Kakuzi directors back in court to block CMA’s probe

Eight directors of listed firm Kakuzi have gone back to court to stop an investigation by Capital Markets Authority (CMA) over alleged conflict of interest and financial impropriety.

In an application to be heard next month, the directors led by chief executive officer Christopher Flowers want the inquiry stopped, pending the hearing of an appeal they have filed.

Other directors facing the investigation are Nicholas Ng’ang’a, Graham Mclean, Andrew Njoroge, Ketan Rameshchandra, Daniel Ndonye, Stephen Waruhiu, and John Kimani.

The regulator started investigations into companies that have been doing business with Kakuzi and which have links to some of the directors.

The High Court on September 30 dismissed an appeal by the directors paving the way for the CMA to proceed with the inquiry.

But the directors submitted that they will suffer substantial prejudice if the capital markets regulator is allowed to proceed with the inquiry process, before their appeal is determined.

The court had suspended the execution of the decision for 21 days which ended on October 21. The directors formally went back to court on October 15 and the matter was fixed for highlighting submissions on November 19, 2025.

‘The appellants are reasonably apprehensive that unless the orders sought herein are granted, the respondent (CMA) will proceed with the inquiry which will further occasion great injustice to the appellants and would render the intended appeal nugatory,’ the directors said in the application.

The High Court dismissed their appeal last month saying the directors and the company failed to prove any violation of their rights and fundamental freedoms, for the court to intervene.

‘The appellants’ (Kakuzi’s) actions also seem to be premature. As such, the contention is for rejection,’ said the court.

The eight directors had faulted the investigation, which commenced in June 2021, arguing that the entire process was not fair and did not meet the constitutional requirements of right to fair hearing.

In the second appeal, the directors have faulted the court over the failure to find and uphold their constitutional right to a fair hearing and in particular, the refusal or failure to disclose the particulars of the alleged financial impropriety.

They said the failure to disclose the complaints received from third parties and failure to give reasons as to why it considered their documents submitted during the inquiry as insufficient, was wrong.

They have also submitted that the court made an error in finding that they did not prove any infractions of their rights and fundamental rights.

It is their argument that the regulator erred by withholding the particulars of the alleged financial impropriety or give reasons for the failure to provide the nature of the complaints, received from alleged third parties.

They further submitted that they were within their constitutional rights to not only request information concerning the allegations raised against them, but also the evidence and materials relied upon by the CMA.

The regulator said in its filings that it had sufficient cause to conduct the investigation, which centred on Management and Operational Services Agreements signed between Robertson Bois Dickson Anderson Limited and Kakuzi on December 11, 2017, as well as the those signed between Eastern Produce Regional Services Limited and the agricultural firm.

The regulator also intended to probe business dealings and agreements with related companies including Robertson Bois Dickson Anderson Limited, Eastern Produce Kenya Limited, EPK Empowerment Company (Kenya) Limited, Lintak Enterprises (K) Limited, Linton Park (Kenya) Limited and Siret Tea Limited.

Co-op Bank rivals Equity and Safaricom in digital overdraft race

The Co-operative Bank of Kenya has introduced an unsecured digital overdraft facility that allows customers to overdraw their accounts by up to Sh100,000 for transactions such as bill payments, raising competition for Equity Bank Kenya and Safaricom.

The lender has informed customers that the new short-term credit facility, called ‘Kamilisha’, will enable individuals and businesses to complete transactions when they do not have sufficient funds at a time of paying bills such as house rent, electricity, stock purchases or sending money.

‘The overdraft service allows you to complete transactions when you don’t have enough money in your bank account. It bridges the shortfall between what you have and what you need to pay, helping you complete important transactions instantly,’ the lender told customers.

Kenya ships Sh8bn gold to Dubai amid smuggling link

Kenya recorded an unusual spike in the value of gold exports in the three months ending June amid reports that the country is emerging as a transit hub for smuggled gold from other African countries.

The country exported 1,217.79 kilogrammes of gold to Dubai in that period, data collated by the Kenya National Bureau of Statistics show, earning Sh8.19 billion.

The second-quarter earnings were more than four times the country’s average annual gold earnings of Sh1.81 billion recorded in the decade to 2023, and nearly double the full-year export value for 2023, which stood at Sh4.70 billion.

Shipments to Dubai in the three months were double the average exports for the full year in 2022.

Authorities have linked the increased shipments to the sharp rally in global gold prices, as well as increased activity among artisanal miners who sell their harvest to brokers and local investors selling the precious metal to unlock value.

