Keeping tycoons with the junta

We have posted a lot on the military junta’s campaigning and not enough on how The Dictator maintains his relations with the Sino-Thai tycoons.

Fortunately, the Bangkok Post has provided some insights on this process.

Before getting to that, however, a reminder of how well the really rich have done under the junta. A while ago we compared 2014 wealth – the year of the coup – and 2016 wealth. The totals for the top 10 show that their combined wealth has increased by almost $16 billion over that period. The top two families have increased by more than $9billion. Not bad pickings.

More loot awaits: “Activists and workers’ unions have demanded land development plans be immediately excluded from the terms of reference of the high-speed railway set to link Don Mueang, Suvarnabhumi and U-Tapao airports, alleging it would monopolise involvement in the megaproject down to ‘a few large firms’.”

Activist Srisuwan Janya said granting land rights to the firm that wins the rights for the Eastern Economic Corridor (EEC) railway project is “unnecessary.”

What’s necessary is throwing out infrastructure projects that produce great wealth for the big conglomerate that wins – we would bet on a CP or a Charoen Sirivadhanabhakdi being involved. Based on previous experience, we might also expect that some bureaucrats and political leaders will also benefit.

Those funds lubricate a whole 1980s-like political system, dripping corruption.

In this case, the winning firm gets “both operation and land development rights under a 50-year concession.” That’s after the 200 billion project is completed.

Srisuwan explains: “These firms will just be receiving the land around the railway as an added bonus at cheaper rates, compared to the actual, substantially higher value of such land.”

The reports adds that the State Railways “must hand over the land it owns around the Bangkok-Rayong route to the winning firm, including 150 rai in the Makkasan area.” That’s smack bang in central Bangkok and a prime piece of real estate worth billions of baht.

That’s ample lubrication.

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