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grantcart

(53,061 posts)
1. Now the union for the Agricultural Cooperative threatens to take over Board of Directors
Tue Jan 21, 2014, 12:20 AM
Jan 2014




http://www.nationmultimedia.com/business/Union-threatens-BAAC-executives-30224772.html
Demands end to lending to rice-pledging scheme using bank liquidity

The Bank for Agriculture and Agricultural Cooperatives' (BAAC) labour union has threatened to seek the ouster of the bank's executives if its board persists in using the bank's liquidity to fund the government's rice-pledging scheme.

Union members wore black to the annual meeting at the BAAC head office yesterday to show their opposition to the government's spending of the bank's money on the rice-pledging scheme.

"If the BAAC's board of directors persists in using the bank's liquidity on this project, the labour union will escalate its opposition into a massive protest in a bid to oust directors and executives who are involved with this matter
. One way or another, we will [take some kind of action]. But we will not stop work," said union chairman Prasit Pahom.

Of the bank's Bt180 billion worth of liquidity, it needs to maintain reserves worth Bt60 billion, in line with the Bank of Thailand's capital-adequacy ratio. Another Bt80 billion is reserved for lending to farmers and the remaining Bt40 billion is for deposits.




They will have to move fast. There are hundreds of billions of Baht unaccounted for and I don't think that Yingluck and the rest of the crooks are going to stay around until all of the petty cash receipts are accounted for.

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