Category: The Bangkok Post

The Securities and Exchange Commission (SEC) has introduced new regulations to mitigate systemic risks in margin loan activities, prohibiting securities companies and derivatives business operators from providing loans secured by securities for non-investment purposes.

The SEC’s updated framework governing the provision of margin loans will ensure proper risk management, protect securities firms from potential losses, and reinforce investor confidence in the capital market, the regulator said in a statement.

Under the new rules, brokers and derivatives business operators are strictly prohibited from offering loans against securities (LAS) without specific investment purposes to prevent misuse of securities-backed credit.

The revised criteria includes an adjustment to the initial margin requirements for newly listed stocks from initial public offerings, meant to reduce the risk of insufficient collateral coverage.

Furthermore, the SEC requires firms to align their lending practices with their financial positions by setting stricter limits on total outstanding margin loans, both per client and on aggregate.

“To prevent concentration risk, securities firms must implement effective risk management procedures, including monitoring the concentration of collateral securities and borrower exposures, as well as promptly reporting and addressing potential risks,” noted the statement.

The SEC also defined eligible investment fund units that can serve as collateral or marginable securities, including index funds, mutual funds, and feeder funds that meet specified characteristics and are listed on the Stock Exchange of Thailand, such as exchange-traded funds.

In addition, firms are reminded to assess the substance over form of any transaction to ensure that lending arrangements do not constitute prohibited LAS transactions, regardless of how they are structured or labelled.

The new rules came into effect on Oct 16, except for the enhanced lending limits based on firms’ financial capacity, which will come into force on April 16, 2026. Companies with existing loan exposures exceeding the new thresholds will be granted a one-year grace period from the publication date in the Royal Gazette to comply.

Prakit Siriwattanaket, managing director of Merchant Partners Asset Management, said amid weak economic conditions and tighter liquidity, businesses have found it challenging to manage cash flow through traditional channels such as bank loans, bond issuance, or capital increases.

“I believe such practices are unlikely among bank-affiliated brokerage firms, but may occur at a few independent ones. The SEC’s move to clarify and restrict these activities is a prudent step to prevent systemic risks,” he said.

As of Sept 26, total margin loans in the system amounted to 48.8 billion baht, with total collateral of 174 billion, representing 3.58 times the outstanding debt, according to the SEC.

The number of migrant workers in Thailand is rising, as the border dispute with Cambodia has resulted in more labourers from other countries seeking employment here, says the Employers’ Confederation of Thai Trade and Industry (EconThai).

From January to August, the numbers increased by 23%, or around 70,000 workers.

Many Cambodian labourers returned to their home nation after the conflict escalated on July 24 when the two countries attacked each other, with a Cambodian rocket hitting a 7-Eleven store in Thailand, and Thailand launching air strikes on Cambodian military targets.

Cambodian workers are often employed in agriculture, fisheries, construction, and factory work across Prachin Buri province.

“Local employers were initially concerned about a shortage of Cambodian workers, but the situation has changed. They are no longer worried,” said Tanit Sorat, vice-chairman of EconThai and chairman of the National Labour Development Advisory Council.

The cabinet earlier approved a six-month extension of work permits for migrant workers to address the short-term impact. After this period, eligible migrant workers may further extend their permits for an additional two years, with the option to renew for another two years thereafter.

Meanwhile, employers have raised wages or increased overtime pay to attract workers from other countries, who see their earnings higher than the government’s daily minimum wage, said Mr Tanit.

The government has also signed a memorandum of understanding (MoU) with Sri Lanka to recruit 10,000 Sri Lankan workers, with the potential to increase this number by an additional 30,000 to replace Cambodian workers.

Authorities plan to recruit additional migrant workers from Myanmar, including refugees currently residing in Thailand, to help prevent a potential shortage of labour.

Thailand hosts nearly 4 million migrant workers, with roughly 80% originating from Myanmar, followed by workers from Laos, Vietnam and Cambodia, according to EconThai.

The number of Cambodian workers fell from 20,000-30,000 imported under an MoU signed between Bangkok and Phnom Penh.

