Finance Ministry Sets 30-Day Deadline for Bank Investigation
The Agricultural Cooperatives Bank's board has established a fact-checking committee with a 30-day deadline to investigate eight issues raised by the bank's labour union, chaired by an independent Bank of Thailand representative.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, in his capacity as chairman of the Agricultural Cooperatives Bank (ACB), revealed that following a complaint filed by the ACB State Enterprise Labour Union, the bank's special board meeting today approved a fact-checking committee to investigate eight issues raised by the union. The committee will be chaired by an independent representative from the Bank of Thailand.
"The committee has a 30-day timeframe to conduct a thorough investigation and ensure maximum transparency," Ekniti said. "If any individual issue is completed ahead of schedule, results can be reported immediately."
During today's meeting, ACB Manager Chatchai Sirilaai did not attend to ensure the highest degree of fairness and transparency. Ekniti confirmed that when complaints are received, the board takes swift action to create transparency and fairness for all parties involved.
The Secretary-General of the Ministry of Agriculture and Cooperatives, in his capacity as vice board chairman and public relations chief, has been assigned to communicate with employees and foster understanding. The ministry emphasized that ACB's core mission remains caring for farmers, customers, and staff in line with the organization's mandate.
"In the bigger picture, we must uphold ACB's mission to care for customers and employees," Ekniti stated. "When new facts emerge, we must investigate thoroughly because complete information creates fairness and transparency."
Regarding concerns about wasteful spending, Ekniti noted that ACB already has financial regulations in place, which the oversight committee will also review in detail.
Ekniti also disclosed that the government previously repaid ACB debt under Article 28 for the first time in years to strengthen fiscal discipline and protect the bank's liquidity. Future use of Article 28 funds will require detailed cost-benefit analysis to ensure money effectively reaches farmers.
On a proposed expansion of farmer assistance from 1,000 baht per rai to 2,000 baht, Ekniti revealed that the Rice Policy and Management Committee has not yet convened to consider the matter. However, he firmly ruled out using funds from the 400-billion-baht emergency borrowing decree, which is designated solely for energy crisis relief and economic restructuring.