Harry Kimtai, the Principal Secretary for the State Department for Mining, attributed the unprecedented levels of gold earnings largely to ongoing formalisation of artisanal and small-scale mining (ASM) operations and the global rally in gold prices.

The government-led facilitation of artisanal miners has contributed to higher volumes of officially recorded exports, he said, while a jump in global gold prices by ‘more than 50 percent since January 2025’ has prompted investors to sell their holdings.

‘The jump in gold exports may be attributed to ongoing reforms in the mining sector in Kenya, coupled with the global price rally that has seen gold attain the highest price in history. The price rally has led most investors to liquidate their gold holdings to take advantage of the record prices,’ Mr Kimtai told the Business Daily.

‘We have continued to facilitate gold and other minerals extraction through formalising the artisanal mining sub-sector. The ongoing registration of ASM cooperatives has led to a significant increase in formal operations that have contributed to the rise in export volumes.’

A recent report by the Swiss development charity, SwissAid showed that Kenya was increasingly serving as a transit hub for smuggled gold from other African countries, including South Sudan and the Democratic Republic of Congo.

Illicit outflows from the country likely exceed the amount of declared gold exports by multiple times, according to the Bern-based organisation.

Most of the gold smuggled out of Kenya, the report said, is shipped to Dubai and declared for import there, with India and South Africa among the other destinations.

Kenya may also have become a conduit for gold from Sudan, where a civil war has raged since 2023.

A similar report by the group last year argued that revenue from such trade was fuelling conflict, financing criminal and terrorist networks, undermining democracy and facilitating money laundering.

The price of gold reached a record high of more than $4,000 an ounce as investors seek safe havens for their money amid concerns about global economic and political uncertainty.

Gold has seen its biggest rally since the 1970s, rising by around a third since April when US President Donald Trump announced tariffs, which have upset global trade.

The spike in Kenya’s earnings from gold exports coincided with a sharp rally in global gold prices this year. The international average price per ounce rose 12.1 percent between March and June to $3,369, up from $3,005 three months earlier, according to global commodity trackers.

The surge lifted the precious metal to the top of its export basket to the UAE, leapfrogging jet fuel re-exports, goat meat, tea, and cut flowers.

The growing Kenya’s gold export numbers will, however, reignite scrutiny over the country’s traditionally opaque trade in the precious metal.

The report by SwissAid cited discrepancies between Kenya’s official export data and gold import records from global trading partners.

It indicated that Kenya officially exported 672 kilogrammes of gold in 2023, for example, yet import records from the UAE showed 9.65 tonnes of gold declared as having originated from the country in the same year.

The mismatch between 2014 and 2023 added up to over 33.5 tonnes worth about $1.68 billion (Sh218 billion), according to the report.

‘Almost all gold mined or imported into Kenya leaves the country, but only a fraction is recorded by official statistics,’ the report said.

Citing unrecorded gold flows, SwissAid described Kenya as a critical transit hub for illicit metal from conflict zone

Responding to questions about the surge in gold export figures this year, Mr Kimtai said: ‘Kenya is a transit country for gold from neighbouring countries and there may be instances where the gold originating from our neighbours is declared as originating from Kenya and thus contributing to the numbers.’

At the heart of the mismatch is the ASM sector, which accounts for more than 90 percent of Kenya’s gold output.

Concentrated in the counties of Migori, Kakamega, Siaya, Narok and Vihiga, the ASM industry employs an estimated 500,000 miners and supports the livelihood of about two million people indirectly.

A 2019 baseline survey estimated annual ASM production at 6.9 tonnes, dwarfing the roughly 410 kilogrammes produced by Kenya’s two licensed industrial mines – Karebe Gold Mining Ltd and Kilimapesa Gold PTY Ltd.

‘Most of the ASM (artisanal small-scale mining) gold is never recorded in government books because it is either traded by unlicensed dealers internally or smuggled to neighbouring countries through the porous borders. As such no data on gold from ASMs as of now,’ one expert told SwissAid.

The organisation noted that legislation was introduced in 2023 to formalise small-scale mining and reduce the illegal gold trade, but it has not yet become law.

Weak enforcement, lack of licensing and porous borders have allowed unregistered traders to dominate the gold supply chain in Kenya.

From mining sites in Western Kenya, gold is often transported to Eastleigh in Nairobi, where middlemen and refineries operate in the shadows, according to the report. From there, unrecorded gold is smuggled out through Jomo Kenyatta International Airport (JKIA), sometimes disguised as legitimate cargo.

The Global Initiative Against Transnational Organized Crime (GI-TOC) estimated in a 2023 report that between 100 and 200 kilogrammes of Congolese gold enters Kenya every month, translating to about 2.4 tonnes a year, valued at $140 million (Sh18.20 billion). The traders use Nairobi and Mombasa as re-export points to Dubai.