“When we saw a large number of Cambodian workers returning home, the numbers included both legal and illegal migrant workers,” said Mr Tanit.

Calls are mounting for a thorough probe following the abrupt resignation of Vorapak Tanyawong as deputy finance minister on Wednesday amid allegations linking him to a transnational scam network in Cambodia, which he has strongly denied.

The controversy stems from an investigative report by journalist Tom Wright on the Whale Hunting blog, linking Mr Vorapak, his wife and other entities to online scam operations. The allegations connecting Mr Vorapak to BIC Bank in Cambodia, founded by controversial Cambodian businessman Yim Leak, only lead to more questions.

On Wednesday, Mr Vorapak decided to resign, saying the move is to prevent personal matters from affecting the cabinet’s work. He insisted that he has “no involvement whatsoever” with any criminal group or fraudulent activity.

Soon after his resignation, Whale Hunting released an 84-page document claiming that it is from Singapore and showing that Mr Vorapak’s wife had been transferred more than 2.9 million in USDT cryptocurrency.

Rukchanok Srinork, a Bangkok MP for the opposition People’s Party, on Facebook, said that resignation alone was “not the end of the matter” and called on Prime Minister Anutin Charnvirakul to instruct the Anti-Money Laundering Office and the Securities and Exchange Commission (SEC) to verify the facts quickly. “If [Mr Vorapak] is guilty, action must be taken. If he is innocent, he should be cleared without delay,” she wrote.

Mr Vorapak has denied any formal or financial links with BIC Bank Cambodia or its affiliates, saying he has only met its chairman, Leak Yim, but never served as a director, adviser or shareholder. As for his 29% stake in Finansia Syrus Securities, held via Pilgrim Finansa, he said that it was part of a lawful management buyout in 2021 conducted in accordance with the rules of the Stock Exchange of Thailand and the SEC.

The allegations against Mr Vorapak gained further traction after financial analyst Sarinee Achavanuntakul reposted on social media details from Whale Hunting, claiming Singaporean documents showed Tether (USDT) transfers to the wives of both Mr Vorapak and another businessman. Ms Sarinee urged the SEC to coordinate with Singapore’s Monetary Authority (MAS) to obtain the evidence.

Commenting under the post, Mr Vorapak invited Ms Sarinee to publicly present any documents supporting her claims and offered to meet in person. “If you have evidence, please show it. My wife and I have never received any Tether payments,” he wrote, stressing that spreading unverified claims had damaged his reputation. He added that his life was “open for scrutiny”, noting that he had “nothing to hide”.

Ms Sarinee replied, saying that meeting privately would not serve the public interest, saying that Mr Vorapak should instead clarify the matter through official channels and cooperate with investigations by the SEC and MAS.

Thai-owned Sheffield Wednesday have been docked 12 points after a court filing on Friday showed the English second-tier football club had filed for administration amid mounting financial troubles.

The English Football League (EFL) had previously charged the Championship side in June with multiple breaches of regulations after they failed to pay players’ wages on time.

The Yorkshire club, one of the oldest in the country, previously faced player registration embargoes and were docked six points during the 2020-21 season for breaching profit and sustainability rules.

‘The EFL can confirm that it has now received formal notice that Dejphon Chansiri, the director of Sheffield Wednesday, has taken the necessary steps to appoint administrators to both the club and also the company which owns Hillsborough,’ it said in a statement.

‘While this development results in the automatic deduction of 12 points . it also presents Sheffield Wednesday with the opportunity to move matters towards a successful sale and secure future under new ownership,’ the EFL added.

Wednesday finished 12th in football’s second tier last season but find themselves rock-bottom of the table this season with six points and just one win in 11 matches.

But with Wednesday entering administration, the team were automatically docked 12 points to plunge them deeper into the relegation mire. They now sit on -6 points, 15 points from the safety zone.

The same punishment was applied to Derby County in 2021 and resulted in their relegation.

The EFL had also charged Mr Dejphon with causing the club to be in breach of regulations despite his commitment to fund the club’s cash requirements.

