AEC Freezes Thaksin's Assets, Proceeds From Shin Corp Sale

[george]

AEC freezes Thaksin's assets, proceeds from Shin Corp sale

BANGKOK: -- The Assets Examination Committee decided Monday to freeze assets of former prime minister Thaksin Shinawatra and his close relatives on five charges.

The AEC announced its decision in document handed to reporters.

The AEC froze all bank accounts of Thaksin and his wife, including foreign bank accounts as well as accounts of proceeds from the sale of Shin Corp shares to Temasek Holdings of Singapore.

The AEC said Thaksin had abused his authority as the prime minister to benefit business interests of Shin Corp.

The five charges are irregularities related to the following projects:

1 The purchase of a plot in Ratchada area worth Bt772 million

2 The purchase of rubber seeds worth Bt1.14 billion

3 The purchase of CTX bomb scanners worth Bt1.5 billion

4 The two and three-digit lottery project worth Bt37.79 billion

5 The exemption of telecom firms to pay concession fees worth Bt30.667 billion.

-- The Nation 2007-06-11

[sriracha john]

AEC to announce whether to freeze ousted PM's assets

Mobile broadcast units of all television channels are on a stand by at the Assets Examination Committee office on Rama VI on Monday amid speculations that AEC will announce its decision whether to freeze assets of exiled prime minister Thaksin Shinawatra or not.

The AEC started a meeting at 1.30pm to discuss whether to freeze Thaksin's assets as he is under investigation on charge of conflict of interest.

The speculation that his assets may be frozen run high after Khunying Jaruvan Mainthaka, the auditor-general who is on the AEC, told reporters earlier the day that the AEC would have a big news.

Sources said the AEC has informed mobile broadcast units of several TV stations to be on standby to broadcast live its decision.

- The Nation

==========================================

Now, we're talking...

Ousted Thaksin's money reduces from Bt73 billion to Bt52.88 billion

Assets Examination Committee (AEC) ruled on Monday to freeze assets of ousted prime minister Thaksin Shinawatra and his associates on charges of corruption and malfeasance.

AEC ordered the freezing of all bank accounts, issued inside and outside Thailand and at all financial institutions.

It also ordered banks that Thaksin and associates have accounts to report all deposits and withdrawals of money of the bank accounts, starting from 2001, the year Thaksin became prime minister.

The order came as AEC alleged that Thaksin abused his power and corrupted for the benefits of his Shin Corop in five projects which included his wife's purchase of Ratchadapisek land, purchase of rubber saplings, purchase of bomb detector machines for Suvarnnabhumi Airport, issuance of two and three-digit lotteries.

Among the allegations, the AEC believed that Thaksin and his associates allegedly corrupted when he sold his Shin Corp's stocks to Singapore government-owned Temasek Holdings, worth about Bt73.3 billion.

AEC found that Thaksin had already transferred from his bank account the money obtained from selling Shin Corp's shares to Temasek. Remaining money in his bank account has been vanished, reducing total wealth from Bt73.3 billion to Bt52.88 billion.

AEC's member, Kaewsan Atiphoti told reporters that Thaksin is required to defend the allegations within 60 days.

Kaewsan added that the ousted premier can appeal the freezing order.

- The Nation 2007-06-11

[LaoPo]

1. Ouch !

2. "froze foreign bank accounts" ?

3. wonder where the 'accounts of proceeds from the sale of Shin Corp shares to Temasek Holdings' are...?

4. doubt if it will leave him penny less

5. He must have taken his -financial- steps, long ago

but still:

Ouch !

LaoPo

[sriracha john]

NATION WEBLOG

Assets Freeze/Talk to the editor

Meet the Nation editor Tulsathit Taptim on his blog now to read analysis on the current political situation, focusing on the shocking order to freeze assets of the former first family.

You can exchange your opinions with him in real time here:

http://www.nationmultimedia.com/webblog/vi...86&bid=2832

[sriracha john]

The Nation's Web Blog Thus Far:

6.30 pm: This is supposed to be the second big blow to Thaksin Shinawatra after the dissolution of the Thai Rak Thai Party. Again the political scene of Thailand has come to a standstill and dramatic suspense following an announcement that the Assets Examination Committee was about to declare freezing parts of his assets.

Again, I and managing editor Thanong Khanthong will be with you until the dust settles down on this major development. And again, welcome your opinions and any question.

Initial speculation has it that this measure will revolve around Thaksin's "old sins" _ the share concealment as well as alleged policy corruption benefiting his former Shin Corp.

"You can expect to hear the name of Ample Rich again," one of our sources said. The Ratchadapisek land purchase could also prop up.

6.45 pm: The highly-anticipated news conference was brief. But what was announced was stunning. In effect, what the Shinawatras earned from the sale of Shin Corp to Temasek has been frozen. And in addition to that, all bank accounts of Thaksin Shinawatra and his wife Pojaman have also been frozen.

