CP’s power

27 07 2021

Thai Enquirer has taken a look at CP with an op-ed entitled “Exploring the close ties between Thailand’s CP Group and the Chinese Communist Party.”

Recently said to be worth over $30 billion, up $3 billion over 2020,* CP and its Chearavanont family are Thailand’s wealthiest, after the monarch, and “CP’s domination of the Thai economy continues to grow…”. Its political influence is legendary.

Prayuth and the bosses

Its growth has much to do with expansion in China since 1978, so that focus in the Thai Enquirer article is worth reading.

*The article is in error on wealth accumulation.





Wealthy winners

12 07 2021

moneybagsWith some of the rich in the news of late, it is timely that Forbes has released its annual list of Thailand’s wealthiest. Forbes includes 50 on its list, and PPT shows the top ten.

Recent news has the top tycoons, CP’s Chearavanont family, yet again denying “any involvement in the government’s procurement of the Sinovac Covid-19 vaccine from China.” This came after cabinet’s decision last Tuesday “to procure 10.9 million more doses of Sinovac at a cost of 6.1 billion baht.” The report has CP stating:

Charoen Pokphand Group once again insists the Sinovac vaccine procurement is conducted in a government-to-government (G2G) format only, which has nothing to do with CP either directly or indirectly….

The Bangkok Post report neglects to recall CP’s role in the company producing the vaccine, via CP’s Sino Biopharmaceutical. Given the tight links between the regime and the top tycoons, including the Chearavanont family, we can only wonder about the claims made and those denied.

And, of course, PPT has recently posted on the Yoovidh­ya family, who rank second, and their runaway scion and the efforts to (further) corrupt the justice system for the wealthy.

As usual, the Forbes list leaves out the fabulously wealthy monarch. We estimate his wealth as about double that of the Chearavanont family.

Richest

Comparing the most recent Forbes list to earlier data, it is seen that the wealth of the top 5 is not back to their 2018 high. However, the top 5 has increased by $13.6 billion over 2020. As for the top 10, they also remain below their 2018 high, but have added $15.5 billion over 2020.

This is in a context where per capita GDP declined between 2019 and 2020 by 6.3%. And, we’d guess it might also decline in 2021.





Profits up

16 05 2020

PPT is not a regular reader of Successful Farming, but one of its recent stories did catch our attention. That story reports that “Thailand’s largest agribusiness Charoen Pokphand Foods Pcl (CPF) expects to have its best year ever due to soaring pork prices and plans to expand in North America…”.

Yes, that’s the CP where its ruling clan has headed rich lists in Thailand for years. Its the CP that had Suphachai Chearavanont, chief executive of Charoen Pokphand (CP) Group, hailing “the prime minister’s gesture as a smart move” when Gen Prayuth Chan-ocha begged for help from Thailand’s billionaires. It is the same CP that had multi-billionaire Dhanin Chearavanont “urging the government to relax lockdown measures and welcome foreign travellers as soon as possible, and turn the country into a ‘safe haven’ for wealthy visitors.”

It is a reminder of how some benefit greatly from a crisis as pork and other food prices soar. One of CP Food’s bosses boasted:”This could be our best year … because pork prices are very good and chicken prices are recovering and an easing of lockdown measures will allow restaurants to open…”. Ah, yes, and if the tourists Dhanin wants back come, think of even higher profits. And, CPF profits from some falling prices, like corn.

CPF “reported a net profit of 6.11 billion baht ($190 million) for January-March, up 43% from a year earlier and a record high quarterly profit due to high pork prices in Vietnam and Cambodia.” We can but wonder if CPF actually pays taxes somewhere in the world.

Clipped from Prachatai

An earlier virus – African swine fever – means that CP is boosting investment in Canada so it can export pork to China and other parts of Asia that have soaring prices. And, in Thailand, the junta/post junta regime is depending on Thailand for its only economic idea: the Eastern Economic Corridor.

Life is good, and the hope for CP remains that its “helping the nation” propaganda hides its profit(eering).





Patronage and ideas sclerosis

22 04 2020

Readers will be over the moon to learn that Gen Prayuth Chan-ocha’s request for help from Thailand’s filthy rich billionaires has received a positive response:

Thailand’s top business leaders are ready to help the government ease the crunch of the coronavirus crisis, and plan to offer their ideas to lift the country out of the economic quagmire.

There was much mutual back-slapping and self-congratulations:

Suphachai Chearavanont, chief executive of Charoen Pokphand (CP) Group, “hailed the prime minister’s gesture as a smart move.”