Mr Dejphon, whose family controls the seafood giant Thai Union Plc, acknowledged the charges at the time and apologised to everyone connected with the club.

He has been looking to sell Wednesday, which he bought in 2015, for £100 million, a price considered high for a club deep in financial crisis.

Administrators step in

The club said Julian Pitts, Kris Wigfield and Paul Stanley of Begbies Traynor, a company that specialises in corporate restructuring, have been appointed joint administrators of Wednesday and the company that owns Hillsborough stadium.

‘The joint administrators have taken over the running of the club with immediate effect to protect the interests of creditors, and to ensure Sheffield Wednesday can continue operating while we seek a new owner as swiftly as possible,’ Wigfield said.

‘Like many football clubs, it has been trading at a significant loss for several years, with those losses historically funded by the former owner Mr Dejphon.’

In June, Mr Dejphon said he was willing to sell the Yorkshire club. At the end of the month, British media reported the players and staff had again not been paid on time.

The following month, senior players like Josh Windass and Michael Smith left by mutual consent, as did German manager Danny Roehl, who was this week hired by Scottish side Rangers.

‘Situations like this are exactly why this government set up the new Independent Football Regulator,’ British Culture Secretary Lisa Nandy said in a statement.

‘Owners should be good custodians who act with their club’s best interests in mind and clearly, in this instance, that has not been the case.’

David Kogan, the new chair of the Independent Football Regulator, had said earlier this month that club owners deemed unsuitable could be forced to sell their teams as a last resort.

Owner’s ouster ‘necessary’

Sheffield Wednesday Supporters’ Trust said it marked ‘one of the most bittersweet days in our club’s proud 158-year history’ as the club entered administration, but they also described it as a ‘necessary turning point’ to remove Mr Dejphon as the owner.

‘Entering administration was the inevitable outcome of years of financial mismanagement, a lack of accountability and repeated failures to engage credible buyers,’ it said.

‘Administration is not something to be celebrated. It needn’t have ended this way. But we are overjoyed to have Dejphon Chansiri out of our club for good.’

Wednesday fans boycotted their 1-0 home loss against Middlesbrough earlier this week to protest against the club’s ownership. They next host Oxford United on Saturday.

Founded in 1867, Wednesday is one of England’s oldest professional football clubs with a rich early history including FA Cup wins and League titles.

It was a founding member of the Premier League in 1992, but it was relegated in 2000, followed by years of financial instability and fluctuation between the Championship and League One.

The rebounding tourism sector not only gives a boost to local hotels and tourism-related businesses, but also to Chinese jewellery brand Chow Tai Fook as the Hong Kong-listed firm aims to capitalise on the growth of affluent Chinese travellers and a growing middle class in Southeast Asia.

Chow Tai Fook Jewellery (CTFJ) Group, which operates more than 6,000 stores and employs 25,900 people globally, is preparing the soft launch of its new concept store at Siam Paragon mall in Bangkok, the second of its kind in the region after Singapore.

The brand made inroads in the Thai market six years ago and now operates five points of sale, including at Suvarnabhumi and Don Mueang airports, two at King Power duty-free shops and one at Central Phuket.

The new Paragon branch is slated to open in January, said Gabriela Ferreira, general manager for international business at CTFJ.

Other than Thailand, the group has seven points of sale in Singapore and seven in Malaysia, along with sales channels in the Philippines and Cambodia.

“We do believe this is a natural strategic move for us to continue to expand overseas when the opportunity arrives,” Ms Ferreira told a group of Thai journalists visiting CTFJ’s manufacturing, design and distribution facilities in Shunde district, Foshan in Guangdong province.

“This is the perfect time for us to expand abroad, when we have fantastic brand transformation momentum. We are also leveraging Thailand’s rebounding tourism, tapping into affluent tourists to strengthen our brand visibility across the market.”

She said Thailand is estimated to welcome more than 35 million international arrivals this year, marking a strong rebound, with the top three source markets China, Malaysia and India.

