In yet another setback,
deposed Thai premier Yingluck Shinawatra was today indicted by an anti- graft
body over a controversial rice subsidy scheme and will face impeachment that
could dash her hopes of an electoral comeback, a day after a court dismissed
her from office. The National Anti-Corruption Commission voted unanimously to
indict 46-year-old Yingluck on charges of dereliction of duty in overseeing the
controversial rice subsidy programme. Under the rice subsidy scheme, for which
Yingluck was indicted today, the government bought rice from Thai farmers at a
much higher price than on the global market. However, it resulted in the
accumulation of huge stockpiles of rice and hit Thailand's rice exports hard.
Yingluck was accused of negligence linked to the rice scheme with her political
foes alleging the scheme drained Thai finances, damaged the country's rice
producing industry and fostered massive corruption. "The commission
considers there is enough evidence to indict (Yingluck) and refers (the case)
to the Senate," Panthep Klanarongran, chief of the National
Anti-Corruption Commission (NACC) told reporters. The case will now be voted on
at the Senate. If impeached, Yingluck will be barred from politics for five
years. "The NACC had submitted letters to warn the defendant twice that
the project would create problems and incur great losses, as well as allow
corruption to take place throughout every step of the scheme,"
Commissioner Vicha Mahakun told reporters. "Yet the defendant did not
consider suspending the project as soon as she learned about the country's
great losses from running the project," Mahakun said. The NACC is also
considering whether to file criminal charges against Yingluck. The
Constitutional Court ousted Yingluck and nine cabinet members yesterday after
finding her guilty of abuse of power for the benefit of her powerful family in
transferring then National Security Council chief Thawil Pliensri in 2011. Both
the rulings are a huge blow to the pro-government "Red Shirt"
movement. However, the anti-government People's Democratic Reform Committee
(PDRC) welcomed the developments with protesters who were demanding Yingluck's
resignation organising a march through the main Sukhumvit road today.
Yingluck's attempt through an amnesty bill to engineer a pardon for Thaksin,
who was sentenced to prison, sparked a series of mass protests in Bangkok led
by PDRC. About 25 people have been killed and hundreds others wounded in
political violence in six months of protests.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...

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