He compared Thailand’s wealthiest to ministries:

Each of the businesses is like one ministry. They are from the real sector and they are running their own micro economy. If they work under the government, the prime minister will automatically have twenty more ministries working for the administration….

A Bangkok Post editorial notes that Gen Prayuth “wanted the rich to do more to ease the suffering of the masses,” urging them “to propose tangible projects in writing by next week on how they can help more.”

The editorial proclaims: “Requesting the captains of industry to help the country during a crisis is not wrong.” It might be asked why he even has to do this.

One reason is that it is “natural” for those in a symbiotic relationship to rely on each other. Since at least the late 1950s, the relationship between the wealthiest capitalists and military rulers has been cosy and has resulted in massive exploitation of people and environment. The military has created a social order where the rich get richer and the very rich are bloated, with cash flowing to them from multiple state coffers, semi-monopolies and corrupt relationships.

A second reason is that the junta post-junta regime is bereft of talent and ideas. As worshippers at the fount of great wealth, that’s where they seek “ideas.” The trouble is that most of these Sino-Thai tycoons live in a cocoon of inter-married families, royalism, nepotism and exploitation and know little of the world of those of Comrade Gen Prayuth calls the “masses.”

In fact, he should have gone farther, asking that more people on the top of the national wealth pyramid pitch in.

The Post editorial states it “is indisputable that many business moguls have long reaped the benefits of crony capitalism. They have utilised greater resources in the country to create wealth, inevitably widening the inequality gap.”

Observing that “Thailand is among the 10 most unequal countries” in the world, it notes that those with great wealth “have enjoyed the advantages of the political patronage system.” (We recall when Jakrapob Penkair got into terrible lese majeste trouble for his description of Thailand’s patronage system.)

Yet the Post – it is owned and operated by tycoons – feels the need to defend the beneficiaries of the patronage system, saying the the huge income gap “does not necessarily mean that these billionaires are villains. They have contributed greatly to the country and the economy, created a large number of jobs and developed many social projects.”

They have created businesses that have made them hugely wealthy on the backs of poor farmers and workers. They have used some of this wealth to grease the wheels of bureaucracy and military, adding to their wealth. They have funded the monarchy, cementing a ruling class in power for decades.

When they “give,” they do so for reasons that grow their wealth and power.

It even gets into some fake history, declaring: “The Chinese ancestors of several billionaire dynasties successfully established business empires in Thailand without state support.” Which are they? We can’t think of any.

Many old books on Thailand’s capitalist class tell a different story (see, for example, Bankers and Bureaucrats (PDF), Capital Accumulation in Thailand, and even Chinese Society in Thailand: An Analytical History.

The Post reckons that asking the “super-rich” for help “does more good than harm.” There’s no evidence for this. The ideas they’ve come up with so far suggest idea sclerosis.

Has anyone looked at how much or how little tax these tycoons pay?





Thailand’s billionaires in 2019

7 03 2019

Forbes has released its 2019 billionaires list. It includes 31 Thai individuals and families.

To make matters a little easier, we have constructed a table where all persons with the same family name have been combined and we have listed just the top 10.

That aggregating mainly impacts the Chearavanont family who have several scions listed this year. Putting all of those individuals together reveals how vast the clan’s wealth is, expanding at a rate that means it rivals the king for economic power.

But, as usual, the king is missing from the list. This year that does seem rather odd as laws have been changed to make King Vajiralongkorn the personal owner of all crown property. Essentially, that is as it has been for a long time, but the current king just got rid of the quasi-legal mechanism to allow the government and the Crown Property Bureau to protest that the king’s property was not really his.

That charade is now gone, so Forbes should list him at number 1. A rough estimate of the king’s wealth would be at least $60 billion (using data from 2005, and estimating changes in stock and land values since then).

The table reveals how the top 3, including the king and his crown property, have moved well ahead of the rest in terms of measurable wealth. We do acknowledge that the fabulously wealthy are adept at hiding their personal wealth, so all those listed are probably a lot wealthier than these figures allow.





Updated: Things that make you go, hmm

15 12 2018

There’s a lot going on, so this is a catch-up on a few media stories worth considering. And these are all from the Bangkok Post!:

Watana gets off: The Criminal Court has found Puea Thai politician and junta critic Watana Muangsook not guilty in a quite ridiculous charge related to comments he made about the vandalism associated with the stealing of the 1932 plaque from the Royal Plaza.

