Odysseus221

It seems to me that the government here in SE Asia, like many other "emerging markets" is caught up in a quandary: how to maintain its culture, values, traditions and so forth, plus its sovereinty AND attract business. The truth is, they are diametrically opposed and everybody knows it. Global markets are just that--global. In order to attract global businesspeople the government must create greater equality in the law for foreign business people, responsive police, lawyers and infrastructure. Since they cannot do this, or haven't as yet, it will always be kind of a rip off situation.

On the other hand, to be truthful, Thais have a country and a heritage which is beautiful, kind and loving--and worth preserving. I would rather be Thai and poor than Rich and American! So there! These people have a cheerfulness, an acceptance of life and kind dispositions that cannot be equaled in western material cultures where self worth and esteem is always based on money. A quality life in Boston is a million dollar apartment where pleasure amounts to drinking a coffee on the veranda overlooking the city and congradulating yourself that you're so bright you live in a nice town where you don't have to fight (potentially) walking down the street...

Regarding the welfare system or lack of welfare thereof; really, RED SHIRTS ARE RIGHT ABOUT THEIR NEEDS--HOWEVER, BEFORE THEY START TROUBLE, THEY SHOULD TOUR NEIGHBORING COUNTRIES AND MAKE SURE THAT REPRESSIVE REGIMES OF BURMA, LAOS OR DISASTERS OF CAMBODIA ARE MORE SUITABLE FOR THEIR TASTES. As a market economy Thailand is well positioned to thrive in the future.

As Tanksin said, "keep working...". This is good advice. A few years ago the IMF predicted that the per capita income could double here.

As the country descends into mental confusion caused by the abandonment of traditional values, GDP will plunge and hope with it.

The solution is either: more intense Buddhism (less reliance on materialism), or invite the West in on more favorable terms--and ultimately surrender your heritage and political control to capitalism and international manipulations.

Which will it be? A sleepy kingdom or a rat race to material posessions that starts with a car and house and winds up with prices escalating 300% for houses, food and so forth in an effort to provide social services that the country cannot afford. Yes! You can be like America and just inflate to prosperity until the end--which won't be more than 15 years away if you do!

That is nonsense.

They have not showed restraint.

On April the 10th soldiers with live ammo tried to retake the sites.

25 people died because of it.

The mission FAILED.

Restraint ? Or simply inability to take action ?

All Abhisit needs to do is to say "The coup of 2006 was incorrect, the following events from 2006 were wrong and the parliamentary coup that put me into power was also wrong and so I dissolve the house and put the power back to the people and lets have elections".

But he prefers 26 people now dead and possibly more to come as he and his cohorts "cling to power" through force.

Abhisit's inablility to say these simple words has resulted in a nation suffering.

The REAL TRUTH IS THIS: In no other country in the world would "Red Shirts" be allowed to disrupt an entire nation and demand the dissolution of a government. NONE! GET REAL BUDDY! But in reality, this country is one third run by people in business and politicians, one third army and one third police. It works just fine thanks.

In the end, there can only be a new brand of corruption. Democracy is a concept, not a reality; and what if the people are unable to think clearly? Zimbawawe is clearly more democratic than any time in the past. Which direction is it heading?

Straight DOWN. No one argues that white leadership was democratic do they?

The Red shirt tactics are difficult to understand. A nation of Buddhists usually reflects peaceful hearts. The PM is absolutely brave to call for restraint. This is the mark of a good man. The issues of wealth distribution in this country are another matter. This requires education and re-education. The top quite often knows not about the bottom in society. It is the same everywhere in the world.

Thais must answer these issues with extensive prayers to a new reality-- psychological, spiritual and mental--then it will manifest in the gross material world.

To bring this to a point: with 40% of the population, "Red Shirts" don't have to ask for governement benefits. All they have to do is build their own economy. Simple. Acquire capital--which they already have enough of apparently; start restaurants, factories, hotels, resorts etc. Create wealth don't destroy it.

That is your real problem RED GUYS, you aren't thinking POSITIVE you think NEGATIVE. Find the real solutions. They are education, economic development and empowerment. You don't need the government or nay sayers, this you can do with your "critical mass".

