Chiang Mai — More than 200 Angry members of an agricultural cooperative besieged the Chang Phueak police station in Chiang Mai on Friday, demanding to know where the 100 Millions of baht of their peasants are left. Members of the San Pa Tong Agricultural Cooperative claim that more than 100 Millionen Baht (2,8 million US dollars) at a “reputable bank” have disappeared from their account. Police want them 100 Recover millions of baht from farmers
The farmers made three attempts to negotiate with the bank, but all to no avail, leaving them with no choice but to contact the police. Nearly 200 Farmers took control of the police station until the station’s chief, Lt. Col. Kittipong Petchmunee, agreed to help them in their case. He said: “The San Pa Tong Agricultural Cooperative says the bank mysteriously has the 100 Farmers lost millions of baht. We will launch an investigation and take action as soon as possible.”
Co-operative President Chaiwised Deesuwan and Chief Executive Suchitra Mano led on Friday 200 Members from the San Pa Tong district went into town to investigate a complaint last Sunday. He said there were only more in the cooperative’s account 4.000 baht available.
Lots of missed opportunities
Chaiwised lamented that about 10.000 Members of the cooperative have lost their money. Suchitra said that “reputable bank” approached the cooperative two years earlier and charged an interest rate of 3,8 % offered for deposits. She said the cooperative had decided about 70 investing millions of baht in the bank because it believed the higher interest rate would be good for its members. Furthermore, the cooperative had not even considered the possibility that the 100 Millions of baht from farmers would simply disappear. The bank is a large and very well known bank.
Suchitra added that the deposits of more than 70 million baht at the offered interest rate meanwhile to about 104 Millions of baht should have increased. Chaiwised said the missing money could have a potentially devastating impact on the world 10.000 cooperative members will have. He also stressed that the cooperative did not make any withdrawals. Since all funds were transferred to the bank, the cooperative missed many opportunities.
Bank takes responsibility for the 100 million baht of farmers
The bank has apparently agreed to take responsibility for the 100 millions of baht from the farmers, but has not set a deadline for the money to be returned. Chaiwised said the bank has yet to provide details on how the money went missing. Management of the cooperative plans to file further complaints against the bank.