The court said Watana’s comments:

were opinions that could not be deemed a computer crime. They posed no threat to security…. The court said his messages could be considered in the context of academic freedom and his criticism of authorities did not reflect ill intent.

The ridiculousness of the charge is that the junta has never done anything to find those responsible for stealing the plaque and replacing it with a royalist plaque that could easily have been composed in the palace. Of course, the authorities have done nothing because they know exactly who ordered its removal and replacement.

EC makes false promises: By now readers know that we think the Election Commission is totally compromised. So a promise to be clear about the election is simply impossible. Where it is closer to the truth it is in stating: “This is all about establishing credibility by generating information that is reliable and correct for the international community.” What EC president Ittiporn Boonpracong might have said was that the EC’s job is establishing credibility for the junta’s election by generating information that obfuscates. After all, that’s its track record to date. That impression of the EC’s bias is reinforced when Ittiporn mumbles that “foreign envoys did not appear to have any concerns about predictions by some critics of that the poll would be ‘less than free and fair’.” Of course, no one expects a free or fair election. Even the Bangkok Post has been forced to question the EC’s “independence” and “credibility.” Is the EC’s task just to give “credibility” to the junta’s rigged election?

Parliament has no home: The parliament building has been closed and will be given to the king. So the bureaucracy of the parliament and the puppet National Legislative Assembly is homeless. Why the Royal Household Bureau can’t wait for a few months is never explained by the fearful Thai media. Consider the fact that the NLA seems to have been caught unaware by this move and has only just begun to look for a expensive, temporary home. Why’s that?

The Eel jailed: The exceptionally slippery Tharit Pengdit and Suthep Thaugsuban used to be tight, at least when Suthep was managing the crushing of the red shirts. They later fell out and became enemies as DSI led investigations into Suthep’s role in the gunning down of protesters. The enmity was further deepened when Suthep accused Tharit of defamation in February 2013. This had to do with corruption over police buildings under the Abhisit Vejjajiva regime. In two court cases in 2015 and 2016, Tarit was found not guilty. Suthep appealed to the Supreme Court. So the question is why Tarit suddenly decided to plead “guilty” before the case was concluded and why is he now jailed for a year. That makes you think.

Guess who?: In a two horse race between consortia of some of the biggest and best-connected Sino-Thai tycoons for the contract to build a high-speed railway connecting three major airports, the one led by CP has won. As well as winning, they get a state subsidy of almost 120 billion baht. Makes you wonder how rich the richest non-royals can get.

Update: The authorities have assured Thailand that CP didn’t “win” the bid for the HSR. They just had the lowest bid and negotiations are now needed with the CP consortium in order to determine whether they will win. Funny way to do tendering, but we are willing to bet on the outcome, as we were before the two bids were opened.





The junta and that tower

29 06 2017

When we posted on the junta’s proposed erection of a giant tower on prime real estate, we could smell rotting fish. No bidding, no transparency, claims of “public good,” and then the declaration that it all had something to do with the deceased king suggested – no, shouted – that there was funny business.

The Nation reports that corruption alarm bells are ringing. And they should be.

Assistant junta spokesman Colonel Atisit Chaiyanuwat was the one who “disclosed that the Cabinet had exempted the project from bidding to speed up the project. ” Recall that yesterday the claim was lack of interest from construction firms.

The this same Atisit said “private investors would fund the tower project.” Really? Atisit also “backtracked from his earlier statement that the 459-metre-high tower would cost Bt7.6 billion, bringing that figure down to Bt4.6 billion.” Wow, a discount because no one wants to build it – they aren’t interested…. In other words, this is a mixture of buffalo manure and rotting fish.

Not deterred by contradiction and spin, Atisit also “said the project only needed Cabinet approval because it would be developed on a plot of land belonging to the Finance Ministry’s Treasury Department.” The idea being that the Treasury Department can do what it likes? And the poor taxpayer just gets stiffed again?

Located in Bangkok’s Klong San district, the plot is located on the Chao Phraya River, and is one of the most expensive parts of the city. Prices for land are well into the millions of baht per square meter.  The public purse, though, will reap a glorious 198 million baht in rent, over 30 years. That’s 6.6 million baht a year. Wow, what a deal! We wonder if the taxpayer is going to also get a few glass beads and other trinkets.

The Bangkok Post adds some important information about the deal that reveals quite a lot more.