This explains why UAE import statistics consistently show higher volumes than Kenya’s declared exports. In 2021, for example, the UAE recorded $185 million more in gold imports from Kenya than what Kenya reported as exports.

The proliferation of private gold refineries has further blurred the lines between legitimate and illicit trade.

Companies such as Afrik Gold Testers, Gulf Refinery, and Emirates Refinery Ltd have sprung up in Nairobi and western Kenya and are reportedly backed by Dubai-based investors.

Mi Vida eyes Sh20bn from new property funds

Residential property developer Mi Vida Homes plans to raise between Sh15 billion and Sh20 billion from both local and international institutional investors in the first quarter of 2026 in what is earmarked to be Kenya’s first hybrid real estate fund.

A hybrid real estate fund is an investment vehicle that is designed to mobilise capital from investors by combining both an Income and Development Real Estate Investment Trust (Reit).

A Reit is a regulated vehicle that addresses the liquidity risk of real estate by allowing individual investors to pool funds and invest in property that would be otherwise out of reach for them in their individual capacity.

Development Reits focus on financing the acquisition of land, construction and development of properties with the end goal being generation of profit by selling or leasing the complete projects to investors.

Income Reits, on the other hand, allow individual players to invest in already completed and income-generating real estate projects and earn revenue primarily through rental income.

Mi Vida, which had earlier planned issuance of a Sh4 billion Development Reit in 2026, says the change in design and amount of its planned fund is geared toward addressing fast growing market demand for institutionalised real estate development.

The company adds that the just concluded management buyout that has seen the exit of the firm’s founding investor, private equity firm Actis, frees it up to tap into local capital to finance growth.

Mi Vida on October 16 announced its management team had signed an agreement to buy out Actis that had owned the property firm for seven years.

‘Much as it’s a management buyout, Mi Vida remains an institutional developer because it means now we have the capacity and the opportunity to bring onboard other local institutional capital,” Mi Vida CEO Sam Kariuki said.

“Because of the opportunity that we are seeing on the affordable housing side of the market, the plan has always been to raise a fund of some sort. We had planned a Development Reit but now want a hybrid whereby the fund takes on development risk while still holding Income Reit characteristics from a yield perspective.”

In setting up the hybrid real estate fund, Mi Vida will be looking to ride on its credentials having been granted the greenlight by the Capital Markets Authority in 2024 to act as a Reit manager in the market.

The company says the real estate fund will be Kenya shilling denominated and is banking on high double digit returns to woo international investors who would otherwise shy away from local currency exposure in their portfolio.

‘We are already at the early structuring stages of the fund and from the first quarter of 2026 we should be in the market talking to investors which will be local and also potentially international investors,” Mr Kariuki said.

“Even when we will be talking to international investors, they will be required to be comfortable with local currency exposure and as long as the fund yields something in the high teens and early twenties in total return it will meet their hard currency return requirements.”

Mi Vida’s planned hybrid fund will be joining the list of regulated assets that target crowding in more investors into real estate as an asset class. So far, ILAM Fahari I-Reit, Laptrust Imara I-Reit, Acorn I-Reit, and Acorn D-Reit are in the market with majority being listed in the Unquoted Securities Platform of the Nairobi Securities Exchange.

Investors’ unclaimed cash earns Treasury Sh13 billion

The Treasury earned Sh13.1 billion in five years from buying government paper using cash that investors have failed to claim in bank accounts, dividends and mobile money wallets such as M-Pesa.

The Unclaimed Financial Assets Authority (UFAA)-an agency under the Treasury-says it invested unclaimed cash worth Sh22.3 billion in buying Treasury bonds and bills between 2019 and 2024.

This earned it a cumulative return of 58.7 percent or Sh13.1 billion, with the cash being kept in a bank because there is no policy to guide the use of the earnings.

Unclaimed assets include money in bank accounts and dividends which have been dormant for more than five years, bankers’ cheques not cashed and contents in safe deposit boxes unclaimed for more than two years.

Insurance policies that remain uncollected for two years and cash sitting in mobile telephony wallets for the same period should be transferred to UFAA.

Unclaimed cash, shares and dividends surrendered to UFAA crossed the Sh75 billion mark in November last year, reflecting the difficulty in reuniting the idle wealth as investors, including tycoons, show disinterest in reclaiming the assets.

The law directs UFAA to invest half the unclaimed cash in Treasury bonds, 45 percent in Treasury bills and retain five percent as cash.