The Asset Examination Committee issued two orders. The first order has effectively frozen much of the proceeds Thaksin and his family have gained from the sale of Shin Corp to Temasek Holdings of Singapore for Bt73.3 billion. Of this amount, Bt52.8 billion will be frozen.

The order requires the banks to freeze all the 21 bank accounts of Thaksin and Pojaman in which the Bt52.8 billion was deposited.

The second order will freeze remaining bank accounts of the Shinawatra couple.

AEC members Nam Yimyaem, Sak Korsaengruang and Kaewsan Atipho held the news conference to announce the asset freeze, coming a day after Prime Minister Surayud Chulnanont called for the Thai people to accept the Constitution Tribunal's verdict to dissolve the Thai Rak Thai Party.

7 pm: The second order of the Asset Examination Committee also offers for anybody who really owns any of the bank accounts believed to belong to Thaksin and Pojaman to come forward within 60 days and prove ownership.

If he or she can prove real ownership, then the Asset Examination Committee will order the banks to release the freezing of the bank accounts.

The freeze of Thaksin and Pojaman's money marks the first step of the justice process as the Asset Examination Committee will lodge the cases of corruption against them in the court of justice. If Thaksin and Pojaman are not found guilty, they will be entitled to get their money back. If proved guilty, their money will be seized by the state.

--------------------------------------------------------------------------------

[sriracha john]

The Nation's Web Blog:

7.15 pm: This carries profound political significance. Thai Rak Thai key members, in disarray after the party dissolution order, will all but have their hope of regrouping dashed. Without funding from Thaksin, it will be very difficult to keep the restless former MPs together.

The assets freezing order also has come at a time when protests against the coupmakers and the Surayud government are gaining momentum. The protests are believed to have been jointly organised by those genuinely opposed to the coup and Thaksin's supporters.

While the assets freeze order will not affect the anti-coup activists, it will rock pro-TRT protesters hard.

--------------------------------------------------------------------------------

[danxav]

How is suppose to buy Manchester City now? Hahahaha

[joskydive]

I thought he was in the middle of buying Man U. Now what?

[LinkPopularity]

like his money isn't far, far away !

they never get it, they better give the 500 million bath back they gave to army. (read, the 500 million bath the army paid themselves for kidnapping the country) what ? you didn't know that one ? happily ignored it ? sdtill pretending that isn't more blatant corruption then all Thaksin did ?

[sriracha john]

BBC Breaking News

Thailand seizes Thaksin's assets

Bank accounts belonging to Thailand's billionaire former Prime Minister, Thaksin Shinawatra, have been frozen, the government has announced.

A committee investigating claims of corruption during Mr Thaksin's era said it had ordered 21 accounts be frozen.

Mr Thaksin, who now lives abroad, has been under investigation since he was ousted in a coup last September.

His party was ordered to be dissolved and he was banned from politics for five years by a tribunal last month.

- BBC

[LifeConvo]

How can a govt freeze assets outside the country? this sounds pretty dodgy to me.

Propagander at its finest.

[sriracha john]

Ousted Thai Prime Minister Thaksin Shinawatra and his wife are expected to have billions of dollars in assets seized.

Reuters

Thailand to seize ousted PM assets

BANGKOK, Thailand -- Thailand's government said on Monday it would seize 21 bank accounts with assets worth 52.9 billion baht ($1.53 billion) held by ousted Prime Minister Thaksin Shinawatra and his wife.

The announcement from the Assets Examination Committee (AEC), established after a September coup against Thaksin, followed months of investigations into alleged corruption during his five years in office.

No charges have been filed in court, but the AEC said it had come to the conclusion "that Thaksin and his cronies had been corrupt and committed wrongdoings," the panel said in a statement.

A former policeman and telecoms tycoon, Thaksin came to power in 2001 at the head of his Thai Rak Thai (Thais Love Thais) party, promising to improve the lives of rural Thais with schemes such as universal public health care and cheap credit for farmers.

He was very popular in the countryside, but critics and political opponents said he used his vast personal wealth to blind voters to "policy corruption" under which his companies, such as his family's Shin Corp telecoms empire, benefited unfairly.

The $3.8 billion sale of Shin Corp to Singapore state investment company Temasek in early 2006 triggered mass street protests.

"They have illegally obtained wealth through abuses of power to benefit Shin Corp," the AEC statement said.

Thaksin, who was in New York at the time of the coup, has not been allowed to return to Thailand since. He has spent most of his time in London or traveling round Asia playing golf and giving interviews that have upset Bangkok's military rulers.

- Reuters

[asd]

The CTX case is deemed a priority for setting the stage to deal with graft violations involving the previous administration.

The 4 billion baht procurement of CTX9000 explosives detection machines from the US was the worst of several corruption scandals at Suvarnabhumi airport.