For a start, it says income over 30 years for the Treasury will be only 70 million baht. And that’s from the director-general Patchara Anuntasilpa of the department.

Then there’s this tidbit:

Registered in 2014, the Bangkok Observation Tower Foundation was originally chaired by Visit Malaisirirat, CEO of Magnolia Quality Development Corporation Co, the property development arm of Charoen Pokphand (CP) Group. The position was later taken over by former Finance Minister Panas Simasathien.

The foundation’s directors include representatives from Siam Piwat Co, the operator of Siam Center and Siam Discovery.

Meanwhile, Magnolia, Siam Piwat and CP group are the joint developer of Iconsiam, a mixed-use project by the Chao Phraya River scheduled to launch by the end of this year. The project is next to the planned tower. In the promotional material of Iconsiam released in April, it wrote, “prepare for the 7th Wonder of ICONSIAM. An Iconic Landmark that will be a symbol of national pride,” without elaboration.

We all know who CP is. They are on top of Thailand’s non-royal rich list year after year, this year worth more than $21 billion. But what of Siam Piwat? For the answer, we will send readers to a 2013 post on royal wealth. Bingo!

Yes, it is yet another royal money maker. One source calculates that Princess Sirindhorn earns more than $50 million a year from Siam Piwat and the land in the area around her palace.

We guess that the next junta task will be to ban comment on its erection because that would be lese majeste and sedition, preventing slippery deals that make the royals wealthier still. And we still reckon that there must be some generals lurking behind the scenes gathering up the change that falls from the royal pockets.





Corrected: The tycoons and the junta

3 06 2017

This is a corrected post. We became aware that the search function we used at Forbes to list Thailand’s tycoons returned something other than a full list. We have now located a more reliable list at Forbes and have rewritten the post based on the correct data. Thanks to a reader for questioning us about the data, causing us to go back to the source.

At the same time, we remain cautious about the data given that the totals in the global list do not exactly match those in the Thailand list.

There’s been a lot of talk about the military dictatorship having done little for the economy. One group is benefiting. That’s the junta and its allies in state enterprises, those on the take, those raking in commissions and the various puppet appointments. But their takings, while huge by the standards of the average Thai, are not the measure of how the tycoons are doing.

That group are the richest Thais, mostly the Sino-Thai tycoons and a couple of foreigners who have made their fortune in Thailand.When we had the wrong data, we indicated that the wealth of the top 10 had decreased. This is corrected in the table below, showing a very large increase in wealth.

We know this from the listing in Forbes of the world’s US dollar billionaires and, now, from the list of Thailand’s billionaires. Over the years, we have listed the top 10, so we are sticking with that so that a comparison can be made.

The table compares 2014 wealth (Forbes 2015) and the year of the coup and the 2016 figures (Forbes 2017).

The totals for the top 10 show that their combined wealth has increased by almost $16 billion. The top two families have increased by more than $9billion.

When we had the data wrong we asked: How long will these economic whales put up with a military dictatorship that delivers economic decline? Now that the data has reversed the position, we can only imagine that the tycoons are loving the junta.





Big business, wealth, royal connections and fines

21 03 2016

Big business supported the coup and the junta. It supported notions of anti-corruption, so long as it was elected politicians who were in the firing line. We wonder how it is doing now?

At ThailandBusinessNews it is reported that “top executives and shareholders of five companies listed on the Stock Exchange of Thailand for insider trading…”. The Securities and Exchange Commission (SEC) pursued insider trading for the second time in three months “on top managers who have abused their power in publicly traded firms for their own benefit or for their accomplices.”

Insider trading has long been normal in Thailand, as it has been in many Asian bourses and internationally as well.

In December, the SEC hit “four top executives of CP All Plc, Thailand’s biggest convenience store operator, with hefty financial penalties. For more details, see the story at AEC News Today. The company, one of Thailand’s whales and under the Chearavanont family’s Charoen Phokphand Group, ignored the fines and allowed the executives to continue in their positions. CP has long had connections with the palace but has also been wiling to bet on all sides of politics.

Now, the SEC has “fined top executives and shareholders of five companies listed on the Stock Exchange of Thailand…”. The report has details on Siam Makro:

It fined Korsak Chairasmisak, chairman of the executive committee, Piyawat Titasattavorakul and Pittaya Jearavisitkul, two vice-chairmen of the executive committee, and Athueck Asvanund, the firm’s chief legal officer, a total of 33.34 million baht for using inside information to buy shares in Siam Makro Plc.