UFAA used Sh3.4 billion or a quarter of the income generated to finance its operations and kept Sh9.6 billion in cash despite the cash crunch in government.

‘This implied that the Authority was able to safeguard the unclaimed financial assets received from holders and, at the same time, make returns on investment. A portion of the returns from the investments was used to finance the Authority’s operations,’ said the Auditor-General in a report on UFAA.

UFAA’s reliance on the investment income to fund its operations more than doubled in the five years to Sh761.3 million last year, up from Sh354.6 million in 2019. There was no breakdown on how the UFAA used the amount.

‘The absence of such a policy may pose the risk of the country losing out on public investment opportunities that could uplift the economy,’ said the Auditor-General.

‘For instance, the amount of Sh9.6 billion in the Trust Fund account is a substantial amount to construct and equip a medical facility equivalent to the Kenyatta University Teaching and Referral Hospital, which cost approximately Sh10 billion,’ added the Auditor-General.

UFAA is holding on to the cash at a time the Treasury is battling a cash crunch in the wake of revenue shortfalls and mounting public debt that has cut the appetite for borrowing.

The State has been reluctant to introduce new taxes following the 2024 Gen Z protests that forced the withdrawal of the Finance Bill with Sh345 billion in new levies.

UFAA’s returns rode on the back of double-digit yields from government paper as the Treasury tapped the local debt market to plug budget shortfalls.

Last year, Treasury bonds offered returns as high as 18.5 percent while the average yield on Treasury bills was between 9.89 percent and 16.99 percent.

Government securities offered average returns of 13.64 percent in 2023 and 12.83 percent in 2022, ranking them among the best-performing asset classes at a time when the stock market was facing headwinds and real estate was yet to recover from the effects of Covid-19.

Returns from government securities have since dropped as the State races to cut its borrowing costs in line with the Central Bank of Kenya’s cuts on its benchmark rate.

Treasury bills have dropped to 7.82 percent and bonds to a range of between 12.65 percent to 13.53 percent.

Many Kenyans, said UFAA, remain uninterested in pursuing funds legally belonging to them or their families.

The authority reckons it had received Sh36.09 billion in cash in local and foreign currencies from Sh23.2 billion in 2021.

Billionaire businessmen, former powerful government officials and prominent politicians are in the long list of individuals with shares worth Sh39.4 billion that have been surrendered to the Treasury, up from Sh30 billion in 2021 and Sh16.42 billion in 2017.

The shares surrendered to the authority remained idle as UFAA did not have a mechanism to receive and manage non-cash assets.

UFAA is not allowed under the law to operate a Central Depository and Settlement Corporation (CDSC) account, which is necessary for facilitating the transfer of unclaimed shares.

Surrendered safe boxes that are believed to contain jewelry, title deeds, share certificates and Treasury bills rose to 3,737 units from 1,953 in June. Over 9.87 million unit trusts whose values were not disclosed are also part of the idle assets.

The money is largely held by insurance companies, banks, pension schemes, legal firms, mobile phone money wallets and saccos, among others.

So far, the authority has reunited less than 10 percent of the billions worth of shares and cash with beneficiaries, representing 1.9 percent of the unclaimed assets.

Kenyans have failed to claim Sh3.2 billion lying idle in M-Pesa wallets, with Airtel and Telkom Kenya subscribers having Sh114.3 million and Sh7 million, respectively.

Some of the unclaimed assets are linked to the deceased having kept their wealth secret and the absence of Wills.

What leaders can learn from Raila’s boldness in opening up city bypasses

Nairobi’s Eastern, Northern and Southern bypasses, as well as their link roads, have a unique, but also annoying, history. It ended well, though, bespeaking the late Raila Odinga’s boldness in driving public good.

The bypasses, which provided much-needed relief to local and transnational traffic that did not enter the city centre, had been projected and planned for in the 1970s.

Since the corridors traversed private land, compulsory acquisition was done, and those affected were compensated. But the acquisition was not followed up with construction.

For years, life went on, with the corridors remaining unclaimed and hence available for all manner of land uses, other than the reserved one. Ultimately, politically correct operatives in the Kanu government, famous for high levels of public land-grabs, ‘discovered’ them.

With the connivance of those in public offices, the corridors were quickly re-planned into plots and subsequently allocated. The construction of palatial houses, and, in some cases, offices, followed and were completed in the 1990s.

It remains rather intriguing how people entrusted with leadership have lost vision and compromised, rather than protected, such vital public corridors.

It was then that the Council of the Institution of Surveyors of Kenya (ISK), which was privy to the bypass corridors grabbing, flagged the matter publicly.

