Mutual Fund Under Fire: Wayupak’s Alleged Breach of the Law Sparks Controversy with GPF – Social Security Fund
Wayupak Mutual Fund Project Sparks Controversy
Mr. Teerachai Phuwanatnaranuban, Chairman of the Academic Committee of the Palang Pracharat Party, has raised concerns about the Wayupak Mutual Fund Project, calling it a “problematic project” that benefits the rich at the expense of the poor.
The project, which was initiated in 2003 during the tenure of Prime Minister Thaksin Shinawatra, was originally intended for government use. However, it has since been expanded to include investments in stocks, gold, crude oil, commodities, and junk bonds.
But this time, in addition to putting it in stocks on the stock exchange, it is also used to invest in stocks outside the stock exchange. When it comes to gold issues, crude oil, commodities, junk bonds, if you are in the monk industry, it can be called “Not the activity of the monks” because that is not the objective, and the powers and duties of the Ministry of Finance. He considers it excessive.
Investment Prospectus Raises Eyebrows
Mr. Teerachai pointed out that the investment prospectus for the Wayupak Mutual Fund Project claims that it is not guaranteed, but anyone who can read the law will be able to tell you that there is an insurance effect, both in terms of earnings and automatic principal insurance.
The fund has already accumulated a profit of 140 billion baht, which raises concerns about the fairness of the operation.
Therefore, it is seen that this is an unfair operation against the people. Because accumulated profits of 140 billion and current assets of 350 billion belong to the government sector, which the Ministry of Finance holds on behalf of the whole country.
Risk of Breaking the Law
Mr. Teerachai also pointed out that there is a risk of breaking the law, as the person who implemented the project claimed that it can be done because of a Cabinet decision, which he is concerned about on behalf of the officials of the Ministry of Finance.
There is also the risk of breaking the law. and the person who implemented it claimed This can be done because a Cabinet decision directs it, which he is concerned about on behalf of the officials of the Ministry of Finance. who is his former subordinate You must understand that GPF or Social Security Fund They have specific laws, but the decision of the Cabinet does not have the same authority as the above two funds that have money. Will have to ask for permission from the GPF and the Social Security Fund. Because it is a large investment unit the Cabinet has no authority to take action apart from the law that established these two funds.
Uttama Savannai’s Suggestion
Mr. Uttama Savannai, Deputy Leader of the Phalang Pracharat Party, suggested that the government should join the Bank of Thailand and public/private financial institutions to solve the debt problem in a complete way.
The Finance Minister should discuss with the BoT ways to reduce the money collected into the Financial Institutions Fund (FIDF) to 0.23% per 6 months for a temporary period of 5 years in order to use the money saved to reduce debt balances (haircut) for debtors with income not exceeding 30,000 baht/month.