At its website, the company has a 13-page “good corporate governance” document. Its board includes three scions of the Chearavanont family and the chairman of the board is none other than Asa Sarasin, and a board member of royal-dominated companies and other CP companies. Asa retired as secretary-general of the Office of His Majesty’s Principal Private Secretary in 2012, having held the position for 12 years.

Another hit in this bout of insider trading crackdowns is also a business whale:

On Wednesday, the regulator said it had banned Chai Sophonpanich, chairman of Bangkok Insurance Plc (BKI), from being a director at Bangkok Life Assurance (BLA) for three years for his involvement in insider trading. He has also been barred from working in capital markets for the same period. The ban took effect yesterday, but he is not prohibited from working at BKI.

The Criminal Fining Committee has imposed a fine of 500,000 baht on Chai Sophonpanich for disclosing inside information for other persons to purchase shares of Bangkok Insurance Public Company Limited (BKI).

Following a referral from the Stock Exchange of Thailand, the SEC’s further inspection has revealed that Chai, then chairman and chairman of the executive board of directors of BKI, proposed a dividend payment plan for BKI shareholders at the ratio of five existing shares to two dividend shares, on top of the normal dividend payment plan for the operating performance of 2013.

This was material information that would have supported an upward trend of the BKI share price. Chai disclosed such inside information to other persons who purchased BKI shares during 24-25 February 2014 before the information became publicly known on 28 February 2014. Such action was deemed taking an unfair advantage of other people.

The Sophonpanich family has been one of Thailand’s leading business families since the late 1940s. It operates a related family in Hong Kong, involved in banking, politics and other businesses.

Other executives found guilty of insider trading practices by the SEC were:

… Somyos Anantaprayoon, current chairman of WHA Corporation Plc, who was fined 500,000 baht for telling two newspapers — with the articles published on Oct 27, 2014 — that the company was in talks to acquire a listed company worth 50 billion baht, though such information had not yet been made public.

The Criminal Fining Committee has fined Somyos Anantaprayoon for dessiminating news that may have led other persons to understand that the share price of WHA Corporation Plc. (WHA) would rise or fall, and such information had not been disclosed to the Stock Exchange of Thailand (SET).

Following a referral from the SET and the SEC’s further inspection, it was found that Somyos, then Chairman, CEO and a major shareholder of WHA, had released news to the public through two media publications issued on 27 October 2014 with the key message that WHA was negotiating a business deal worth approximately 50 billion baht to take over a listed company that had long been established for more than 20 years in the same industry as WHA with a multiple P/E of 10.

His misconduct with regard to the dessimination of facts that had not yet been disclosed to the SET and contained material information that could have influenced investors’ decision making and the price movements of WHA shares being traded on the SET, was in violation of Section 239 and liable to the penalites under Section 296 of the Securities and Exchange Act of 1992. He was imposed a criminal fine of 500,000 baht

He’s one of the founding family of WHA. WHA has a 4-page code of conduct.

Another group hit is the family-controlled Siam Global House, with its boss Witoon Suriyawanakul listed by Forbes as entering Thailand’s richest list in 2013:

… Witoon Suriyawanakul, chairman of the management committee and director of Siam Global House (Global), and three other shareholders, who were given a combined fine of 25.3 million baht for insider trading.

The SEC found that Mr Witoon bought 8.02 million shares and 3.5 million units of warrants of Global from June 29 to Aug 23, 2012 using accounts of people who have a relationship with him in order to take advantage of inside information regarding SCG Distribution’s planned acquisition of Global. The other three shareholders were viewed as accomplices. The acquisition was disclosed to the public on Aug 27, 2012.

The Criminal Fining Committee has imposed a total fine of 25,322,064.39 on four offenders for using insider information to purchase ordinary shares and warrants of Siam Global House Public Company Limited (GLOBAL).

The four offenders are: (1) Witoon Suriyawanakul, (2) Kunnatee Suriyawanakul, (3) Apilas Suriyavanakul, and (4) Kriangkai Suriyawanakul.

All are from the founding family. The deal that was considered insider trading had a connection to the royal-controlled Siam Cement:

Following a referral from the Stock Exchange of Thailand, the SEC’s further investigation has revealed that Witoon and the three other persons in the same group purchased GLOBAL shares and GLOBAL-W warrants and gained benefits from such transactions. Witoon, who was chairman of the management committee of GLOBAL, had the decision making power over the terms and conditions of an agreement between GLOBAL and SCG Distribution Co., Ltd. (SCG), a wholely owned subsidiary of The Siam Cement Public Company Limited, with regard to SCG’s plan to hold at least 30 percent of GLOBAL’s total voting shares by purchasing GLOBAL ordinary capital shares through a private placement.

