Tuesday, February 27, 2007

Foreigners Don't Cross the Thai Government Politically: It Will Steal Your Assets

iTV could be nationalised : PM Office Minister

The iTV could come to an end if it failed to repay debt of Bt100 billion within March 6. The government will revoke concession and nationalise the station, PM's Office Minister Khunying Divapadi Meksawan said Tuesday.

The decision was reached at the weekly Cabinet meeting, which is conducted every Tuesday, Dipavadi said.

After the cancellation of the contract, the government will then appoint new executive board to oversee the station, she said.

Meanwhile, Deputy Prime Minister Pridiyathorn Devakula said that the government's decision will not have impacts on iTV staffs and broadcast of the station.

"The station's broadcast will continue as usual. But the station will have to change the name," Pridiyathorn said.

iTV has been ordered to pay Bt100.343 billion penalty to the government, of which Bt2.21 billion was for unpaid concession fees, Bt464 million was the interest and a Bt97.76 billion fine for adjusting its television programming content without the consent of the concession owner.

Unfortunately, everything I predicted is coming true. I knew the Thai government would get the Shin Group assets back with a mixture of bullying, creative legal interpretation, and right-wing nationalism.

This was all intentional, of course.

And foreigners should be aware when the new Foreign Business Act kicks in. That is when the Thai government will start going after the little guy.

All those foreign owned homes and real estate projects that have been set up through a nominee structure will be forced to change hands. Again,this is intentional.

And the Thais will wait like vultures until the time runs out on getting everything into legal order. Many foreigners will be forced to sell cheaply or go bankrupt like iTV.

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