PPP leads BOT boardSelection of cronies to run central bank

His appointment, along with that of five other board members chosen by the selection committee, has already raised criticism.

Pornchai, who is a former adviser to deposed prime minister Thaksin Shinawatra, is currently accused of being involved in launching the two andthree digit lotteries.

The other five newly appointed members are reportedly from the same group as the selection committee, which has close ties with the People Power Party. They are Attorney General Chaikasem Nitisiri, Fiscal Policy Research Institute director Kanit Saengsupan, Budget Bureau directorgeneral Wuthiphan Wichairat, National Police Chief Pacharawat Wongsuwant and former BOT deputy governor Jaroong Nookhwun.

The central bank's board has another six members, appointed because of their current positions. They include the BOT's governor, three deputy governors, the National Economic and Social Development Board secretarygeneral and the Fiscal Policy Office director.

Under the new BOT Act, the central bank's board plays a crucial role in supervision of Thailand's financial systems and monetary policy because it is authorised to choose members of the Monetary Policy Committee, the Financial Institutions Policy Committee and the Payment System Committee.

Former finance minister and former BOT governor MR Pridiyathorn Devakula said that the six newlyappointed members had done nothing wrong. However, they were selected by a cluster of people who certainly wanted to choose anyone from their camp.

The intention of the BOT Act is to bring outside members on to the BOT board who are from various places. They should be economists and experts from the private sector, he said.

He declined to comment on whether the BOT board would choose people from the same camp to be members of the Monetary Policy Committee.

"The selection process is wrong in the first place because the members of the selection committee are from the same group [as those chosen]. If the first stage of process had been conducted correctly, it would be better for the country's sake," he said.

The Cabinet yesterday approved the appointment of Pornchai Nuchsuwan, former director of Budget Bureau Office, as chairman of Bank of Thailand's board.

His appointment along with the appointment of other five members chosen by the selection committee raises criticism over propriety of their property.

Pornchai, who is a former adviser to expremier Thaksin Shinnawatra, is currently accused of being involved in launching twoandthree digit lottery.

The other five newlyappointed members are also cited as those who are in the same group of the selection committee, who has a close relationship with People Power Party.

They are Chaikasem Nitisiri, Attorney General; Kanit Saengsupan, director of the Fiscal Policy Research Institute; Wuthiphan Wichairat, director general of Bureau of the Budget; Pacharawat Wongsuwant, National Police Chief and Jaroong Nookhwun, former deputy governor.

Another six members have been appointed regarding their current positions including the BOT's governor, three deputy governors, secretary general of National Economic and Social Development Board, and director of Fiscal Policy Office.

Under the new BOT Act, the BOT board plays a crucial role on the Kingdom's supervision and monetary policy because it is authorised to choose members of Monetary Policy Committee (MPC), Financial Institutions Policy Committee and Payment System Committee.

Former deputy prime minister and finance minister MR Pridiyathorn Devakula commented that the six members chosen by the selection committee did nothing wrong. They were just selected by the cluster of people who certainly wanted to choose anyone from the same camp.

The intention of the BOT Act wants the outside members of BOT board to be from various places. They should be economists and experts from private sector, he said.

He declined to comment if the BOT board would pick up persons from the same camp to be members of MPC.

"It is wrong from the first place of the selection process as the members of selection committee are in the same group. If the first stage of process began correctly, it would be better for the country's sake," he said.