Thailand To Seize Thaksin's Assets

[george]

Thailand to target deposed PM's assets

BANGKOK: -- Thailand may seize the assets of ousted premier Thaksin Shinawatra, a self-made telecom tycoon believed to be worth over $2-billion (about R14,6-billion), the new military junta said on Friday.

"It's under consideration on how we will proceed," with Thaksin's vast assets, said air force chief Chalit Pukbhasuk, one of the military leaders who toppled Thaksin in a bloodless coup on Tuesday.

The junta also appointed a new nine-member National Counter Corruption Commission, clearing the way for a probe of the financial affairs of Thaksin, who was staying in London on Friday.

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth $2,2-billion.

The 56-year-old, who took office in 2001, was the founder of Thailand's telecom giant Shin Corp., which includes the country's top mobile phone company, satellite services and a stake in a budget airline.

His family in January sold a nearly 50-percent stake in Shin Corp. and earned R1,9-billion under a tax-free deal, setting off months of street protests demanding his ousting over alleged abuse of power and corruption.

The commission said Friday that when Thaksin first took office he declared assets worth 15.12 billion baht (about $2,9-billion) held in 27 bank accounts and in stocks in 29 companies and investment funds.

Months after taking office, a top court found Thaksin not guilty on charges that he had failed to disclose full assets to the authority.

Thaksin also owned four houses, 35 buildings and land in Bangkok, in his hometown in northern Chiang Mai province, in the southern tourist resort of Phuket and elsewhere.

He also declared 10 cars including a Porsche and a Ferrari, and stacks of diamonds, rubies, topaz necklaces, rings and watches.

Earlier Friday, the junta expanded the powers of the national police chief, which would make it easier to press ahead with prosecutions against Thaksin and other members of his government.

Thailand's auditor general told local media that she would be ready to complete at least one long-standing corruption investigation into him within days.

The junta has promised to appoint a new civilian government within two weeks, and to draft a new constitution to clear the way for elections in October 2007.

Air chief Chalit said the generals were considering at least five candidates to become the new prime minister, but he declined to reveal their names.

"The new prime minister is likely to be a legal expert because he has to implement constitutional reforms, while his deputies can oversee economic affairs," he said.

"There are more than five people under consideration, and I expect he will be named soon," Chalit said.

-- AFP 2006-09-23

[Tony Clifton]

"The new prime minister is likely to be a legal expert because he has to implement constitutional reforms, while his deputies can oversee economic affairs,"

Great move, the previous PM was only a loophole expert.

[crocodilexp]

Completely expected, and completely wrong. Thaksin probably did obtain a significant amount in shady if not outright illegal ways, but confiscating the property just because someone is out of political favor sends a very wrong message about Thailand. There should be legal procedings questioning the origin of property, but they should apply to all people in or close to politics, not just to Thaksin. Of course, snow in Bangkok is more likely than this...

[cclub75]

Completely expected, and completely wrong. Thaksin probably did obtain a significant amount in shady if not outright illegal ways, but confiscating the property just because someone is out of political favor sends a very wrong message about Thailand. There should be legal procedings questioning the origin of property, but they should apply to all people in or close to politics, not just to Thaksin. Of course, snow in Bangkok is more likely than this...

The purge must start with the head.

It's only the begining of a process. Do not worry, some eminent members of Thaksin's clique will come under investigation too.

You continue to think that it's only a "little corruption", like a bad thai tradition, a form of "exotism".

No. With Thaksin, and for the first time in the modern history of this country, corruption has reached an industrial level.

We are going to be surprised in the weeks to come... Now that officials can really conduct investigations.

Pongsak (Minister transport), Somchai.... all of them are dirty. Sisters, wife, children, cousins, step brothers of Thaksin... All of them will feel the shame of the caught thieves.

NCCC must do it swiftly. To set an example, a precedent. So future candidates will think twice.

[Tony Clifton]

Exactly.

Ex- Senator Galung (not sure about spelling) mentioned that you can expect a minimum of 1000 people to follow Thaksin down the same alley.

[dotcom]

Some of his millions were probably earned honestly.

Edited by Admin2.

[charlesfrith]

The Maid and the Chauffeur seemed to have been highly paid considering their job responsibilities. Phatongtae is also highly wedged up for a student and maybe his degree from Ramkamhaeng can be reviewed now.

[a2]

Please consider the contents of:

http://www.thaivisa.com/forum/index.php?sh...mp;#entry906667

[cobra]

Most likely just the due taxes on recent sales of large assets,

which would leave still very comfortable.

