Curtains drawn on Elite Card

Published: 17/11/2009 at 08:43 PM
Online news: Breakingnews

The beleaguered Thailand Elite Card project is to be taken off the backs of taxpayers, with the cabinet deciding to sell its operator to a private company in an auction.

Prime Minister Abhisit Vejjajiva said the loss-ridden project would become the government's burden in the long run if it was allowed to continue.

The premier pledged to retain fast-track immigration and visa procedure privileges on condition that the potential buyer shoulders the project's accumulated debts.

According to Mr Abhisit, the cabinet on Tuesday assigned the Finance Ministry and the National Economic and Social Development Board to draft conditions to auction off Thailand Privilege Card (TPC), the operator of the lifetime membership card. The draft is set to be finished in one month and the auction completed in three months.

If TPC could not be sold in three months, the government will dissolve the company and transfer its members to the care of the Tourism Authority of Thailand and no new members would be accepted.

In that case, the government would need to compensate existing cardholders.

According to a Tourism and Sports Ministry report, if TPC closed, the government would have to pay a total of 2.39 billion baht to the cardholders. It will also be obliged to pay 10 million baht in severance pay to staff, as well as 101 million baht in debts.

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Mam

Discussion 6 : 18/11/2009 at 02:32 PM6
I never thought this project would be successful at the begining.
MJ

Discussion 5 : 18/11/2009 at 10:51 AM5
If they had marketed the project better and had a realistic price I think the TEC would have been a success.

As it were they put the price outside the range of most people. At $5000 more longterm foreigners would have considered it a viable option vs acquiring a yearly non-OA.

MJ
Pitanu

Discussion 4 : 18/11/2009 at 08:36 AM4
and you thought thaksin was good for the country, this is only a small part of the problems he created for the tax payers, and the big joke of it all.... he doesn't pay tax, haha.
ostaden

Discussion 3 : 18/11/2009 at 07:46 AM3
Forget about the Thailand Elite Card project!
It would be much better for Thailand to avoid all kind of restrictions for foreigners. This would be most profitable at the end by attracting more retired and investing expats and increase repeating tourism; which means higher revenue and more labor, being the base for social security. Thailand would be the real pearl of Asia.
Harry

Discussion 2 : 18/11/2009 at 04:14 AM2
I expect Mr. Thaksin will buy it. After all, wasn't it his idea?
William

Discussion 1 : 18/11/2009 at 12:12 AM1
This is very funny. A potential liability of 2.39 Billion to members plus 110 million in debts and severance pay, which if the new buyer picks up the Government will honor the fast track immigration and visa priveleges. Is that it? What about all the rest of it (land ownership, club membership discounts, etc)? Who in their right mind is going to pay even 1 baht for that? I would want the Government to pay ME 2.5 Billion to take it off their hands and even then I would have to think seriously about it because of funding the additional losses for the next 50 years. Where do these people receive their economic education, Disneyland?

Curtains drawn on Elite Card