Coup talk hits market
 The Nation
November 24 , 2005 - The government yesterday rushed to quell rumours of an impending coup d’etat but it was too late to stop the stock market from taking a plunge.
Government Spokesman Surapong Suebwonglee yesterday poured cold water on rebellion rumours but warned that a “third party” might try to take advantage of an anti-government rally tomorrow to stir up trouble.
“We’ll try to provide security for the rally to prevent accidents such as electricity problems,” he said.
“But many of us are also concerned about the possibility of somebody trying to make the situation more severe [during the rally].”
Surapong was also keen to calm public concern about rumours of a coup attempt against the government.
“It must be just a rumour because Thai society and the Thai public would not accept a coup under the present circumstances. The military is also more conscious about the democratic system. I believe that the military understands and appreciates democracy. A coup is something that is totally outdated,” he said.
The government has been on full alert, adopting an offensive and defensive strategy to deal with the mounting political tension.
Sondhi Limthongkul, head of Manager Group, has been able to draw 10,000 people to his anti-government rally every Friday at Bangkok’s Lumpini Park. The crowd looks like it is growing every week.
He has effectively drawn blood from the government by exposing conflicts of interest and corruption scandals. More middle-class people are also venting their anger against the government on Internet chat forums.
Rumours of a coup were first mentioned by Deputy Transport Minister Phumtham Wechaya-chai, one of Prime Minister Thaksin Shinawatra’s top aides. He said he had been able to “smell a coup” over the previous three days as a movement to topple the government was gaining momentum.
He said he feared that somebody might throw a bomb into the crowd during the anti-government rally, which could create a crisis situation beyond anybody’s control.
The current political climate has sent shock waves through the stock market and harmed investor confidence. The SET index dropped as much as 1.5 per cent yesterday on selling across the board as rumours of an uprising spread through the trading floor. It regained ground to end down 0.8 per cent at 669.18 points.
Kittiratt Na Ranong, president of the Stock Exchange of Thailand, moved to calm investor fears by insisting that an uprising would never take place. He also urged investors to continue to have confidence in the stock market.
An investment analyst also raised concerns that political instability would hurt Thailand’s investment outlook in the medium term at a time when the country badly needs fresh direct investment to keep the economy on track.
MP Ongart Klampaiboon, spokesman for the Democrat Party, said the coup rumours were part of a ploy by Thaksin to divert public attention away from real problems and also from Sondhi’s rally.
He said that if Thai Rak Thai really had information about a coup, they would have investigated the matter further or made arrests.
“If they don’t, they are not doing their duty,” he said.
The government is trying to push the “fear factor” surrounding the rally at Lumpini Park to divert public attention from real problems, Ong-art said.
“They also want to win sympathy from the public by making out that they are about to be hurt by a ‘third party’. In fact, there is only a first and a second party. Everything will have to be based on reality and information under the law,” he said.
With Sondhi emerging as a serious political threat, Thaksin seems to be resorting to every trick in the book to neutralise the media mogul. He initiated a fifth legal lawsuit against Sondhi yesterday and a group of police in the Northeast are attempting to sue him for lese majeste.
Metha Maskhao, a democracy activist, said the government has shown that it is afraid of the power of the people in the wake of the national crisis.
Asst Prof Chidchanok Rahimmula said a coup was not likely but the government should still look at its mistakes and consider how its mismanagement of the country has created widespread dissatisfaction.
|
