14 million baht vanishes from Thai Parliament savings co-op
A scandal is brewing at Parliament’s doorstep after a whopping 14 million baht mysteriously vanished from the Parliamentary Official Saving and Credit Cooperative. But despite the jaw-dropping fraud, House Speaker Wan Muhamad Noor Matha insists there’s no need to panic.
According to Wan, the massive embezzlement won’t affect the cooperative’s members or its day-to-day operations.
“It was fortunate that we caught the perpetrator early and that person confessed. However, we still need to investigate how many others were involved.”
The board of the cooperative wasted no time in taking action. A committee was promptly set up to investigate the incident, and the staff member responsible was swiftly sacked and handed over to Bang Pho police. Further arrests are expected if more people are found to be complicit in the scheme.
Despite the shocking breach of trust, Wan assured members that the co-op remains financially stable. He stressed that the remaining funds are secure and that the institution continues to operate with its members’ best interests at heart.
“The cooperative is still robust. Fortunately, we uncovered the issue before it escalated further.”
While the case has shaken confidence, Wan suggested that similar issues could occur in other financial institutions. He warned that although a system might weather fraud if trust remains intact, a loss of confidence could spark a far more serious crisis.
Interestingly, the House Speaker was quick to distance himself from the mess. He clarified that he has no financial ties to the cooperative and holds no deposits there. However, he acknowledged that both he and the Secretariat of the House of Representatives must play a role in regaining public trust, reported Bangkok Post.
Most of the cooperative’s members are Parliamentary personnel, including many retirees who continue to deposit their savings. As the investigation unfolds, all eyes are on the committee and the cooperative’s ability to restore its once-sterling reputation.
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