Thaksin's largest problem is the investigations into various aspects of his family's controversial Bt73 billion sale in January of a controlling interest in the Shin Corp communications group to Temasek Holdings of Singapore.

[sriracha john]

Thai anti-graft committee freezes assets of former PM Thaksin and wife

BANGKOK, Thailand: A special committee to investigate corruption in the former government of ousted Prime Minister Thaksin Shinawatra announced Monday that it has ordered the assets in Thailand of Thaksin and his wife frozen.

The Assets Examination Committee, set up after Thaksin was deposed in a bloodless coup last September, announced that bank accounts belonging to the couple would be frozen.

Thaksin, who was prime minister from 2001 to 2006, made his fortune in the telecommunications sector. He was ousted after demonstrations accusing him of corruption and abuse of power.

Committee spokesman Sak Korsaengruang said his agency had issued two orders covering the assets of Thaksin and his wife.

The first freezes 21 of their bank accounts holding money they made from last year's US$1.9 billion (€1.4 billion) sale of Shin Corp, the flagship company for the family's telecommunications holdings, to Temasek Holdings Pte. Ltd. a Singapore state company.

The second orders all accounts that the couple holds in banks and other financial institutions in Bangkok to be frozen pending investigation of whether they were obtained through corruption.

The accounts will be frozen until courts rule on legal cases underway against the couple.

Thaksin and his wife have 60 days to appeal the committee's actions.

- Associated Press

[LaoPo]

How can a govt freeze assets outside the country? this sounds pretty dodgy to me.

Propagander at its finest.

It will indeed be very difficult for the AEC to try and freeze Offshore bank accounts. It's a long process.

Apart from that: tax fraud and/or corruption allegations are not exactly on the list of those Offshore Banks in order to cooperate with requests to freeze his accounts...(hard) drugs are.

LaoPo

[joskydive]

7 pm: The second order of the Asset Examination Committee also offers for anybody who really owns any of the bank accounts believed to belong to Thaksin and Pojaman to come forward within 60 days and prove ownership.

If he or she can prove real ownership, then the Asset Examination Committee will order the banks to release the freezing of the bank accounts.

--------------------------------------------------------------------------------

I don't really understand this bit!

I sure wouldn't be putting my money in someone elses bank account so does it mean that they have made these accounts with false ID's?

[discomick]

Too little too late , how long as he had to move his money around ? And i am sure there are places you can put money with no questions asked ie Swiss banks ! Ask the nazis

[LifeConvo]

How can a govt freeze assets outside the country? this sounds pretty dodgy to me.

Propagander at its finest.

It will indeed be very difficult for the AEC to try and freeze Offshore bank accounts. It's a long process.

Apart from that: tax fraud and/or corruption allegations are not exactly on the list of those Offshore Banks in order to cooperate with requests to freeze his accounts...(hard) drugs are.

LaoPo

Given the current "state" of the thai govt, I find it highly doubtful any other country is taking such claims seriously. time will tell I guess.

[kenk3z]

Well, I don't think anyone expected that ALL of Thaksin's assets could be seized. After all, the main thing Pojaman has been doing for the past nine months is visiting banks and shifting assets out of the country.

But they may get enough to cover what the family "should" have paid originally in taxes.

Obviously to have maximum effect, these assets would have been frozen the day or day after of the coup. And the family members arrested and/or exiled. Perhaps a comparison of Pojaman in jail with Paris Hilton in jail could be made, although it would be a good guess as to who would have better housing conditions.

kenk3z

[CNXagent]

Hope that the AEC freeze the accounts belonging to the drivers, maids, gardeners , security guards etc too ! You never know how many more honest mistakes he or Mrs will make !

[BlackJack]

looks like the daughter may be pursuing a career at Mac Donalds after all

[paully]

The AEC froze all bank accounts of Thaksin and his wife, including foreign bank accounts as well as accounts of proceeds from the sale of Shin Corp shares to Temasek Holdings of Singapore.

A bit too late for this, surely. Thaksin's real money is under the name of his chauffeur in Switzerland, I'd expect, well outside the reach of the AEC.

[soundman]

Finally - the second step to vindication for my six year anti Taksin stance.

Soundman.

[Mid]

The ruling is unfair and I will fight until the end : Thaksin

Mon, June 11, 2007 : Last updated 20:08 pm (Thai local time)

Embattled Thaksin Shinawatra criticised as "unfair" the order of Assets Examination Committee to freeze his assets.

Thaksin's spokesman, Noppadon Pattama, quoted Thaksin as saying that he will fight until the end.

"The order is not fair. I will bring the case to all courts; criminal and civil," Thaksin said.

Noppadon said Thaksin informed him in a telephone conversation after the AEC ruled on Monday to freeze assets of Thaksin and his wife; Khunying Pojaman.

