Thailand Elite Card Teeters on the Edge
Six years in and less then 3,000 members later, Thailand Elite the brainchild of former Prime Minister Thaksin Shinawatra who targeting over 100,000 members in just the first year is teetering on the edge of financial collapse. With losses well over one billion Baht the Cabinet is set to shortly decide whether to close the scheme, privatize or else move it over to the Tourism Authority of Thailand.
Reports in the media have said that it remains doubtful the fund will be terminated as legal actions and substantial liability could incur massive debt in a current economy which is struggling with a downturn. Other options are being studied but for now what was hailed as a key pilot program in attractive overseas investors and high net worth individuals remains an ill advised marketing gimmick which had little financial long term fundamentals.