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IT'S OVER Thailand Elite Card Closing Down

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Posted: 02 May 2011 | 6:00 am

The beleaguered Elite Card or more correctly Thailand Privilege Card Co., will be wrapped up due to financial insolvency according to a government release.

Things still appear to be sticky with an existing international membership of 2,565 and 85 employees.

It's been quoted in the local press that a budget of THB2.5 billion has been set aside by the government to settle with existing customers and close out expenses.

What's left for many is the painful memory of a high profile initiative by former Prime Minister Thaksin Shinawatra which went awry.

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But what I don't understand is why their web site is still up and running? Not even a mention within it that the scheme is, or is likely to be, closed down.
Is this thing dead or not dead ... a zombie perhaps? Bill Barnett responds:
Let's say its complicated and the bottom line is the future remains very uncertain for now but the organization has been racking up debt and is operating in the red, so stay turned.

Bruce, 25 Jun 2011 | 4:55 pm

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