Good LUCK and Go Home Please.

According to "The Nation", the current political issues are less about democracy and more about money. The confiscated money of Tanksin: regardless of who the prime minister is. Money that is available subsequently from asset seizure, should be designated for rural poor services.

If the Nation's thesis is correct, the duplicity of money vs. democracy is unseparable in this situation--as it seems to be everywhere anyway;

these demonstrations, while they seem to be motivated by democratic sentiment, are actually directly motivated by political machinations to control the distribution of this wealth. [/size

Certainly these economic times are times in which many who have little, become agitated. But beware! The cure is worse than the disease! Freedom must be carefully qualifed: it is the freedom to work, to operate businesses and so forth, that makes a free society; it is a middle class that needs a freedom of thought, to create innovation and satisfy needs of all. The government seems already to understand the needs of the poorer Thais; Thanksin's urging to his people when he was in power was, work harder! These were his exact words. If he were in power today, what would be his directives to the dissatisfied? Many now cannot find work. This is the market economy.

It has already been proven that in terms of providing goods and services, a market economy is superior to any--although in times of difficulty the state must intervene, to provide greater stability to the people. This is undoubtedly one of those times. It would be a mistake to identify with a"class struggle" since this rhetoric is not only outside of Buddhist thought, but ABSOLUTELY hostile to it. The solutions of Thailand must be from Thais, not outside agitators and governments and philosophies that ferment social unrest, in the hopes of seizing opportunities--people to whom Thais would object to if they had the chance. Social upheavals often wind up giving elements of society that should not have power the opportunity to seize it. This opportunity is then used to oppress and destroy civilized behavior in the name of radical reform. Who is to say that those demanding social reform will remain at the head of the herd? Remember Gorbachev?

Witness the Russian Revolution which started as a result of a disastrous war and resulted in a small, organized and ruthless revolutionary group, who then unleashed such hardship and repression on their peoples that the whole country was set back for decades; it saw the destruction of the intelligencia, of freedom of thought and worse, freedom to do business--and became a state of extermination in which millions of people perished in state sponsored paranoia. Coincidentally, Cambodia wound up the same way during its revolutionary decade. While this is not the stated policy of communism, the totalitarian effect usually results in disaster for the people. Ruthless people are usually undereducated with a lack of moral training. How can it be otherwise? They have no morality to contrain themselves.

The Thai people are better off working their problems through then destroying their society.

Why not give the government the opportunity to work with the people to create a new harmonious climate as Buddha inteaded instead of Karl Marx?

Certainly these economic times are times in which many who have little, become agitated. But beware! The cure is worse than the disease! Freedom must be carefully qualifed: it is the freedom to work, to operate businesses and so forth, that makes a free society; it is a middle class that needs a freedom of thought, to create innovation and satisfy needs of all. The government seems already to understand the needs of the poorer Thais; Thanksin's urging to his people when he was in power was, work harder! These were his exact words. If he were in power today, what would be his directives to the dissatisfied? Many now cannot find work. This is the market economy.

It has already been proven that in terms of providing goods and services, a market economy is superior to any--although in times of difficulty the state must intervene, to provide greater stability to the people. This is undoubtedly one of those times. It would be a mistake to identify with a"class struggle" since this rhetoric is not only outside of Buddhist thought, but ABSOLUTELY hostile to it. The solutions of Thailand must be from Thais, not outside agitators and governments and philosophies that ferment social unrest, in the hopes of seizing opportunities--people to whom Thais would object to if they had the chance. Social upheavals often wind up giving elements of society that should not have power the opportunity to seize it. This opportunity is then used to oppress and destroy civilized behavior in the name of radical reform. Who is to say that those demanding social reform will remain at the head of the herd? Remember Gorbachev?

Witness the Russian Revolution which started as a result of a disastrous war and resulted in a small, organized and ruthless revolutionary group, who then unleashed such hardship and repression on their peoples that the whole country was set back for decades; it saw the destruction of the intelligencia, of freedom of thought and worse, freedom to do business--and became a state of extermination in which millions of people perished in state sponsored paranoia. Coincidentally, Cambodia wound up the same way during its revolutionary decade. While this is not the stated policy of communism, the totalitarian effect usually results in disaster for the people. Ruthless people are usually undereducated with a lack of moral training. How can it be otherwise? They have no morality to constrain themselves.