[VTR1000]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

Edited September 22, 2006 by VTR1000

[stephseng]

congratulation to the general sonthi....

snip - Admin2

[a2]

Thread tidied up.

This forum is subject to the prevailing political situation in Thailand which is detailed in the link in my post above.

We ask that members understand that, for the time being, we have to be careful what is posted on the forum.

[yoshiwara]

The process now behind the scenes is to dismantle Toxin's web of influence and part of this will be the abolition of TRT. Toxin is a classic case of an overreacher (play:Edward II). It was getting like the President Marcos era. All ruling elites must seek to at least pay lip service to represent wider society. By flogging off his assets and finessing the avoidance of taxes, it was clear that the only purpose of his rule was self and own family. He was and remains a risk to any semblance of a stable Thai society. Democracy? The fight over the appointment of electoral commisioners and no-taxin's efforts to put in his placemen at Forces level was a creeping attempt at his own dictatorship. Once his wealth and network has been neutralised and charges brought against him, then the situation will stabilise, but until then watch this space. Longer-term we all know that he is waiting for a VIP to not be a part of the scene. For those who have moved they are determined that he will not have the opportunity to bounce back. Critical support for the yellow pieces in this chess game.

[Hollywood]

Take away this mans position---OK

Take away his money--now he will fight.

I would.

[-jr-]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

It has been Euro in Italy for years already.

Back to the topic. I just read in another newspaper, the Council for Democratic Reform under Constitutional Monarchy (CDRM) said that they have no plan to seize Toxin's asset by themselves. They will let NCCC investigate and take care of that, which I think it's quite generous already, in addition to the fact that they didn't freeze Toxin's accounts from day 1. And as far I know (from newspapers), his accounts are still not locked, which is what I couldn't understand.

I don't think they should just seize all the assets. Only the amount they found that it's not legally obtained should be fair enough, plus calculated interest and fine for damage he caused, of course. That could worth all he has in Thai banks and properties. Somehow I don't think it would make him poor. Poorer than when he was PM, maybe. But while investigating, shouldn't it be safer to freeze the account, especially when the account's owner is now abroad.

[popshirt]

Please consider the contents of:

http://www.thaivisa.com/forum/index.php?sh...mp;#entry906667

Thanks Admin. We don't want to lose our source of news.

[fforest]

Thailand was Thaksins own personal banana republic....All Thaksins ill gotten gains should be taken...If he had only steped down a few months ago he could have kept it all...But no he wanted all the money and all the power too...What is the worst thing that can happen to a Thai peson?..The dreaded loosing face....Thaksin has lost face so bad he will NEVER NEVER come back.....

[Dakhar]

A Porsche and a Ferari, wow, that seem pretty spartan. If I had that kind of dosh I'd have a least 30....

Oh well, different strokes for different folks.

[solesman]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

Good point but Italy is on the euro now.

[Tony Clifton]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

You will find details about the other three, all wealthier than Thaksin, at the following site:

[link removed by Admin2]

They are, according to Forbes ranking:

214. Charoen Sirivadhanabhakdi, Thailand, 61, $3.2, alcohol

292. Chaleo Yoovidhya, Thailand, 74, $2.5, Red Bull

317. Dhanin Chearavanont and family, Thailand, 66, $2.4, agriculture

Thaksin was clearly a wealthy man before taking office and was taken to court over the stated value of his assets some months after taking office. He was cleared by the courts.

Why do we assume that, because he's rich, that he's a crook? Paul McCartney's a billionaire, is he also corrupted? Bill Clinton was on the verge of bankruptcy but is now a multi-millionaire.

So many critics, I wonder where all of you get your facts.

ํI'm afraid you're comparing apples and oran... 2 1/2 inch screws here.

[pap]

It’s probably a good thing that Thaksin assets have been seized. I have no doubt that he was making money from his political position. I suspect that has been true for a long time, he’s not the first politician to do this, I suspect most of his forbearers have done the same. I don’t think it’s bad that a military junta has taken control as long as the power they have will be used to give the Thai people what they deserve and need. I am a farang but I also lived in Thailand when ‘Fat Boy’ ruled the roust. [snip - Admin2].