There is a significant number of ethnic Chinese across Southeast Asia, where the middle class has been growing, said Ms Ferreira.

All of these factors represent growth drivers for established Chinese brands such as CTFJ because consumers have increased disposable income and a strong Chinese cultural affinity, she said.

“The new concept store at Siam Paragon provides a luxury shopping experience for our customers, featuring our brand in the market to capture the interest of tourists as well as local shoppers in Bangkok,” said Ms Ferreira.

OVERSEAS EXPANSION

She said the international market in the last fiscal year recorded retail sales value growth of 9.4% year-on-year, driven by Singapore, Malaysia and Thailand.

The expansion of retail outlets abroad followed the group opening eight new image stores across Hong Kong, Shenzhen, Wuhan, Shanghai and Beijing in fiscal 2025.

Building on its Chinese heritage, Chow Tai Fook celebrates its 100th anniversary in 2029 and wants to be known as the top Chinese brand of its kind globally, said Ms Ferreira.

“For international business, we have three channels, with the direct retail market used in Singapore and Malaysia. We also have a franchise channel. In markets like Thailand, we work with local partners in the market to select locations and build a network, allowing them to do market penetration for us guided by brand principles,” she said.

“The final channel is the travel retail business, operated through points of sale at airports and cruises — basically the duty-free environment.”

Supporting CTFJ’s expansion is research done by Australia-based independent consultancy Bluebell, which found 86% of Chinese customers and a substantial majority across Southeast Asia believe luxury products from Asian brands match Western brands in terms of quality and accessibility.

Ms Ferreira said the overseas expansion of CTFJ is driven by a two-pronged strategy: to revitalise existing locations and markets, and expand its presence in high-potential new territories to achieve sustainable growth.

Beyond Southeast Asia, the company operates stores in the US and Canada, including in Los Angeles, Vancouver and Toronto.

“When we open a new image store, it has to be in a prime location,” she said.

“With our strategic expansion plan in Southeast Asia, we believe there’s more to come, and we’re very ambitious to grab opportunities for growth.”

Beauty And The Beast is a much-loved classic that continues to fill the hearts of both new and returning audiences. Most remember this timeless romantic story with music when it was produced as an animation in 1991. The original Beauty And The Beast played for more than 13 years on Broadway, remaining to this day one of the top 10 longest-running shows and touring around 37 countries worldwide.

The remake Beauty And The Beast The Musical achieved phenomenal success between 2023 to 2025 in Australia across Sydney, Brisbane and Melbourne, with ticket sales surpassing a million.

Produced by Disney Theatrical Group and presented in Singapore by Base Entertainment Asia, audiences in Asia will have a chance to experience Beauty And The Beast The Musical when the show makes its only stop in Singapore at Sands Theatre, Marina Bay Sands, starting from Dec 11 for a limited period of time.

The lead roles are played by Australian actors — Shubshri Kandiah (Belle) and Brendan Xavier (The Beast). Kandiah is known for her captivating portrayal of Princess Jasmine in Disney’s Aladdin The Musical during its 2019 season, while Xavier won over audiences as Kristoff in Disney’s Frozen The Musical.

Audiences will be mesmerised by nostalgic songs like Belle, Gaston, Be Our Guest and the cherished title song Beauty And The Beast. The numbers were composed by Alan Menken and the lyrics were written by Howard Ashman and Tim Rice.

In this brand-new production, the enchanting tale has been reimagined with breathtaking new sets, costume designs and state-of-the-art technology to bring the timeless romance to life on stage with all the spectacle and grandeur audiences know and love.

The performance is 2 hours 30 minutes including a 20-minute intermission.

Ticket prices range between S$70 and S$1,200 (about 1,800 to 30,500 baht).

Re: “Anutin bans poker, sports gambling nationwide”, (BP, Oct 23). So, Prime Minister Anutin Charnvirakul has banned gambling again. The prohibition specifically aims at poker and other similar sports-themed card games. The Ministry of Tourism and Sport earlier classified poker only as a sport? Well, it’s not, is it — it’s a card game that is invariably played for money, unlike many others, such as bridge, which are not.

