The Vongthip Letter Mar ‘10

Beyond reasonable doubts: Thaksin’s “Judgment Day” has become another unforgettable event in the Thai political history. After weeks of being second guessed by academics and political pundits, nine judges of the Supreme Court spent almost eight hours reading their historical verdict which was broadcasted nationwide.

Thaksin was found guilty on all five cases for hiding his family shareholdings behind onshore and offshore nominees during his premiership, for conflict of interest, for abusing his power as head of the government, and for becoming unusually rich as the result of ruthless changes in policies, laws and regulations to benefit his family businesses.

The court ruled that the excess amount of THB 46 billion (out of THB 76 billion that had been frozen since 2006) was to be confiscated by the state. The remaining THB 30 billion would be returned after deduction of related income taxes, fines and other charges due.

Read more

Sphere: Related Content

March 5, 2010 | Filed Under Business & Economics, Politics, Property & Investment, The Vongthip Letters | 7 Comments 

The Vongthip Letter Feb ‘10

Holding on: Following the burst of corruption scandals and in anticipation of the impending no-confidence debate, PM Abhisit had to replace/reshuffle five cabinet members in 1/10. Since the new year, PM Abhisit seemed to have become remarkably bolder in his move against corruption and arm-twisting demands from his coalition partners. He has also become more willing to risk his neck politically in order to deliver what he believed to be the best for the country.

His popularity soared when he insisted that all cabinet members abide by his “9 codes of conduct” and that they take responsibility by resigning when involved in a corruption scandal. Through out 1/10, PM Abhisit continued to deliver e.g. launching the THB 10 billion second Village Fund, publicizing fresh government direction and support for education on Teachers Day and Children Day, visiting the deep south to ensure effective and transparent utilization of additional development fund, opening new medical center for pollution-affected patients in the Map Ta Phut area.

Fragile situation: Notwithstanding the highly distracting political incidents and a cabinet reshuffle, PM Abhisit was able to address, with different degrees of success, those difficult-to-resolve domestic problems e.g. the Map Ta Phut environmental dispute, the corruption plagued Thai Khem Kaeng projects, the ineffective GT200 bomb detectors and airship, the forest land encroachment scandals, the 4-month delay in police chief appointment, the teething problems of Asean FTAs that became effective on 1/1/10, the negative report on Thailand by Human Rights Watch.

Read more

Sphere: Related Content

February 5, 2010 | Filed Under Business & Economics, Politics, Property & Investment, The Vongthip Letters | 4 Comments 

To Invest Or Not

Ever lost or gamed away money in Thailand? There’s a new bible for investors: Your Investment Guide to Thailand. I had a word with the author Bruce Bickerstaff who has more than twenty years experience in professional and management roles in both the Australian government and private sectors. Over the past decade Bruce has been an active investor and part-time resident of Thailand. In his guide – with a foreword by the Thai finance minister, Korn Chatikavanij – Bruce shares the knowledge and experience he has gained in both roles.

Everyone reading this has probably heard the saying “Never invest more in Thailand than you are prepared to walk away from.” Scary stuff for the newbie to LOS. Yet it’s true that many Westerners have seen the funds they brought here dwindle away to nothing. This situation can’t be blamed on the Thais though, as many of these investors simply paid the price for making hasty and poorly thought-through decisions.

“Due diligence” is the process used to investigate and evaluate potential investments. Why is it that so many farang seem to exercise less of it when it comes to Thai investments, than they would in their own home countries? Well there are several reasons, but one is the difficulty encountered when trying to research investment options. There is of course the language issue, plus people find that much of the English-language information they come across is so full of discrepancies that they are soon pulling their hair out in frustration.

Read more

Sphere: Related Content

January 5, 2010 | Filed Under Books & Movies, Business & Economics, Culture Shock, Property & Investment | 1 Comment 

Elite Goes Anti-Democrat

Here’s an interesting open letter to the governor of Bangkok, “Building Nightmare on Sukhumvit,” written by our regular contributor Vongthip Chumpani, an ardent supporter of the new order.

The letter was recently published in The Nation’s Letter to the Editors section, raising the issue of the Sukhumvit area’s over-building and over-crowding.

Khun Vongthip sure has some points. But what was first, the chicken or the egg. See? To abide by the law and being a good citizen can only help you so much in this town. Or are we suggesting a changing of the guard?! Here we go:

Read more

Sphere: Related Content

December 9, 2009 | Filed Under Property & Investment, The Vongthip Letters, Truly Bangkok | 16 Comments 

The Vongthip Letter Dec 09

A Royal Happy Birthday: HM the King’s 82nd birthday on 5/12/09 would be the best ever celebration organized by the Thai government for the country’s most beloved king. The nine days “birthday party” would be indeed a warmly welcomed respite from the “political madness” that the people of Thailand have been subjected to in the last three to four years.

HM the King’s recovery from his recent illness too has brought great joy to the people, especially those who have taken him for granted for so long and were now determined to make up for it. At the back of everyone’s mind, however, has been the worry of further political conflicts once the red shirts resumed their aggressive attacks, in and outside of the parliament.

To topple the Abhisit government any time from now until 2/10 when the Supreme was expected to pass their verdict on Thaksin’s THB 76 billion frozen fund. For now anyway, the people would enjoy a public display of love, respect and gratitude for His Majesty. Long Live the King!

Read more

Sphere: Related Content

December 6, 2009 | Filed Under Business & Economics, Politics, Property & Investment, The Vongthip Letters | 8 Comments 

The Vongthip Letter Nov 09

Long live our king! Since HM the king has checked into the hospital some six weeks ago, his loyal have been worried sick about the state of his health until they saw him healthy and smiling again as he made two impromptu tours of the hospital on his wheelchair on 23/10/09 and again on 2/11/09. In the last 45 days, some 900,000 people have gone to the hospital to present their flowers and sign the get-well books. Prayers have also been offered all over the country for his speedy recovery.

When malicious rumors about HM’s health started to make their rounds in mid 10/09, the people were furious. They could perhaps understand why foreign investors would be so concerned about the succession issue but that any Thais would dream of exploiting such a sensitive situation was beyond their comprehension. For decades, Thai people have always had complete faith and trust in HM the king’s wisdom and foresight to do whatever necessary to protect and preserve the monarchy, which has been the “soul of our nation” in the last 700 years.

Tugs of war: In 10/09, PM Abhisit continued with his political balancing act. As head of the government, he could not afford to be emotional. Faced with daily vicious criticism and dubious attacks from former friends (who overestimated him) and foes (who underestimated him), out to discredit his government, PM Abhisit has been able to keep his cool and exercise self-restraint as he tried to defuse the political “time bombs” one by one. PM Abhisit’s most difficult task has been to balance the interests and benefits of the various groups of people as he tried to introduce long overdue changes in the country’s economic and social structures and systems.

Read more

Sphere: Related Content

November 5, 2009 | Filed Under Business & Economics, Politics, Property & Investment, The Vongthip Letters | 21 Comments 

Next Page →