[snip - Admin2] Being an American I hope the consititution is for and by the people but I am not Thai and it is their call and what works for them is what matters. I understand the censorship rules in effect and what the General is having to do by controlling disent right now. If he is really out for the good of the people then it is all justified and the controls will losen as the dangerous first couple of weeks pass. I think since this is now accepted the danger has mostly past or at least I am hopeful of that. Having said that it is important that censorship and the rule of law take over asap and that is not from a world perspective. It is a historical perspective. The longer militaries stay in power the less likely they are to relinquish it. I think Sonthi really does want the best for his country and at the moment the worlds sensibilities are not high on his priority list. They will be for the interim government to address. I think they will but the proof will be a week or so out when they feel things are stable enough to go back to normal. Thaksin was corrupt but for the coup to have credibility they need to apply the law to more than just Thaksin and his crew. Thaksin is being used as a symbol by Sonthi for the locals but the rest of the world is watching closely. He has a very difficult road to walk as I am sure he knows. He has to appease Thai sentiment but he needs also to show the world that the rule of law prevails above what we want as individuals. Hopefully he can pull this off. Time will tell.

[marquess]

I wonder how much of his assets are acutually in the country? He would have been a down right fool to have left alot of them here. If they are overseas, then I supspect that there will have to be very stringent criteria that will have to be meet before they are handed over. Watch this space!

[pap]

I wonder how much of his assets are acutually in the country? He would have been a down right fool to have left alot of them here. If they are overseas, then I supspect that there will have to be very stringent criteria that will have to be meet before they are handed over. Watch this space!

He owned a lot of property around the new airport. I am sure he will be given immunity in the UK but a lot of his money was already diversified. I doubt he diversified because he was worred about a coup though. He was a smart guy and smart guys don't keep all there eggs in one basket. On top of that he was an eglomaniac so I doubt he ever thought anything this bad could possibly happen to someone like him. Most eglomaniacs view life that way and most evetually find out they aren't as good as they think they are.

[tracer0]

Thailand to target deposed PM's assets

BANGKOK: -- Thailand may seize the assets of ousted premier Thaksin Shinawatra, a self-made telecom tycoon believed to be worth over $2-billion (about R14,6-billion), the new military junta said on Friday.

"It's under consideration on how we will proceed," with Thaksin's vast assets, said air force chief Chalit Pukbhasuk, one of the military leaders who toppled Thaksin in a bloodless coup on Tuesday.

The junta also appointed a new nine-member National Counter Corruption Commission, clearing the way for a probe of the financial affairs of Thaksin, who was staying in London on Friday.

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth $2,2-billion.

The 56-year-old, who took office in 2001, was the founder of Thailand's telecom giant Shin Corp., which includes the country's top mobile phone company, satellite services and a stake in a budget airline.

His family in January sold a nearly 50-percent stake in Shin Corp. and earned R1,9-billion under a tax-free deal, setting off months of street protests demanding his ousting over alleged abuse of power and corruption.

The commission said Friday that when Thaksin first took office he declared assets worth 15.12 billion baht (about $2,9-billion) held in 27 bank accounts and in stocks in 29 companies and investment funds.

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

As that alone is more or less the money he got from selling AIS, what about all that land he directly or indirectly accumulated? One can only guess but likely adding all in, one can likely multiply that number a few times...

[tracer0]

Thaksin was clearly a wealthy man before taking office and was taken to court over the stated value of his assets some months after taking office. He was cleared by the courts.

Why do we assume that, because he's rich, that he's a crook? Paul McCartney's a billionaire, is he also corrupted? Bill Clinton was on the verge of bankruptcy but is now a multi-millionaire.

So many critics, I wonder where all of you get your facts.

Not sure adding bill with this argument is a good idea. He escaped his own legal problems ,anyway sounds maybe like a good idea to read more then post under current circumstances....

One thing I notice here in currently sunny Phuket: a lot of people seem to be feeling happy about this all. In addition cleaning up about 5 years of remains of what happened will keep them all busy..

I see really no reason why tourism should get a hit when tourists coming here get no problems, feel happy and see people happy...

I only wonder about one thing. Would it not be a good idea to remove that diplomatic passport?

[Martin]

It is not quite as simple as the conclusion to which we western-centrics are prone to jump.

Our mistake is to look at Thailand and see the same 'hardware and software' as in Western long-industrialised nations, and assume that the 'orgware' is/must be/should be the same.

But it isn't. There are fundamental differences in how we have been brought up to believe that society should be organised, and the beliefs to which Thais are brought up.

Fifteen years ago, major surveys were done to ascertain the views of people about 'backhanders' and 'dipping in the till'.

In one part, they were asked: "When a businessman gives a commission fee to government department or high government officials lookin after a project, how do you call it?

16.1% answered: "Gift of good will (sin nam jai)".

9.2% answered: "Part of the cost of the project".

44.9% answered: "Bribery".

18.3% answered: "The official is dishonest in his work".

34.4% answered: "Corruption (karrapchan)".

3.5% answered: "Not corruption (mae karrapchan)".

6.8% answered: "Not sure".

7.9% gave other answers, or none at all.