Nevertheless, the ban is not extended to horse racing in the capital. I’m sure, and of course, the elephant in the room, the “vice” that is deemed acceptable and a great funding source for government coffers — the lottery.

Maybe now, fans at cock fighting will desist from a wager and be content with just the aesthetic experience of two animals clawing themselves to death, or “high low” with the excitement of throwing three dice to see what the total is, without having a punt.

Ian Dann

Carbon confusion

Re: “Vegan future”, (PostBag, Oct 23).

I didn’t want to write any more here on PostBag, but when Jason Baker writes such unscientific information about the greenhouse effect of methane emissions from livestock that he must have Googled, I have to emphasise the scientific facts.

Methane emissions are often blamed for climate change, leading to harsh agricultural regulations that hurt farmers worldwide. Cattle and sheep, which naturally produce methane while digesting grass, have become targets of such policies.

Some countries now impose climate taxes and require feed additives like Bovaer to reduce methane. However, physicists William Happer and WA van Wijngaarden show in their paper “Methane and Climate” that methane’s warming effect is minimal — about one-tenth that of CO2. The study urges policymakers to stop exaggerating methane’s impact and to end unfair regulations that threaten farmers, who are essential to global food production.

Of course, everyone is free to eat vegan or not, but stop the war against farmers based on the climate ideology.

Anna Aarts

Oversight absent

Re: “Cabinet mulls easing zoning rules”, (Business, Oct 23).

The government wants to remove zoning for entertainment venues in order to benefit whom? Such establishments are meccas for human trafficking, drug distribution, illicit drug use, noise pollution, and criminal activity in general.

The police reap huge financial rewards in bribes, kickbacks, and even ownership of these establishments, and now the government wants a piece of the action from an increase in tax revenue.

Thai politicians should enshrine in the next charter a bulletproof means to exercise oversight and control of the police and the military. The zoning fiasco now in the hopper is merely an admission that no oversight exists and government officials prefer destroying quiet, peaceful residential communities rather than establishing the rule of law.

Michael Setter

Correction

A word in the head of the Oct 23 editorial lead should have read “cannon”, not “canon”. We apologise for such a glaring mistake.

Thailand should set an ambitious target of 45-60 million arrivals by the period of 2030 to 2035, pushing stakeholders to cooperate and keep pace with fast-growing Asia-Pacific tourism, says Galaxy Resorts Thailand.

“It’s not unthinkable to achieve those numbers with the right plan and growth strategy, as Asia-Pacific is the fastest growing tourism region worldwide and Thailand stands at the centre of that region,” said Kevin Clayton, chief brand officer of Galaxy Resorts Thailand.

Earlier this month, Tourism and Sports Minister Artthakorn Sirilatthayakorn said Thailand was no longer a “tourism giant” as he urged related stakeholders to adjust their working mindset.

Mr Clayton said foreign arrivals to Thailand this year are likely to number 33 million, below the pre-Covid level in 2019.

Having an ambitious target would make related tourism bodies and stakeholders become more progressive and inventive in working to achieve the goal, he said.

Although Thailand is known for its tourism assets such as hospitality, street food, beaches and historical sites, these are insufficient to drive the industry in the current context, said Mr Clayton.

Several recurring issues must be addressed, including ensuring safe travel, accessibility, digital marketing upgrades and curating unique experiences to target high-spending tourists, he said, which requires the right partnership between the public and private sectors to drive tourism forward.

ENTERTAINMENT TOURISM

As Thailand’s entertainment complex bill was shelved because the current government does not support it, Mr Clayton said Galaxy Resorts Thailand remains patient about its expansion in the country.

“When the new government is formed, hopefully there can be a process to advance thinking around integrated resorts. We would be more than happy to participate in that process,” he said, noting that man-made attractions can be a key supplement to Thai tourism.

Japan, the United Arab Emirates, the Philippines and Singapore are expecting new or expanded integrated resorts over the next few years, which will intensify competition in the region, said Mr Clayton.

