Anyone here that will admit to signing up for this program? I suspect my builder did...
BANGKOK: -- The cabinet yesterday decided to close down in 60 days the loss-ridden Thailand Privilege Card Co (TPC), operator of the Thailand Elite Card, the brainchild of former premier Thaksin Shinawatra.
The Tourism and Sports Ministry, whose state agency the Tourism Authority of Thailand (TAT) is TPC's sole owner, was instructed to prepare to compensate the 2,500-odd members should any of them take legal action once their membership is revoked.
The ministry yesterday asked the government to set aside 2.5 billion baht to compensate members and staff once the company shuts down.
Deputy Prime Minister Sanan Kachornprasart said the cabinet turned down the request but asked the ministry to submit details for consideration next week at what is expected to be the final cabinet meeting of this government.
Elite Card, launched in 2003, promised fast-track immigration, discounts at resorts and golf courses and other perks.
With members paying 1 million baht for a lifetime membership - prices later rose to 1.5 million - the goal was to attract a million subscribers in five years for revenue of 1 trillion baht.
But political changes and exaggerated services led to the Elite Card proving a flop, with only 2,565 members from 65 countries in its eight years in operation. TPC reportedly suffers a debt burden of more than 1.4 billion baht.
Battling to survive, TPC two years ago sought cabinet approval to allow private investment in the company. But the request was rejected, as the government would not allow companies to make decisions on visa fees.
Pensuda Priaram, the TAT's deputy governor for tourism products and business, said the 60-day deadline for terminating the company and the card would be hard to meet under the rules.
The TAT must come up with 500 million baht to pay for overdue registered capital to pave the way for termination, and plans to seek the sum from the Budget Bureau.
Prakit Chinamourphong, president of the Thai Hotels Association, said the project should have been shut down a long time ago.
Source: Bangkok Post 2011-04-27
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
What a surprise.
And no, I never would have contemplated stumping up the money even if I could have afforded it.
It'll be interesting to see if those who have parted with money ever get any back. A suggested 2.5 billion recompense fund? Well, the mind boggles as to what will happen to that.
Surprise!!! The things was set up to separate gullible and/or drunk falangs from their money. It offered very close to nothing for its fat cost. Elite Card, launched in 2003, promised fast-track immigration, discounts at resorts and golf courses and other perks. Wow! A million baht to save 10 mins in the immigration line and get piddly discounts (not memberships or free golf!) at a few hotels and golf courses. Not much for the price.
It always seemed to me to be a device for lining the pockets of Thaksin cronies. About 30% was gov't owned - basically they took tax money to fund setup of their cash cow scheme and give it a phony gov't cover to lure the stupid and the pissed.
The Thai 'Elite' Card was a scam from the very beginning and i would not be surprised if the people that bought into this scam received absolutley no refund or compensation at all. TiT
I think most of the people that payed 1-1.5 million baht for the 'Elite' Card were just wanting and looking for an easy way to get around or circumvent the constantly changing visa/immigration laws here.