It teamed up with Odinga, then minister for Roads, Public Works and Housing, to push for the opening up of the corridors. The ISK provided hard evidence of the public land grabbing by private individuals.

Convinced that there was a good case, and supported by an able team of his then Assistant Minister, Joshua Toro, PS Erastus Mwongera, Odinga confronted this seemingly insurmountable challenge boldly.

He was not deterred by the fact that the corridors had been re-planned and allocated at a high level, and that the beneficiaries were well-connected and influential persons.

Odinga provided focused and resolute leadership at a most needed moment. As the then chairman of the ISK Council, I witnessed the bureaucracy, the technical and political obstacles that he and his team had to relentlessly navigate.

The ministry went on to issue public notices, asking beneficiaries in the corridors to vacate, or else be evicted. Most resisted. Some went to court.

However, between 2004 and 2005, they were evicted, and developments were demolished, with construction of the bypasses commencing.

Ultimately, the bypasses were opened up and gradually constructed. Today’s leaders must learn to be bold in advancing and protecting public lands and resources, despite the risks.

Confronting threats and obstacles in the pursuit of the public good is what defines good leadership. On this, Odinga provided a powerful model.

Pornpawee back in fold after Thamanat meeting

Thai badminton ace Pornpawee Chochuwong has reversed her decision to withdraw from the upcoming 33rd Southeast Asian (SEA) Games, which are set to be hosted in Thailand later this year.

The change of heart came after a meeting with Deputy Prime Minister Capt Thamanat Prompow at Government House on Tuesday afternoon.

Capt Thamanat, who also serves as the Minister of Agriculture and Cooperatives and chairs the Sports Authority of Thailand (SAT), revealed that the discussion involved SAT Governor Gongsak Yodmani and Pornpawee herself.

The athlete had previously pulled out of the national squad due to management issues and the suspension of her allowance.

Following the meeting, Capt Thamanat announced the formation of a transparent, independent investigative committee to examine governance problems across all sports associations.

He emphasised that both Pornpawee and her coach have agreed to move forward and take part in the SEA Games.

The SAT governor has been tasked with resolving the internal issues, while Capt Thamanat will sign off on a special committee to handle complaints from athletes across all disciplines.

The newly formed committee will also scrutinise budget allocations to ensure transparency and accountability.

Seven sports eye 24 golds

Seven Thai sports associations on Tuesday outlined their readiness and expectations for the upcoming SEA Games, promising to add 24 gold medals to the Thai tally.

High-ranking officials from wrestling, extreme sports, sport climbing, jet ski, aquatics, billiards and e-sports attended a press briefing yesterday.

The Thai wrestling association is aiming for two gold medals in the women’s freestyle categories, while the extreme sports officials are targeting three gold medals in wakeboard, wake surf, and cable wake ball.

The sport climbing association is hoping to win two gold medals in the bouldering and lead competitions.

The jet ski association is confident of winning 4-5 gold medals, with 12 riders participating in the competition.

The aquatics association is targeting four gold medals in swimming and water polo, while the Billiard Sports Association of Thailand is expecting not less than four gold medals.

The Thailand E-Sports Federation is hoping to win two gold medals in the Arena of Valor (RoV) team and men’s team events.

SMEs better placed to tap ‘Quick Big Win’ solar projects

Small and medium-sized enterprises (SMEs) conducting business related to solar panels should gain greater opportunities to benefit from the government’s large solar power development projects, scheduled to launch next month, says Energy Minister Auttapol Rerkpiboon.

The projects, part of the government’s “Quick Big Win” policy, are expected to generate 120 billion baht in investment and boost the economy.

Quick Big Win is the flagship policy of the Anutin Charnvirakul administration, promoting swift, impactful and broadly beneficial projects over four months before a new general election is held early next year.

He was speaking ahead of a meeting of the National Energy Policy Council on Monday to approve the state’s 720-billion-baht energy development projects, notably solar power projects.

“SMEs will face less [regulatory] obstacles to participate in government projects than previous schemes,” Mr Auttapol told the Bangkok Post, referring to SMEs that import and supply solar panels, as well as those offering solar panel installation services.

In the past, large companies had advantages over smaller firms in the competition for state projects. Some SMEs failed to meet criteria or faced complicated regulations, which hindered them from securing jobs from the state’s projects.

But under the Quick Big Win policy, the authorities are going to launch four solar power projects designed for easier access by SMEs.

“We want to see Quick Big Win significantly drive the domestic economy within six months,” said Mr Auttapol.

The four projects include the development of community solar farms, with power generation capacity of 1,500 megawatts. Communities and businesses are encouraged to co-invest in developing solar farms to sell electricity to nearby communities via the Provincial Electricity Authority.

