OPINION

Market malaise

Re: "Foreigners continue exodus from Thai stock exchange", (Business, Nov 6).

Thailand really doesn't need any more IPOs to improve the Stock Exchange of Thailand (SET).

The SET has zombie companies whose businesses barely generate any profit and whose shares have been trading at a minimal satang level for years.

Not every dentist or beauty clinic needs to be listed on the exchange.

Currently, the SET is trading lower than it was 10 years or even 30 years ago. Instead of chasing quick profits, with IPOs that are forgotten after two days of fame, it would be better to improve the quality of companies that want to go public.

A large proportion of IPOs in the last 10 years are trading 40-80% below their issue price. As long as brokers don't do their homework, it is a pipedream that Thailand will become a financial hub.

Lawless lawmen?

Re: "Probe urged after police branded 'criminal gang", (BP, Nov 6).

I fully back the right of four police organisations to call for a fact-finding probe into allegations branding the Royal Thai Police (RTP) a "criminal gang".

But to be fair, we must first investigate whether the allegations are factual, and if so, thank the Help Crime Victims Club and former police chief Pol Gen Surachate "Big Joke" Hakparn for bringing this critical matter to our attention.

Strong rumours that our RTP have been corrupt to the core have been common.

Circa 2010, Pol Gen Vasit Dejkhunjorn recommended deep, thorough reforms to then-PM Abhisit, but little came of it.

In 2020, ex-graftbuster Vicha Mahakun submitted recommendations on reforming the RTP and OAG to then-PM Prayut, who promptly buried the report, and no PM since then has dared mention it to the public. Disappointingly, the loyal opposition has also failed the country on this matter.

Further, a 2023 NIDA poll found that nearly 70% of respondents were "not confident" or "not quite confident" that our police performed their duties with integrity, free from influence or illegal interests. Over 70% of respondents to the 2024 Ipsos Crime and Law Enforcement Report for Thailand named our cops as the least trusted law enforcement agency in the country.

Last year, Big Joke and "Big Tor" -- then national police chief Torsak Sukvimol -- each accused the other of being on the take, with court-quality evidence.

Then-PM Srettha admirably appointed a probe committee quickly. Big Joke and his underling officials were fired for linking with an illegal online gambling website.

Late last month, the police committee found that former Big Tor and another 200 cops might have a link with an online gambling website, too.

Let's find out the truth: Are our cops crooks? If so, what will we do about it?