Thaksin has been in exile in foreign countries after the military junta ousted him in a coup de'tat in September last year.

The Nation

[gbswales]

Ousted Thai Prime Minister Thaksin Shinawatra and his wife are expected to have billions of dollars in assets seized.

Reuters

Thailand to seize ousted PM assets

..........A former policeman .....

- Reuters

so who would elect a former policeman into office and not expect what happened....?

Anyway I still say it is WRONG WRONG WRONG to disolve a political party in a democratic society because some of it's leaders are corrupt - the only valid reason for banning a political party in my view is that they stand for something unacceptable to the world community - such as racism, geonocide and going against demorcracy - its fine to ban the guilty people from entering politics or even holding office (providing they are proven guilty) but disenfranchising millions of voters by removing heir party has to be wrong. Still by my reasaoning the military junta could ban themselves as what they did, and are still doing, is undemocratic.

I understand what they did, in a way, but they should have simply, ousted the government, disclosed the truth to everyone and then returned the country to the ballot box within a few months - there would have been no better way to undermine the Thai Rak Thai party than to see them suffer a humiliating defeat at the ballot box. As it is now, come the election, whenever one takes place, they can play the martyr. It is also totally undemocratic for an unelected body to be drafting a constitution - you may as well give that power back to the monarch!

[lazeeboy]

How can a govt freeze assets outside the country? this sounds pretty dodgy to me.

Propagander at its finest.

It will indeed be very difficult for the AEC to try and freeze Offshore bank accounts. It's a long process.

Apart from that: tax fraud and/or corruption allegations are not exactly on the list of those Offshore Banks in order to cooperate with requests to freeze his accounts...(hard) drugs are.

LaoPo

i bet he's gutted now only having 37 billion ,the time it took me to send this message he earn't more than i will all year

[Edonista]

like his money isn't far, far away !

they never get it, they better give the 500 million bath back they gave to army. (read, the 500 million bath the army paid themselves for kidnapping the country) what ? you didn't know that one ? happily ignored it ? sdtill pretending that isn't more blatant corruption then all Thaksin did ?

no, no, those 500 million baht are public expense, they get computed in Thailand GDP...if it wasn't for increased military expenses, how could GDP show a + while private investments and consumption both show a - ?

[deminister]

Frozen, though there are no court cases pending. Frozen for organizing a 2 and 3 digit lottery from which poor children were sent to school! Chapeau! I forgot that this money was of coruse detined for corrupt men in brown, police and army alike. How funny to see mister Kraisak Choonhavan observing an pro Thaksin rally. This crime and corruption fighter must be taken very seriously! If he would put his money where his mouth is, his family will go bust. Chatchai Choonhavan his father was the biggest thief of all prime ministers Thailand has ever had. His father was also served with such an order. He got his money back. So this government is spot on! ONE law for us all. Well not really of course. One law for them and one for the rest of us. The rest of us have to abide to laws that are made by decrete, and our judges have been appointed by the very persons who made the law. Laws are actually court ORDERS in those circles, and are applied retro actively. Democracy has long gone. I only wonder, did Jaruvan find this out herself or her children who are working for her on a nice salary paid for by the poor Thai farmers, whose children cannot attend college anymnore because the proceeds of the 2 and 3 number lottery goes now back in the pocket of sonthi's friends.

[Edonista]

so who would elect a former policeman into office and not expect what happened....?

Anyway I still say it is WRONG WRONG WRONG to disolve a political party in a democratic society because some of it's leaders are corrupt - the only valid reason for banning a political party in my view is that they stand for something unacceptable to the world community - such as racism, geonocide and going against demorcracy - its fine to ban the guilty people from entering politics or even holding office (providing they are proven guilty) but disenfranchising millions of voters by removing heir party has to be wrong. Still by my reasaoning the military junta could ban themselves as what they did, and are still doing, is undemocratic.

I understand what they did, in a way, but they should have simply, ousted the government, disclosed the truth to everyone and then returned the country to the ballot box within a few months - there would have been no better way to undermine the Thai Rak Thai party than to see them suffer a humiliating defeat at the ballot box. As it is now, come the election, whenever one takes place, they can play the martyr. It is also totally undemocratic for an unelected body to be drafting a constitution - you may as well give that power back to the monarch!

You assume TRT would lose elections. TRT would have won the elections whenever called for, either now or 1 day after the coup. TRT is the only party that ever did something for the poor people of this country, that are by far the absolute majority. Poor Isaan farmers understand nothing about Taksin corruption, they know only that he was the only one to help them with the 30 baht health care scheme and with lending facilities.

Snob Bangkokians Democrats will never gain their hearts (nor their votes)

[Edonista]

Finally - the second step to vindication for my six year anti Taksin stance.

Soundman.

You think your business sales will improve now ? Prepare for delusion....