elef Posted September 22, 2004 Report Share Posted September 22, 2004 Elite Card board calls debt-crisis meeting Published on Sep 22, 2004 Thailand Privilege Card Co?s board will convene today to tackle Thailand Elite Card?s massive debt problems, which are putting the project at risk. The agenda will be how the company will pay a Bt149-million debt to Cable News Network (CNN) which is responsible for world-wide advertisement of the card project through the network and two sister international publications ? Time and Fortune magazines. According to Thailand Privilege Card Co president Choksiri Rodboonpha, the board will also discuss 20 other spending items, though he declined to specify the firm?s total liabilities. ?We really want to clear things up, but in doing so, we have to listen to a number of agencies involved with the company,? Choksiri said. Finance Ministry permanent secretary Somchainuk Engtrakul will chair the meeting and representatives from the Tourism Authority of Thailand and Thai Airways International will attend. Thailand Privilege Card is responsible for marketing the Thailand Elite Card ? the world?s first country-membership club for ?friends? of Thailand. Members are entitled to benefits and privileges throughout the Kingdom, but some of these privileges have been rescinded. The company was originally expected to sell 100,000 cards at a Bt1 million each, but so far, Choksiri said, it has found only 660 customers. Despite financial problems, the project continues, and yesterday the company embarked on a market network expansion project, signing contracts to appoint representatives for Benelux, Russia and Germany, as the first step toward marketing in Europe. The company appointed Intimex Holding Ltd, and Elite Card International Fund Management BOVI and Thai Elite CIS as country representatives in the Benelux countries and Russia. The company also signed a memorandum of understanding with Intimex Holding Ltd, Penning CS to market the programme in Germany. ?Benelux is a gateway to Europe and the main target area [includes] the Netherlands and Belgium, while Russia is a very interesting market not only for Elite Card, but for general tourists,? Choksiri said. He said the company planned to expand its network to other countries, such as the US and Britain. It has appointed marketing representatives in Japan, Taiwan, Hong Kong, China, South Korea, Malaysia, Singapore and Macao. The company expects to secure 2,000 to 3,000 members in each of the countries during the next two to three years, he said. Suchat Sritama The Nation Link to comment Share on other sites More sharing options...
Neo Posted September 22, 2004 Report Share Posted September 22, 2004 elef said:Thailand Privilege Card Co?s board will convene today to tackle Thailand Elite Card?s massive debt problems, which are putting the project at risk. This very same guy was singing a very different tune last week in the Bangkok Post when confronted with paying the CNN bill: Mr Somchainuk stressed that the company had no financial difficulty in meeting its commitments, considering that with 660 cards sold to date, it effectively had funds of 660 million baht in hand. That statement in itself was laughable. The true number sold is rumored to be about 9. The rest were given away, supposedly over 200 of them at APEC alone. Link to comment Share on other sites More sharing options...
Nervous_Dog Posted September 22, 2004 Report Share Posted September 22, 2004 I was going to say the same - 660 customers, how many freebies, how many sold? Link to comment Share on other sites More sharing options...
Khun_Kong Posted September 22, 2004 Report Share Posted September 22, 2004 Neo said: elef said:Thailand Privilege Card Co?s board will convene today to tackle Thailand Elite Card?s massive debt problems, which are putting the project at risk. This very same guy was singing a very different tune last week in the Bangkok Post when confronted with paying the CNN bill: Mr Somchainuk stressed that the company had no financial difficulty in meeting its commitments, considering that with 660 cards sold to date, it effectively had funds of 660 million baht in hand. That statement in itself was laughable. The true number sold is rumored to be about 9. The rest were given away, supposedly over 200 of them at APEC alone. And today, in the Post, the same guy said that CNN is now going to have to come up with proof of who ordered the ad campaign, because, apparently, THE PAPERWORK IS LOST SO THAI ELITE IS NOT GOING TO PAY THE BILL!! Hard to believe the crap that is this program. They've got a huge building, I think on Thannon Ayutheya. What the f**k do these people do? Rhetorical question, obviously. Wonder how many people are in the top positions, who got the jobs for them and if they have skimmed any money from the program? Again, rhetorical questions. :onfire: :: :: Not only that, but they've again downgraded the number of cards that they expect to sell next year, down to 1000. Since the program started, the totasl number in people's hands is less than that and some 90%+ were GIVEAWAYS!! Jesus Christ, how can the Thai people put up with this crap? Doesn't anybody see how their stories do 180's every time they open their yaps? OK, through ranting now. Cool Calm Collected Link to comment Share on other sites More sharing options...
jxxxl Posted September 23, 2004 Report Share Posted September 23, 2004 I'm sorry, but I do feel sorry for the poor suckers that actually paid full price for these cards - no matter how stupid they were. How many governments do you know of that concoct a scam like this? Link to comment Share on other sites More sharing options...
pattaya127 Posted September 23, 2004 Report Share Posted September 23, 2004 These guys are pissing higher that they can. People come to Thailand because it's cheap tropical vacation, period. Even an executive staying in a 600$ bungalow in Phuket ain't gonna care for a card worth 25000$ in his wallet, for a destination mostly associated with package and budget vacations. Welcome back to earth, suckers, until next scam.... Link to comment Share on other sites More sharing options...
Damen Posted September 23, 2004 Report Share Posted September 23, 2004 Does the eilte card at least allow you to move to the front of the line during the piss tests? :: Link to comment Share on other sites More sharing options...
Guest lazyphil Posted September 23, 2004 Report Share Posted September 23, 2004 Maldives, Seychelles or Cayman Islands maybe....? Link to comment Share on other sites More sharing options...
Khun_Kong Posted April 25, 2005 Report Share Posted April 25, 2005 Yup, they're still at it! How fucking stupid can people be?? The Card That Won't Die And another thing: maybe I just missed it the first (10) times around, but my keen eye now sees that there is a 40,000 baht annual fee, on top of the million. I would expect to see the numbers DROP dramatically this year, when all of the free, give-away cardholders decline to "renew" their annual 40K fee! Link to comment Share on other sites More sharing options...
Mentors Posted April 25, 2005 Report Share Posted April 25, 2005 The company was originally expected to sell 100,000 cards at a Bt1 million each, but so far, Choksiri said, it has found only 660 customers. ----------------------------- 660 cards, are not so bad, at least 0,66 % :grinyes: Link to comment Share on other sites More sharing options...
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