Global entertainment tourism is estimated to tally US$267 billion by 2030, he said.

“If Thailand plans to compete with other countries in Asia, it needs to think through how it can headline major events and offer new man-made attractions,” said Mr Clayton.

Earlier this month, Galaxy Resorts brought Jackson Wang’s “Magicman 2” World Tour to Thailand.

The concerts spanned two days at Impact Arena and were sold out, with an audience of more than 24,000, underlining Thailand’s place as a top entertainment destination.

The company also supports Jackson Wang concerts at Galaxy Arena at Galaxy Resorts Macau.

The Macau resort comprises nine hotels featuring more than 5,000 rooms, suites and villas, with roughly 16% of its revenue derived from the non-gaming segment.

Regarding Thailand’s 300-baht tourism tax scheme, which the tourism and sports minister plans to revisit, Mr Clayton said such a fee is already implemented at other destinations.

Before levying this fee, he said several factors should be considered, such as the collection method and timing to avoid denting traveller sentiment.

The government should also ensure the fund will be used effectively for insurance and infrastructure improvement, said Mr Clayton.

The explosive revelations and allegations of regional cybercrimes and scam networks have hit Thailand head-on and placed the government of Prime Minister Anutin Charnvirakul in an awkward and defensive position. As more facts surrounding what looks like a labyrinthine cross-border multibillion-dollar transnational criminal ring come to light, more questions have surfaced with no clear answers. The Anutin government needs to come clean and avoid a “scam-gate” of cover-ups and lies at the expense of countless scammed victims across many countries.

Among the many questions and issues that have been raised, first and foremost is the role and possible involvement of senior government officials. That Deputy Finance Minister Vorapak Tanyawong has resigned in the wake of allegations linking him to BIC Bank in Cambodia, founded by controversial Cambodian businessman Yim Leak, only leads people to ask valid questions. What was the nature of Mr Vorapak’s relationship with Yim Leak?

And then there is the question of governance standards and equality under the law. Srettha Thavisin, the prime minister in 2023-24, was ousted by the Constitutional Court for ethical misconduct for a minor cabinet reshuffle involving a junior minister who had been convicted and jailed for six months on bribery charges. Pichit Cheunban, the junior minister in question, resigned as soon as the controversy came to light, but prosecution still proceeded and led to Mr Srettha’s removal on “morality and ethics” in Section 258 of the 2017 Constitution enacted during the military government.

Although Mr Vorapak has quit the government, should he still face misconduct investigations? If the same morality and ethics standards are applied to Mr Vorapak’s case with equally vigorous prosecution of constitutional requirements, should Mr Anutin not come under similar scrutiny?

These are uneasy questions that will likely be left unattended. When under a critical spotlight and faced with alleged wrongdoings, the powerful and privileged everywhere tend to feign innocence and ignorance in equal measure and issue repeated denials. In Thailand, they go further by threatening and actually launching lawsuits, often known as SLAPP, or Strategic Lawsuits Against Public Participation.

Because the justice system and judicial odds have become stacked against truthtellers, muckrakers, and whistleblowers, silence and self-censorship tend to prevail to the benefit of wrongdoers. People become tame and timid out of fear for good reason because truth-tellers have demonstrably suffered in the recent past. One glaring case was a senior police officer who went after human trafficking in the deep South only to be hounded by underworld bosses and chased into asylum in Australia.

In view of scam centres, associated fraud, trafficking, drugs, and money-laundering among cyber-criminal networks, it should be open season for investigative journalism. Muckraking can be a great challenge for professional achievements and good business for daring journalists. In this case, Thailand’s media professionals have been disappointing and shameful for not asking hard and probing questions for the public interest. Instead, intrepid journalism came from outside, a former reporter with the Wall Street Journal. In addition, stalwart MPs of the opposition People’s Party have had to conduct investigative journalism in exposing shady dealings among cybercriminals.