This project alone is expected to reduce nearly 1 million tonnes of carbon dioxide a year.

The second is a drive for solar-powered water pumps for farmers in areas spanning 700,000 rai of land nationwide.

The third is a plan to accelerate the installation of floating solar farms at dams operated by the Electricity Generating Authority of Thailand.

The final project is a initiative aimed at granting tax reductions to 90,000 households that install rooftop solar panels.

Building a better future together

In just a few days, the Asia Pacific Economic Cooperation (Apec) Economic Leaders’ Meeting will be held in Gyeongju, the Republic of Korea, from the Oct 31 to Nov 1. As this year’s host, Korea is working its final preparations to welcome delegates from 20 member economies, including Thailand, to ensure a successful and productive outcome.

The Asia-Pacific is one of the most dynamic and rapidly growing regions in the world, with a profound influence on the global economy. The 21 member economies of Apec together account for about 61% of global GDP and a half of world trade. Against this backdrop, Apec has served as a vital forum for dialogue, trust-building, and cooperation across the regions since its founding in 1989.

Today, as the world faces growing uncertainty and complex global challenges, Apec remains a cornerstone for shaping collective responses that are both practical and forward-looking. In this context, the theme of this year’s summit “Building a Sustainable Tomorrow: Connect, Innovate, Prosper” captures the aspirations that will guide our discussions.

This is not merely a slogan but an urgent call for action. Under this theme, leaders will focus on forging a joint vision and advancing practical cooperation to address the defining challenges of our time which are revitalising trade and investment, fostering digital innovation, and ensuring inclusive and sustainable growth amid growing geopolitical and geoeconomic uncertainty.

As Chair of Apec 2025, the Republic of Korea will present two key deliverables that reflect the region’s most transformative trends: AI Cooperation and Responding to Demographic Shifts.

The first deliverable aims to set an Apec-wide direction for responsible and inclusive AI development, emphasizing capacity-building, digital skills training, and the creation of a sustainable AI ecosystem.

The second deliverable seeks to strengthen cooperation on demographic challenges of ageing societies by developing responsive systems, enhancing labour mobility, and promoting innovation in healthcare to transform demographic transitions into new opportunities for growth. Gyeongju Apec will mark the first time that Apec leaders collectively discuss AI development and demographic challenge at the highest level.

The host city of this year’s meeting, Gyeongju, also carries deep significance for Korea. Once the capital of the ancient Korean kingdom of Silla for a thousand years, Gyeongju is renowned as a “museum without walls”, preserving an extraordinary wealth of historical and cultural heritage.

Hosting the Apec Leaders’ Meeting in this historic city underscores that while we look to the future, we remain grounded in the cultural legacies that continue to shape our societies. In Gyeongju, where the past meets the future, leaders will inscribe another historic page in our shared journey toward a sustainable future.

The expected participation of Thailand’s Prime Minister Anutin Charnvirakul will bring particular importance to this year’s summit. It will mark the first visit by a Thai prime minister in six years, since Prayut Chan-o-cha’s visit to Korea to mark the occasion of the 2019 Asean-ROK Commemorative Summit.

Such a moment will carry symbolic weight and highlight a shared determination to open a new chapter in bilateral cooperation. It will also provide an opportunity to reaffirm the long-standing partnership that has underpinned Korea-Thailand relations for more than six decades.

Both Korea and Thailand face common challenges including rapid technological change and shifting demographics. Our two nations have an opportunity through Apec 2025 to work together in shaping innovative and sustainable solutions that will strengthen our societies and contribute to the region’s collective prosperity.

As we welcome leaders to Gyeongju, we do so with a conviction that decisions taken here will echo far beyond Korea’s ancient capital. They will set the trajectory of Asia-Pacific cooperation in the years to come. With the commitment of all Apec members, we can indeed build a sustainable tomorrow together.

When students rise

Back in the mid-19th century, female education increased literacy and access to jobs and they began to fight for participation in public life. The public sphere promised them a new horizon. From the 1890s onwards, print media began to allow women to express their voice and authors vaunted personal talent and equality, including gender relations. Following the Siamese Revolution in 1932, women were enfranchised for the first time.

Little did two girls know they and many others would be at the forefront of change. With the expansion of tertiary education from the 1960s, female enrolment gradually increased, enabling women to enjoy better opportunities. After over a decade of military dictatorship, they joined other students and compatriots in demanding a return to democracy, though eclipsed by subsequent events.

