; and if Yingluck’s brother had remained in power, all the national treasures would have been sold out thus far.
Yet when it comes to an era of Yingluck in power, she behaves the same way by sucking and devouring state enterprises once more.
People normally receive meeting allowances, bonuses, and compensation as committee members under the structure of state enterprises. Procurements through divestment budgets from those state enterprises already have lower level of and weaker power for monitoring than various other departments and ministries. Moreover, monitoring committee members’ compensation along with government management of various investments and public policy response is even less for state enterprises that have been privatized. For example, privatized PTT has been alchemically sucked and devoured by transfer of benefits, assets, and investment through PTT subsidiaries indefinitely outside inspection under state jurisdiction. The parent company’s financial results are not good because cash flows out to subsidiaries. Inspection of those subsidiaries or companies PTT has joint ventures with is increasingly difficult.
The behavior is no different today in the era of Pol. Lt. Col. Thaksin Shinawatra’s sister. It is in a much broader scope this time and almost all state enterprises including energy, public utilities, and banks. This begins with:
1) Appointing their own people as directors. Are they hoping to do certain things? They compensate loyal and bold individuals with:
2) Law revision of bills that prescribe qualification standards for directors and employees of state enterprises (number…, year…) so those standards are lowered to allow conflicts of interest the people holding those positions depend on. It is then up to Finance Minister to consider exemption, and
3) Assemblage of state land for redistribution along with evidence to establish a new organization to particularly handle this matter.
They appoint close allies as grade-A directors. It is undeniable from the following list of names that they are involved in business benefits of the Shinawatras:
Port Authority of Thailand (PAT) has Adm. Kaitisak Damapong—Lady Pojamarn Shinawatra’s older half brother, as its director and Pol. Lt. Gen. Kamronvit Thupkrajang—Metropolitan Police Chief and Pol. Lt. Col. Thaksin’s beloved brother, as its president.
Mass Rapid Transit Authority of Thailand has Yongsit Rojsrikul—Vice President of Thaicom Company, Ltd. (public), and Sunthorn Saptantikul—Pol. Lt. Col. Thaksin’s attorney, appointed as directors to oversee it.
National Space Policy Committee has Dr. Nonglak Pinainitisart, Chief Marketing Officer of Thaicom—Yingluck’s family business, appointed as its Chairman of the Board.
Airport Companies of Thailand, Ltd. is another treasure trove that has Lt. Commander Sitha Tivaree—a former Thai Rak Thai Member of Parliament and close friend of Panthongtae, appointed as Chairman of the Board. As for Thanin Angsuwarangsee—an independent board member, he is part of the executives at OK Capital and Shin Corporation, Ltd. (public). He is a subordinate at Yingluck’s family business and was the Managing Director of Muslim Bank before the lawsuits that recently led to his replacement.
In addition, they also appoint Thanapich Mulproug—a senior prosecutor, as a board member. Why was Yingluck prodigal enough to appoint him as a board member at 3 state enterprises including Airports of Thailand Public Company, Ltd. (AOT), Transportation Authority of Thailand (TAT), and Port Authority of Thailand (PAT) with total remuneration of 1,348,825.81 baht? What is the background of this senior prosecutor? It turns out he was the prosecutor responsible for the corruption cases of CTX procurement. He refused to prosecute the former Prime Minister, Thaksin Shinawatra, and other 25 of his cronies in those cases. He also ordered no prosecution in the loan approval case of Krung Thai Bank worth several hundreds millions baht to some private companies such as Krisada Maha Nakorn Group despite the fact that both the Audit Committee on Actions that Cause Damage to the State (CAD) and National Counter-Corruption Commission (NCCC) issued an indictment. Was this the reason? At the same time, Wattana Tiangkul, a lawyer of Pheu Thai party, switched to being on AOT’s payroll instead.