It is a worrying trend that Thailand’s oversight and checks-and-balance agencies and institutions are not doing their jobs. Where are Thailand’s Anti-Money Laundering Office, Anti-Corruption Commission, and Auditor General’s Office? When it was their cue to go after political parties and politicians, they seemed keen and eager. But now we are likely to see a glacial pace and perfunctory pursuits of criminal wrongdoing.

Given the ongoing Thai-Cambodian border dispute, Mr Anutin appears to have been currying nationalist sentiments for political advantages, possibly for electoral gains ahead of the planned poll next year. Here is an opportunity to paint Cambodia as the culprit country and vortex of a global underworld beset with criminal scammers, money-launderers, human and drug traffickers, online betting agents, and transnational criminals of all stripes. But Mr Anutin seems less than enthusiastic. Even though he has lately pledged to crack down on these transnational crimes, it bears scrutiny whether any big fish will be caught or whether he will buy and bide time in the hope of letting the scandal quieten and blow over.

To be sure, what we are seeing with Mr Vorapak’s resignation and denial involving Yim Leak and BIC Bank may be just the tip of the iceberg. The backdrop of scam networks has other controversial figures, such as Chen Zhi, who is chairman of the Prince Group and Hun To of Huione Group, along with Benjamin Mauerberger, allegedly the key conduit among these criminal gangs. The Thai connections to these obscure figures and business outfits likely extend wide and deep.

The United States Treasury Department has already frozen nearly 500 billion baht of the Prince Group’s and Mr Chen’s crypto and other financial assets on cyberfraud, human trafficking and money laundering charges. The United Kingdom has similarly taken over the real estate assets of Mr Chen. The key country in this mix is South Korea, and its sanctions on Cambodia-based online scam networks. The South Korean government has explicitly stated that it will deploy all means necessary to rescue and safeguard its citizens who have been duped and harmed by scammers based in Cambodia.

Without South Korea, the US and UK could be dismissed for being part of some Western conspiracy against Cambodia. But South Korea is a country that Southeast Asians deeply respect and want to be like. Seoul’s intervention is what’s needed to maintain pressure and ensure further exposure and prosecution.

But the current Thai government seems to want this kind of pressure to go away. That the Prince Group has reportedly rented space from the prime minister’s Sino-Thai office building does not bode well. If Mr Anutin does not own up to all that Thai officials and businesspeople have to do with the expanding trail of corruption, fraud, and transnational criminal networks, his government’s longevity could be at risk and even end up shorter than the short four-month timeframe.

Thitinan Pongsudhirak, PhD, is professor at Chulalongkorn University’s Faculty of Political Science and a senior fellow at its Institute of Security and International Studies in Bangkok.

Thai actress Chermarn “Ploy” Boonyasak has spoken publicly for the first time about her battle with stage 2 breast cancer and subsequent mental health crisis, describing the past year as the most difficult of her life.

In an interview on the Sisterhood podcast on Mirror Thailand’s YouTube channel, Ploy revealed she was diagnosed with stage 2 breast cancer that had spread to her lymph nodes after delaying a follow-up appointment for 18 months due to a fear of needles.

The diagnosis coincided with severe personal and financial difficulties. Combined stress and oestrogen-suppressing medication triggered a mental health breakdown. Ploy lost 13 kilogrammes in three months, experienced memory loss, severe depression, and panic attacks. At her lowest, she engaged in self-harm and required psychiatric hospitalisation.

She underwent breast-preserving surgery followed by 25 radiation sessions. Doctors opted against chemotherapy, prescribing hormone-blocking medication instead, which she continues to take. She kept her diagnosis private, only telling close friends after surgery.

Now recovering, Ploy has regained 8kg and exercises four days weekly. Recent health checks show no abnormalities. She has eliminated processed foods from her diet and adopted healthier lifestyle habits.

Speaking during Breast Cancer Awareness Month, Ploy encouraged others to prioritise self-love, reflecting that her goal now is to love herself as much as she once loved others. She attributes her cancer partly to irregular eating, excessive red meat consumption, late nights and high stress, acknowledging she is still healing but has regained her sense of self.