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4 new board members for THAI restructure, 1 has airline experience

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4 new board members for THAI restructure, 1 has airline experience | The Thaiger
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Four new board members for Thai Airways are the face of hope for the national airline as it addresses massive losses and restructuring. The airline’s business is now being addressed under the country’s Bankruptcy Act.

Piyasvasti Amranand, Pirapan Salirathavibhaga, Boontuck Wungcharoen and Pailin Chuchottaworn have joined the Thai Airways executive board. Piyasvasti served as the airline’s president from June 2009 to June 2012.

The four board members were hand-picked by Thai PM Prayut Chan-o-cha, who said he needed “trustworthy people” to help guide the national airline to a more profitable future.

Last week the Thai cabinet approved a plan for the 60 year old airline to enter a court-sanctioned restructuring scheme under the country’s bankruptcy law. The plan for Thai Airways to borrow 54 billion baht to stay afloat in another government ‘bail out’ was met with widespread opposition, from government ministers, prominent businesspeople and social media. The airline has accumulated debts of 244 billion baht. The Covid-19 pandemic has also grounded most of its fleet, massively compounding the airlines’ already complex problems.

Also last week, the Stock Exchange of Thailand listed airline informed the SET that the Finance Ministry had sold 3.17% of its majority shareholding in the airline to the state-backed Vayupak Fund on May 22. This reduced the ministry’s stake from 51.03% to 47.86% control, stripping Thai Airways of its status as a state enterprise, providing more scope for the new board to restructure the airline and seek private financial assistance.

But the government technically retains a majority stake in the airline if the shares of the Finance Ministry, Vayupak Fund and Government Savings Bank are combined.

2 days ago the PM appointed a 9 member committee to handle the restructuring plan for the ailing airline, chaired by trusted sidekick Deputy PM Wissanu Krea-ngam. The other members are mostly state officials, including the permanent secretaries of the Finance, Transport and Justice ministries as well as the secretary-general of the Securities and Exchange Commission. The four additional board members will help draw up a restructuring plan for the airline.

But critics are warning of potential built-in pitfalls stemming from numerous conflicts of interest. There is no ‘aviation’ expertise and the “jobs for the boys” criticism will not go away with the new board. They all have impressive backgrounds as senior executives in the private and public sectors.

The airline was already swimming in debt when one of the new board members, Piyasvasti Amranand, became Thai Airways president in 2009. He cut costs at the time by slashing salaries and jobs and reducing unnecessary expenditure. At the same time he was the person responsible for locking the airline into a major aircraft acquisition and starting up the subsidiary Thai Smile – originally meant to be competition for regional low-cost carriers but eventually morphed into a domestic offshoot for Thai Airways leaving the parent company mostly with the international routes.

The other new board members are all politically connected with Prayut and have served in his cabinets or as political advisors. They have all had extensive public service experience heading up multiple Thai enterprises.

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Governments & old media versus social media – who will win? | VIDEO

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Governments & old media versus social media – who will win? | VIDEO | The Thaiger

We look at the recent changes made by the Australian and Indian governments to except control over the world’s biggest social media platforms. India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social. There is now an open battle between the rise of social media platforms and the governments and ‘old’ media that have been able to maintain a certain level of control over the ‘message’ for the last century. Who will win?

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told. The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

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The social media giants in battle with ‘old’ media and world governments | VIDEO

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The social media giants in battle with ‘old’ media and world governments | VIDEO | The Thaiger

“The rules signal greater willingness by countries around the world to rein in big tech firms such as Google, Facebook and Twitter that the governments fear have become too powerful with little accountability.”

India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social.

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The companies are also being made to publish a compliance report each month with details about how many complaints they’ve received and the action they took.

They’ll also be required to remove ‘some’ types of content including “full or partial nudity,” any “sexual act” or “impersonations including morphed images”

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told.

The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

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Turbulence ahead for Thailand’s aviation industry | VIDEO

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Turbulence ahead for Thailand’s aviation industry | VIDEO | The Thaiger

When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?

As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.

Domestically, the hotel business saw 6 million room nights in the government’s latest stimulus campaign fully redeemed. But the air ticket quota of 2 million seats still has over 1.3 million seats unused. Local tourists mostly skipped flights and opted for destinations within driving distance of their homes.

As for international tourism… well that still seems months or years away, even now.

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