Obscuring by political concoction

13 12 2012

As any long-time reader of PPT knows, the wealthiest family in Thailand is the royal family. If the wealth of the top ten in the annual Forbes list is combined, then the total comes out roughly the same as the assets of the Crown Property Bureau alone, leaving aside the other assets of the royal family.Money & Banking

Another measure of wealth that comes out each year for Thailand is the Money & Banking/การเงินการธนาคาร list of top shareholders at the Stock Exchange of Thailand. We do not recall it including the royal family’s personal shareholdings. PPT hasn’t seen the latest issue and ranking (the cover is reproduced, right), but we note a story based on it from The Nation.

PPT’s attention was drawn to the article by the headline: “Richest stockholders linked to govt, PM”. As far as we can tell, this is a complete fabrication by the newspaper. This concoction – made for blatantly political purposes – is apparently not even based on the data the editors of this fish wrap  reproduce in their own story. The first lines of the story modify the false headline only slightly: “Politicians and their families, especially some people close to Prime Minister Yingluck Shinawatra and her government … rank among the richest stockholders in the country.”

Well, yes, they do rank “among the 5,737 millionaires as of September…” – yes, that is more than 5,700.

The Nation breathlessly states: there “are Yingluck’s two nieces, who are daughters of her big brother and former prime minister Thaksin [Shinawatra].” It shows that “Paethongtarn Shinawatra, was ranked 47th with her 29-per-cent holding in SC Asset worth Bt3.46 billion, while Pinthongta Shinawatra was 53rd with a 28-per-cent stake in the same real-estate company worth Bt3.35 billion.”

What the data show is that the top 46 stockholders are not related to the government or prime minister, at least not according to The Nation’s data.

The paper does find others who are not “Richest stockholders linked to govt, PM”, but claims they are: “Pojaman na Pombejra, Thaksin’s ex-wife, fell to 502nd” place on the list, while “Pongthep Thepkanjana, deputy prime minister and education minister, has his wife and daughter on the list. Yapa was ranked 244th with a 2.1-per-cent interest in Kiatnakin Bank worth Bt795.50 million, while his wife Panida was 264th with a 1.9-per-cent stake worth Bt728.08 million in the bank.” Then they dug up “Artharn at 1,811st with a 2.6-per-cent stake worth Bt58.28 million in Unimit Engineering, and Duang at 2,213rd with 1.8 per cent or Bt38.60 million in the same company,” who are sons of Deputy Prime Minister Chalerm Yubamrung.

It is quite clear that The Nation has simply made up its headline and concocted a story. It has long been known that the Shinawatra clan is wealthy, and they have appeared on the Money & Banking list for many years, often much higher ranked than they are now. Pongthep’s family has also been on the list for some time.

Recent reports suggest that the king’s personal holdings “include shares valued at $63 million in companies including Minor International Pcl (MINT), Thailand’s biggest hotel operator … according to data compiled by Bloomberg.” If accurate, that alone would rank the king above Pongthep’s wife and daughter combined.

If real analysis was done of the biggest shareholders, we have little doubt that the real headline would be “Richest stockholders linked to Democrat Party.”

The Nation is too often a disgraceful pile of pulp and remarkably stupid in its concoctions.


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15 12 2012
Warm up the tanks! « Political Prisoners in Thailand

[…] recently posted on how the media concoct stories in order to make the government seem immensely corrupt, pandering […]

15 12 2012
Warm up the tanks! « Political Prisoners of Thailand

[…] recently posted on how the media concoct stories in order to make the government seem immensely corrupt, pandering […]

3 03 2013
Updated: Wikileaks and a TRT accusation of lese majeste | Political Prisoners in Thailand

[…] Update: A reader points out that the statement: “The richer people are, the more they cheat,” attributed to the king, should be linked to this post. […]

3 03 2013
Updated: Wikileaks and a TRT accusation of lese majeste «Political Prisoners of Thailand Political Prisoners of Thailand

[…] Update: A reader points out that the statement: “The richer people are, the more they cheat,” attributed to the king, should be linked to this post. […]




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