At the time, Netnapa Khumthong and Sunee Chaiyaros were in college. Netnapa marched with hundreds of thousands on the eve of Oct 14, 1973. As the popular uprising buoyed the democratic spirit, she went on to become the first president of a women’s club at Mahidol University, but it took a tragic turn. She attended to patients when a bloody crackdown unfolded at Thammasat University on Oct 6, 1976, and then fled to Singapore.

Meanwhile, Sunee Chaiyaros joined a women’s group and a student council at Thammasat University. She and classmates thwarted an examination to mobilise support for a demonstration. Empowered by the popular revolt, she assisted workers in forming a labour movement. Unfortunately, the massacre forced her to hide in the jungle for eight years, and briefly after her return to the city, she was imprisoned on charges of communism.

Almost five decades have passed by since then. Recently, the student government of Chulalongkorn University organised a talk and exhibition to commemorate the 1970s. Some of the October Generation, including Netnapa and Sunee, reunited.

On the eve of Oct 14, 1973

Military power flourished during the Cold War. Executing two coups in 1957 and 1958, Field Marshal Sarit Thanarat came to power, stalling the constitutional project that started in 1932. Following his death in 1963, his subordinates from the army picked up the baton. Field Marshal Thanom Kittikachorn became prime minister, with Field Marshal Praphas Charusathien as deputy prime minister.

Under military dictatorship, political activities on campus were subdued. But from the 1960s, students began to vent frustration. In October 1973, student leaders who had campaigned for constitutional democracy were arrested on the charge of inciting a public assembly. At the time, Netnapa just got into Mahidol University. A student union leader persuaded newcomers to pressure the government.

“I didn’t have any political ideas, but I thought it doesn’t make sense to arrest them. We handed out [ammonia-soaked] cotton in a protest march from Thammasat University to Democracy Monument,” she said.

Meanwhile, Sunee had been interested in politics since high school. She chose to study at Thammasat University because of its liberal stance. She ran for MP of a student union. She recalled that a helicopter crash in Nakhon Pathom paved the way for the popular revolt. Following the arrest of student leaders, she and classmates locked exam rooms and put up posters around campus and students gathered at the university’s Lan Pho (Bodhi Lawn).

“It snowballed into a massive demonstration. It drew support not only from students but also workers, children and peasants, all of whom toiled long hours for unfair wages. They couldn’t suppress anger any more,” she said.

On Oct 13, 1973, half-a-million gathered in Bangkok. Authorities backed down and freed student leaders. Unfortunately the protest descended into violence on the morning of Oct 14, with the dispersal of the crowd culminating in the death of 77 and injury of 857. In the aftermath, the three tyrants — Thanom, his son Col Narong and Praphas — went into exile. It was followed by the royal appointment of a new premier.

Booming democracy

The collapse of military dictatorship ushered in the three-year democracy period (1973-76). Due to her involvement, Netnapa took an interest in politics, especially issues of social and economic justice. Study groups and like-minded networks expanded. She was introduced to eye-opening books. For example, Seni Saowapong’s Wanlaya’s Love changed her view towards romantic relationships.

“Students should not just pursue studies, but advocate for change in society, for example, the protection of the working class from exploitation,” she recalled.

Netnapa joined demonstrations and volunteer camps in remote areas. Students also organised first-aid training for workers.

“Because of my involvement in these activities, I was chosen as the first president of a women’s club at Mahidol University,” she said.

Netnapa explained that democracy empowered women by increasing their participation and amplifying their voice, especially during the three-year democracy stint. Students formed women’s groups on campus. Inspired by International Women’s Day, they advocated gender equality at all levels. For example, they campaigned for a ban of a beauty pageant for its disregard of women’s dignity.

“During the campaign, an accident left a wound on my left arm,” she said, touching it.

At midnight, Netnapa and friends would ride in the back of a pickup truck and plaster posters around the city to oppose the commodification of women. After finishing work, some went home their own way and others returned to their headquarters. While approaching Democracy Monument, the vehicle lost balance and flipped over, which scraped her left arm against the road surface. Netnapa was rushed to the hospital.

“I was safe and saw that our campaign came to fruition. We had published articles in newspapers, put up posters and organised seminars to raise public awareness. Beauty pageants disappeared for a decade,” she said.

In the same way, Sunee said female students gathered for self-empowerment. She proposed to scrap the uniform dress code, which inconvenienced women during political activities. A student council agreed to relax the rule, allowing students to wear casual clothes except on examination days. They also sought parental permission together to attend rallies, which in turn encouraged mothers to tag along.

“Hence, they are called ‘revolutionary mums’. Over time, my mum provided food and lodging for strikers who were laid off after Oct 14,” Sunee laughed.