In this regard, SCG would make a partial offer of GLOBAL shares, which was expected to increase business strength for GLOBAL.

Making the most of being close to the royal center.

As the report makes clear, most of those found guilty “are from the country’s richest families.” The Forbes’ 2015 list of Thailand’s 50 richest has this:

– Mr Chai’s half brother, Chatri Sophonpanich, was ranked 14th with estimated assets of US$1.5 billion (about 52 billion baht)

– Mr Somyos and his then-wife Ms Jareeporn together were ranked 32nd with estimated assets of $765 million

– Witoon Suriyawanakul was ranked 48th and worth $470 million

The Chearavanont family was worth ranked 1st, worth US$14.4 billion.

It seems that the rich never have enough.

By the way, for interest, insider trading in other places seems to sometimes draw bigger penalties: In the US, 11 years in prison and fined a criminal and civil penalty of over $150 million; in the US, $8.8 million fine; and in Australia, more than 8 years in jail.





Sport and dictators

4 10 2015

Sports stars often claim they are ignorant of “politics.” They may be, although we doubt the claim when it comes to highly-ranked players who travel the world with entourages of managers, coaches, advisers and other minions. Some are outspoken, like Novak Djokovic who has proclaimed that he is a Serbian nationalist, while others like Rafael Nadal claim no politics.

We mention these two because they have landed themselves in the middle of the world’s only military dictatorship and have actively promoted that horrid regime and the symbols that underpin royalist politics. One report states that the two players “came to Bangkok to earn a few million dollars for an exhibition match. But there were a few strings attached.” The report stated that the two earned “a total of 150 million baht ($4.1 million) for coming to Thailand.” They were on court for about an hour. As another report has it, they “spent longer in official engagements than on the court.”Tennis2

More important, however, was the before propaganda. Djokovic and Nadal put on the junta uniform of silk jackets in the royal colors of blue and yellow. The reports state that the “dress code was part of a tightly scripted trip meant to boost military-ruled Thailand’s image, which included a meeting with the junta leader.” They met with The Dictator, General Prayuth Chan-ocha. They also “signed a book of well wishing for the … Thai [k]ing…” and visited the “Erawan Shrine, the site of a deadly bombing in August, where the players laid wreaths and posed for pictures under tight security…”.

Obviously money talks very loudly for the players, but the investment by the regime’s supporters must have been considered useful in propping up repression and authoritarianism.

Back on 2 September, it was reported that the “Lawn Tennis Association of Thailand is joining hands with True Corporation to hold a special tennis match featuring World’s Number One tennis player Novak Djokovic and former World’s Number One player Rafael Nadal at Hua Mark In-door stadium on October 2.”

Suwat Lipatawallop, president of the Lawn Tennis Association of Thailand, stated that “the organizing committee had been working out the programme of activities for the two players to promote tourism in Thailand.” In fact, the “program” was one of supporting the monarchy and military regime. Not that many tourists show up in Thailand to play tennis, but we imagine that the event was about branding, especially in Europe. where the coup and the rule of military dictators means Thailand has declined in the estimation of European tourists.

It was added that “the match will be an inspiration for Thai youths to turn to sports.”

Given that tickets were priced from 1,000-5,000 baht each, we guess that Suwat means the kids of the elite. Even if poor kids and the disable were to be invited, to be polite, tennis is not widely played by the poor. Tennis

This event was the military dictatorship’s propaganda exercise. With Suwat Liptapanlop (สุวัจน์ ลิปตพัลลภ) as president, the administration of the LTAT is dominated by the military and funded by the Sino-Thai tycoons of the royalist elite.

When the “special tennis match was disclosed at a press conference held at the Grand Hyatt Erawan,” Suwat was joined by Supachai Chearavanont, a vice chairman of the giant Charoen Pokphand group and CEO of the True Corporation. The generals were gleeful when it was announced that the military-tycoon elite had captured two big name sportsmen.

The Tourism Authority of Thailand claimed the tennis players had “helped to promote Thailand’s tourist credentials,” and saying that they had shown that “it’s business as usual” under the military junta.

That’s the point. Money invested by the tycoons and state for propagandizing for the military and its monarchy.








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