Bangkok: The Khlong Khlung Farmers’ Group from Kamphaeng Phet took their grievances to the parliament, seeking assistance from Senator Phinyaphat Sasaniyachiwin after being unable to withdraw their deposited funds from a cooperative. The group claimed that the total sum involved exceeds 400 million baht, leaving villagers in distress, with some experiencing severe stress and having suicidal thoughts as their life savings are at risk.
According to Thai News Agency, Mrs. Phinyaphat, a police lieutenant, received a formal complaint from the farmers. They reported that their deposits, comprising farm and retirement income placed in the cooperative since last year, were inaccessible. The cooperative cited liquidity issues without providing a clear timeline for the return of funds. Even though some victims lodged complaints with the police, no progress has been made. This has forced many villagers to borrow money, sell valuables, and endure immense stress, leading to insomnia and suicidal ideation.
Mrs. Phinyaphat highlighted that since 2014, villagers, including farmers and civil servants, have entrusted their savings to the cooperative, attracted by interest rates initially at 5.25% and later reduced to 3.5%, still higher than banks. With some individuals having deposited up to 4 million baht, Mrs. Phinyaphat expressed her understanding of their plight. She committed to urgently coordinating with Mr. Wisit Srisuwan, Director-General of the Department of Cooperative Promotion, Ministry of Agriculture and Cooperatives, to seek solutions. Should this fail, she intends to escalate the issue to a Senate committee. She reassured that no similar cases have been reported elsewhere.
Ms. Phinyaphat emphasized the villagers’ dependency on the cooperative due to the lack of bank accounts, highlighting their distress over the cooperative’s liquidity claims, which restrict or prevent withdrawals. As a result, many villagers face financial ruin, contributing to stress-related health issues.
Ms. Thassirakun Akkaraworn, a lawyer representing the villagers, noted that police reports have not prompted any action. Some villagers have sought legal mediation, discovering that the cooperative attributes its liquidity problems to uncollected debts from multiple billion-baht loans.
A retired civil servant teacher emotionally recounted the inability to access his savings, derived from his career in civil service, appealing to the Senate for intervention. His plea underscores the dire financial straits faced by many who relied on the cooperative for financial security.