The Thai people are better off working their problems through then destroying their society.

Why not give the government the opportunity to work with the people to create a new harmonious climate as Buddha inteaded instead of Karl Marx?

It is unfortunate for foreingers, that the Thai laws are designed to put foreign business people out of business by design. This is no accident. The lax attitutes about laws and so forth seem to be a long term lure to invest money and only then do the laws apply to stealing the concerns back. Just as well except that the foreign governments that seem to wink at this type of thievery are every bit as guilty for letting the governement steal from their citizens. It isn't a crack down of illegal activities, it is a crackdown on foreign ownership.

The government's efforts will eventually backfire and result in large scale displacement of marginal workers--since it is clear that intensifying political pressure on foreigners will result in a hostile attitude towards these people, less money will be invested here, less homes built and the economic miracle will collapse, similar to the problems the US face since they encourgaged Joe Average to borrow against his equity and create unsustainable debts, now resulting in economic depression. The Thais will simply chase foreign capital away on a micro level, resulting in the radicalization of their people who will be the first to feel its impact. Then the outcome will be in the streets.

If it ain't broken, don't fix it.

Thanks for the social acceptance. But when the lawyers now won't blow the whistle for a reasonable price it makes the legal establishment complicitous. Is that the way it all works in this country? What about the governement helping the consumer?

Are there gov agencies that can help? How about class actions?

Actually, if they just said, hey, we need more money I wouldn't argue. I'd pay. But they aren't educated enough to do that or they just skim off the top. I don't know which.

Two years back I paid 19,900 bhat to join a well known gym on a lifetime membership. Although the low fee seemed to be dubious, I paid it. In retrospect I probably have the receipt somewhere but I did alot of moving around so I'm not sure where. But when I presented my card to the front desk, they directed me to an administrator. It was too old they had to issue a new one I was told.

"No problem" she said, stating they would have my new card in three days...as time went on though, there was another delay, then another and of course, they didn't want to give me my card back. They wanted to look for the record of my transaction. Funny I thought, with the records they keep this was really a bad joke. More delays, more excuses. New staff. Can't find records. Then the old man comes out with a whopper! An employee was stealing and they need me to file a police report. "If you file the report we'll give you the card". Why argue with an idiot?

I spoke to my lawyer who advised me of some nonsense but it all seemed like it was resolving itself. After filing the report (the tourist policeman mentioned that I wasn't the only one...and suggested there indeed was a thief--but these stories change alot), I dutifully went back to the gym the following week.

Now the old manager pulled out some more papers and at the bottom was written, "one year only". I asked him who wrote that, he said he did. This was the same man who said if I filed a report..."the office say one year." The great thing about Thais is that they all can play a game called "Im not responsible for that decision". Other games they play are "we never loose control of ourselves in speaking so don't yell at me, it isn't Thai", especially when you are getting cheated. This one works especially well on social conformers. Lawyers sometimes play the game called, "send me the money and I'll talk to you" and real estate agents play a game called, "sign here and pay now, we'll resolve that SMALL ISSUE later." Sure they will. Right up your A**. The best part of the cheating scam at the health club is that where do you go from here? The lawyer wants 2.5 times as much as a US attorney to do what? UPFRONT. It is a game of ping pong. Is there no consumer protection for farang?

Since this old manager of the health club was indeed aware of my membership two years earlier and checked my membership then personally as well as supervised the staff at the time, I find this revocation of my card to be simple fraud.

The lawyer changed their tune as well, suggesting first that the membership fee was rather low (I know that) and then later that somehow the burden of membership proof fell on me; who keeps receipts for two years? You better keep a safe deposit box--they don't keep credible records.

The best way to create a social system is to collect taxes through bars fines. Costs and prices are competitive so in the end if the price is too high the takers will be fewer. This leaves less money on the table for the bar owners. Freelancers could register at the police station and pay license fees that go toward benefits. If it is like the US the politicians will create a superfund and eventually "borrow" it, or steal it like in USA. No one ever caught either. Witness demise of social security in US.

