Thai PBS chief quits over investment controversy

Mr Kritsada Ruengareerat resigned on Wednesday as director-general of Thai PBS to demonstrate his responsibility over the public broadcaster’s investment in bonds of CPF, a unit of the Charoen Pokphand Group.

While insisting that the controversial investment was legal and was beneficial to Thai PBS, he said the move might have hurt the feelings of members of the public and the network which has been working closely with the organization.

He added that he understood their concerns and was willing to accept their suggestions.

Asking for their forgiveness, Mr Kritsada said he was ready to accept his responsibility over the controversy by resigning as director-general of Thai PBS.

Mr Kritsada was appointed Thai PBS director-general on 15 January 2016 by the board of governors.

Earlier, Thai PBS issued a statement, defending the investment, saying that it did not affect the performance of duty of the organization as the public broadcaster and that it was ready to withdraw the investment.

The investment in the private sector, however, has provoked criticism in some sectors about the suitability of the investment by Thai PBS which relies on funding from “sin tax” provided by the government.