According to Netnapa and Sunee, women’s groups lent support to workers. For example, Sunee disguised herself as a factory worker to form a union. In addition, they campaigned for wage increase. Following the popular revolt, the number of strikes rose to 600 in a month. Once, thousands of workers went on strike for a week at Sanam Luang. With her group’s support, women and children seized their factory, Hara, to negotiate for better working conditions.

“However, a right-wing terror reigned and a number of workers were murdered,” she said.

Overshadowed by Oct 6, 1976

Netnapa said prior to the bloody crackdown, state violence had been gradually escalating. In March 1975, an explosion killed and injured demonstrators during their march to Siam Square to oppose US troops. Sunee’s mother joined a nearby rally. A newspaper reported that a student leader at Mahidol University’s Faculty of Public Health was assassinated during his internship in Nakhon Ratchasima.

A right-wing campaign built up over time. In 1971, the Border Patrol Police established the Village Scouts Movement for anti-communist purposes. Founded in 1973 to combat communist insurgency, the Internal Security Operations Command (Isoc) supported the formation of Nawaphon, a propaganda campaign to muster support for the army and the Krathing Daeng (Red Gaurs), a vigilante movement that dispersed demonstrators with force. Communism, student activism and progressive politics were attacked. Any support for change was perceived to challenge the nation, religion and king.

Things reached boiling point in 1976. Netnapa said when Praphas returned to Thailand in August, even though students successfully ousted him, they were hurt by an explosion. A month later, Thanom came back in a monk’s robe. Demonstrations were met with a lynching of two electrician-cum-protesters in Nakhon Pathom. Last month, she joined a commemorative event to honour them.

As the time drew nearer, students were assembling at Thammasat University. Women from Mahidol were first-aiders. By the night of Oct 5, officers had surrounded the campus, but they carried out medical duties regardless. Early on Oct 6, an attack was launched. Some of her classmates were killed. Students were collared at a football field. Some women were forced to take off shirts.

“I was shaken with rage and pain. They really degraded women,” she recalled. “Subsequently, my family sent me to Singapore for a while.”

Meanwhile, Sunee said a union at a factory in Om Noi, Samut Sakhon, faced multiple threats. When they were about to move out for safety, police officers arrested nine of them on charges of communism. During imprisonment, she saw female inmates dehumanised. For example, they were internally searched. With the support of a foreigner, two of them were released on bail.

Sunee assisted her sister at Atipat, a newspaper of the National Student Centre of Thailand. Early on Oct 6, they arrived and witnessed the massacre at Thammasat University, forcing them to flee to a communist base in Phu Sang, Udon Thani. Supporters had adopted the rural strategy and armed struggle. Sunee and her sister were recruited into a female cadre, which provided support to the armed forces, and remained in the camp for eight years.

“Shortly after leaving the jungle in 1984, I was imprisoned on charges of communism because I failed to report to the court when a verdict was read,” she said.

During the bloody crackdown, students who tried to escape were tortured outside the campus. Thousands were arrested. After an army faction staged a coup, Thanin Kraivixien, an anti-communist judge, assumed the premiership and announced a 12-year hiatus before a return to constitutional democracy. By that time, many had taken refuge in the jungle. Another 3,000, including Sunee, joined them, while others, like Netnapa, fled abroad.

After the 1970s

Netnapa said following the collapse of communism, defectors returned to society and rose through the ranks. Still, many of them worked for non-governmental organisations (NGO) to advance the rights of disenfranchised groups. Netnapa received a scholarship to pursue a master’s degree in social sciences and taught at Mahidol University. After completing her PhD in the UK, she “implemented reform” by taking medical students to rural areas.

“Students should do fieldwork to see real-world problems and change our society as we did in those days,” she said.

Netnapa also worked with an NGO to campaign for women’s right, for example, legalisation of abortion. She believed that “regardless of your job, you can make society better”.

Sunee said in the aftermath of the 1970s, “some still advocated for social change, while others chose to live a normal life” because “they thought they already finished their historical roles”.

However, Sunee continued her involvement in political and social issues, especially gender equality. Following Black May in 1992, she went on to become a member of the Constitution Drafting Assembly. She fought very hard to ensure that the constitution of 1997 enshrined women’s rights. Under this charter, women and men are equal and they must receive protection from unfair treatment, sexual abuse and domestic violence.

“I witnessed a lot of negative sentiment due to my debate about women’s rights. I was accused of being a communist and making the charter left-leaning,” she said.

Sunee said, however, ideological differences should not cause divisiveness. “It is better to form an alliance in fighting those in power.”