December 04, 2009
Every time Thanong of The Nation writes an op-ed or an editorial (his editorials are usually quite easy to spot, mention of dark plots or conspiracy theories gives them away), BP has to resist the temptation to critique it.
For a while had given up on critiquing Thanong - see previous critiques of his work here, here, here, here, here, and here - as it is like taking candy from a baby.
He is a conspiracy theorist extraordinaire and sees dark plots and conspiracy theories everywhere. Everything has a connection with Thaksin.
Every time Thanong of The Nation writes an op-ed or an editorial (his editorials are usually quite easy to spot, mention of dark plots or conspiracy theories gives them away), BP has to resist the temptation to critique it.
For a while had given up on critiquing Thanong - see previous critiques of his work here, here, here, here, here, and here - as it is like taking candy from a baby.
He is a conspiracy theorist extraordinaire and sees dark plots and conspiracy theories everywhere. Everything has a connection with Thaksin.
His latest op-ed entitled "Map Ta Phut court decision will hurt certain pockets" though really takes the cake:
Guess who will get hurt the most from the Supreme Administrative Court's decision that upheld the injunction halting 65 of the 76 petrochemical and industrial projects at the Map Ta Phut complex in Rayong.
You should be able to come up with the answer in a second.
Somewhere on this planet, former prime minister Thaksin Shinawatra must be feeling that free-wheeling capitalism is not going his way.
His logic:
There has been talk in the financial markets that Thaksin still owns a chunk of shares in Thai energy companies, particularly PTT and its subsidiaries.
During his premiership, Thaksin privatised PTT, the crown jewel of the Thai state enterprises.
The Finance Ministry's holding in PTT has shrunk in a hurry to less than 50 per cent, although it was supposed to control at least 75 per cent so that the assets of PTT remained in the public domain.
PTT has more than Bt100 billion in investment commitment at Map Ta Phut. It plans to invest in a natural-gas separation plant, but this has now been put on hold due to the court's ruling.
PTT Chemical, a subsidiary of PTT, will also be affected by its planned investment in an ethane cracker, which will take natural gas feedstock from PTT's natural-gas separation plant.
According to an SCB Securities' forecast, PTT's earnings are likely to fall by 8 per cent if its Map Ta Phut investments are delayed by one year. The downward revision earnings for PTT Chemical is 17 per cent, or Bt8 a share.
If PTT makes money, Thaksin will make money too. If it doesn't, he will not.
BP: Don't you love the "there has been talk in the financial markets". He doesn't bother to check - everyone who owns more than .51% of shares of PTT is listed here.
He is likely to own some shares - PTT are the largest company in terms of market capitalization and if you have mutual funds you are likely to own some too - but there is no evidence he is anything other than a very, very minor shareholder. Thanong just passes on some rumour he has heard.
He is likely to own some shares - PTT are the largest company in terms of market capitalization and if you have mutual funds you are likely to own some too - but there is no evidence he is anything other than a very, very minor shareholder. Thanong just passes on some rumour he has heard.
If he really wanted to write about about a same entity which has lost out. BP has one for Thanong. Fact: Crown Property Bureau owns 30% of Siam Cement. Fact: Siam Cement has Map Ta Phut projects which have been put on hold as a result of the court decision.
Fact: Since the court decision, Siam Cement stock price is down 7.2% (hard to show this as by the time you read this, it will have changed, but play around at the SET site and you can see).
Fact: Their holdings were worth 84.6 Billion Baht before the decision and are now worth 78.5 Billion Baht (they have 360 million shares so you can do the math). Fact: This is a drop of 5.9 Billion Baht or US$184 million.
Fact: Since the court decision, Siam Cement stock price is down 7.2% (hard to show this as by the time you read this, it will have changed, but play around at the SET site and you can see).
Fact: Their holdings were worth 84.6 Billion Baht before the decision and are now worth 78.5 Billion Baht (they have 360 million shares so you can do the math). Fact: This is a drop of 5.9 Billion Baht or US$184 million.
BP apologies to The Nation readers for citing facts and for pointing out one of the biggest losers as opposed to some unsourced rumours.
The next part is classic Thanong:
If PTT makes money, Thaksin will make money too. If it doesn't, he will not.
It should be noted that the Democrats have not stepped in to take control of the key state agencies or state enterprises since they came to power a year ago. This sounds very fishy.
Most of the executives associated with the old Thaksin regime are still running the show at most of these state agencies or state enterprises, which control the country's banking, finance, regulatory regimes and energy.
My guess is that there must be a sort of secret agreement between the Democrats and Thaksin so that the Democrats will not touch Thaksin's goose that lays the golden eggs.
Now, wait the for ending:
In addition, some local astrologers are now predicting that Thaksin will lose all of his money.
BP: So we have Thaksin + conspiracy theory + money + astrology. Your typical Thanong op-ed - what have Newin and Suthep done to be left out? (although no doubt Suthpe would have brokered the secret agreement)
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