(It adds up to more than 100% because respondents could give two answers if they wished.)

That is taken from "Corruption and Democracy in Thailand" by Pasuk Phongpaichit and Sungsidh Piriyaranangsan.

I wonder what would be the result of the same survey being done on members of thaivisa.com?

However, all these discussions are like trying to knit treacle, with the long-standing requirement to treat a matter of major impact as taboo, and this week's additional requirement of self-censorship.

[The Snark]

Let's slow down folks.

If they were just head hunting Thaksin the assets would already be seized. They will seize the assets only if prosecution is probable or imminent.

Try to not underestimate the powers behind this coup. There is no vindictiveness. Already, the coup leaders are setting things in place for proper legal channels to proceed. If it is deemed Thaksin's assets are largely illegally gained, they will be seized, or more likely simply frozen until an investigation can be undertaken.

Edited September 23, 2006 by The Snark

[john b good]

It’s probably a good thing that Thaksin assets have been seized. I have no doubt that he was making money from his political position. I suspect that has been true for a long time, he’s not the first politician to do this, I suspect most of his forbearers have done the same. I don’t think it’s bad that a military junta has taken control as long as the power they have will be used to give the Thai people what they deserve and need. I am a farang but I also lived in Thailand when ‘Fat Boy’ ruled the roust. [snip - Admin2].

[snip - Admin2] Being an American I hope the consititution is for and by the people but I am not Thai and it is their call and what works for them is what matters. I understand the censorship rules in effect and what the General is having to do by controlling disent right now. If he is really out for the good of the people then it is all justified and the controls will losen as the dangerous first couple of weeks pass. I think since this is now accepted the danger has mostly past or at least I am hopeful of that. Having said that it is important that censorship and the rule of law take over asap and that is not from a world perspective. It is a historical perspective. The longer militaries stay in power the less likely they are to relinquish it. I think Sonthi really does want the best for his country and at the moment the worlds sensibilities are not high on his priority list. They will be for the interim government to address. I think they will but the proof will be a week or so out when they feel things are stable enough to go back to normal. Thaksin was corrupt but for the coup to have credibility they need to apply the law to more than just Thaksin and his crew. Thaksin is being used as a symbol by Sonthi for the locals but the rest of the world is watching closely. He has a very difficult road to walk as I am sure he knows. He has to appease Thai sentiment but he needs also to show the world that the rule of law prevails above what we want as individuals. Hopefully he can pull this off. Time will tell.

They have got to start somwhere and Thaksin, his family, and all his cronies is a very good place to start.

If they cannot succeed against Thaksin and his mob they may as well forget about the rest.

[pap]

It’s probably a good thing that Thaksin assets have been seized. I have no doubt that he was making money from his political position. I suspect that has been true for a long time, he’s not the first politician to do this, I suspect most of his forbearers have done the same. I don’t think it’s bad that a military junta has taken control as long as the power they have will be used to give the Thai people what they deserve and need. I am a farang but I also lived in Thailand when ‘Fat Boy’ ruled the roust. [snip - Admin2].

[snip - Admin2] Being an American I hope the consititution is for and by the people but I am not Thai and it is their call and what works for them is what matters. I understand the censorship rules in effect and what the General is having to do by controlling disent right now. If he is really out for the good of the people then it is all justified and the controls will losen as the dangerous first couple of weeks pass. I think since this is now accepted the danger has mostly past or at least I am hopeful of that. Having said that it is important that censorship and the rule of law take over asap and that is not from a world perspective. It is a historical perspective. The longer militaries stay in power the less likely they are to relinquish it. I think Sonthi really does want the best for his country and at the moment the worlds sensibilities are not high on his priority list. They will be for the interim government to address. I think they will but the proof will be a week or so out when they feel things are stable enough to go back to normal. Thaksin was corrupt but for the coup to have credibility they need to apply the law to more than just Thaksin and his crew. Thaksin is being used as a symbol by Sonthi for the locals but the rest of the world is watching closely. He has a very difficult road to walk as I am sure he knows. He has to appease Thai sentiment but he needs also to show the world that the rule of law prevails above what we want as individuals. Hopefully he can pull this off. Time will tell.

They have got to start somwhere and Thaksin, his family, and all his cronies is a very good place to start.

If they cannot succeed against Thaksin and his mob they may as well forget about the rest.

No argument there. I agree with you. How they get him will matter though. Especially with the world watching. I also think they know that and will get him.

[bruce scott]

Take away this mans position---OK

Take away his money--now he will fight.

I would.

Take away "HIS" money?......where did he get "HIS" money? ....and how did he get "HIS" money!?