In the mean time, Benja Louischareon was appointed a board member at PTT. This was the person who helped Thaksin in the divestiture case of Shin Corp. so he did not have to pay taxes when she was the Deputy Commissioner of Taxation before she became the President of Krung Thai Bank and then the Deputy Finance Minister [position she currently holds]. Apart from that, an adept prosecutor like Chulsingh Wasantasingh who did not prosecute the Shinawatras for the same reasons in their tax evasion cases, was also appointed a board member at PTT. Furthermore, Seehasak Puangketkaew, the person who expedited the return of passport to Pol. Lt. Col. Thaksin Shinawatra has become a PTT board member. However, none of those is as interesting as sending Varuthep Watcharapan, a crony and an executive in their family business—Advanced Information System Public Company, Ltd. (AIS), to sit and hold the treasure trove at PTT. As for a PTT subsidiary like IRPC, Ltd, there was an order for Vichit Plangsrisakul, a Thai Rak Thai’s attorney, to oversee it.
Veerapat Srichaiya is appointed a State Lottery Commission board member. He was the lawyer in the 12-billion-baht tax evasion case of Panthongtae and Pinthongta Shinawatra. He was also the Pheu Thai’s lawyer who filed a protestation to all the 8 justices to have them revoke their decision to accept the petition on constitutional amendment to Section 68 and mandate parliament to defer its 3rd reading. Pol. Maj. Gen. Surasit Sanghpong— Pol. Lt. Col. Thaksin’s sidekick, is also appointed a board member there. What’s striking is the appointment of Pol. Maj. Gen. Atthakrit Dhareechat—a former Security Chief of Pol. Lt. Col. Thaksin, as a board member and the Director of the State Lottery Commission. The question is if Pol. Lt. Col. Thaksin owns the Commission.
At Krung Thai Bank, besides appointing Chulasing Wasantasing as its board member, cronies in the Shin Corp. Group like Arunporn Limsakul and Prasert Boonsampan are also appointed. It is known that Arunporn was an executive at AIS and Prasert had another position as a board member at Shin Corp.
At the Savings Bank, besides appointing Dr. Nonglak Pinainitisart—Thaicom Chief Executive, as mentioned, Chaithavat Saowapon—a board member at Windows Industrial Park Public Company, Ltd. is also appointed as a board member there. What does Thaksin hope to do?
Why is Somchai Kovitchareonkul, the PM’s brother-in-law [husband of Monthatip Kovitchareonkul (Shinawatra)], appointed at the Government Pharmaceutical Organization (GPO)? He is a board member and a stockholder at M-Line Asia Corp., Ltd. (public), Yingluck’s family business. But what’s interesting is that Somchai Kovitchareonkul is a stockholder in Hwato (Thailand), Ltd. This is a company that imports medical equipment from China so it is worth pondering what he is appointed to do at GPO.
For Metropolitan Water Authority (MWA), Akaraj Changlao is appointed. This was the person whose assets were seized and financial transactions frozen by Center for the Resolution of Emergency Situations (CRES) during redshirts’ rallies in 2010. CRES believed this was the food lifeline of redshirts’ group because money of about 1.2 billion baht was found circulating in the account. At the same time, Pol. Lt. Col. Waipoj Arbhornrat—a leader of the United Front for Democracy against Dictatorship (UDD), is appointed to oversee Provincial Water Authority (PWA). He was part of the redshirts’ group with a warrant issued for his arrest in a riot case in 2010.
In addition, Amporn Nitisiri, wife of Chaikasem Nitisiri—Minister of Defense, is appointed as a board member to oversee Electricity Generating Authority of Thailand (EGAT).
All the aforementioned actions have been executed under the direct authority of Yingluck as the Chairman of the State Enterprise Policy Committee (SEPO), the Chairman of the State Enterprise Capital Policy (SECP), and most recently, as the Chairman of Policy Committee on Private Investment in Affairs of State (PPAS). Despite the supervision given to anyone, but with all the state enterprises’ legal regulations, the last orders must come from the cabinet desk with Yingluck as the asset management director sitting at the head of the table.
Meanwhile, conformation on (2) law revision on the Act of Qualification Standards for directors and employees of State Enterprises and (3) the establishment of new organizations to manage real estates of state enterprises will be discussed in the next installment.
“Is there anyone among all humanity in the realm that can act on his desires without obligation?”
(Kong Leng of Zha Xieu Eia)