The issue now at hand should be relaxing codes imposed on the Thais by their Western civilized "brothers". Thai people seem to be very tribal, family oriented with a take care attitude toward each other. Every arrangement is meant to bring people togeather not for a tryst--although that happens as this is how life is--but hoping to create new relationships based on emotional needs. We in the West don't even consider the range of emotional needs and how they work in relations between men and women as they are in Thailand between foreigners and young women. But there is more here than sex. There are emotional and financial needs being met--just not socially sanctioned.

Social orders have a way of working themselves out if they are not interferred with by political authorities; it is the political authority that is the problem--creating climates unnecessary authority on a biological act that apparently works without too much interference.

The nice thing about meeting young women in Pattaya and Bangkok is that when they are available, they don't feel stigmatized or like social rejects for offering you their services or putting on their shows. They are just entertainers or companions. I think this approach works best. They have dignity which often results in permanent coupling with their companions. The country should not acknowledge or label their services prostitution. This label will do more to hurt their self esteem and futures than any current set up. Contrast to US women who frequently sell themselves to upscale, promising men; theses "johns" usually face financial ruin somewhere down the road when the arrangement they make winds up in court under the heading of divorce.

Long overdue.

Thailand has arguably more sex workers than any other country, yet they have no rights and are exploited by the Police, traffickers etc. The sex industry in Thailand is the main reason why so many foreigners choose to visit Thailand regularly and why many end up living here. (whether they like to admit to it or not)

It's Legal in Australia, Germany, Holland and many other developed countries. So why not?

If it is legal in so many other countries why would they come to Thailand because of prostitutes. They can stay home if they like and use their own countries services. It is more I think than that.

There's a New Laundry service in Town! Mook's Naturally Dried Laundry Service. Mook has had several locations around town and as you know, laundries are second nature to people on this side of the world as Thais are generally known for clean clothes. Mook's Naturally Dried Laundry is at xxxxxx Therrapasit Rd. Her telephone is 084 xxxxxxx.

But there is a problem! Her expenses are running 30,000 per month and her savings are somewhat depleted. She has been forced to, um, dance and can be seen moonlighting at a local gogo! This may have a humorous aspect to it and I could go on, but in reality I am hoping you Pattaya residents can see fit to send her a load (of clothes), so to speak.

I hope we can get her business off the ground as many of us understand good will and helping an entreprenuer get started in life. She also supports her younger sister who is attending local school here, so she is under alittle pressure.

She offers a pick up service as you might imagine.

But seriously, we all need clean clothes and I hope that you will give her your support.

This simply means that in the event of divorse or separation, the land belongs to wife. End of story.

This is no change from their policy stipulating Thai ownership. Best is Thai company but failing that 30 year lease or go condo!

Hi. I'm living in Pattaya and would like to take advantage of the local diving, but am apprehensive because of the horror stories I have heard about some of the local dive oprators (e.g., disregard for safety, polluting the dive sites, negligent divemasters, etc.). Can anyone please recommend a reputable dive shop or trip operator in Pattaya or Koh Chang? Thank you!

Go to "Sun and Fun" in Pattaya Park. They are usually reliably good for a day trip to the islands and don't have alot of strange personalities involved.

Ill be moving house soon, so Ill need to buy all new furniture.. eg. Computer tables, TV cabinets, Computer Chairs, Sofa, Dining Table ect.

I have seen several open air furniture shops around Pattaya but just wondering if anyone knows of a good one with nice furniture at decent prices. I don't need anything fancy, Just something that looks nice at a reasonable price.

I'm looking for somewhere that will put the furniture together and deliver it.

Thanks for any help

Try INDEX on Sukumvit for mid priced furniture or also another place on other side of Sukumvit around by Therrapassit. If you want designer style South Pattaya Rd there is some French place on the left before you get into downtown. They have some interesting stluff.

Chaing Mai has the best had carved teak but not the best craftmanship in the world--

Cheap stuff in Naklua but go in daytime only.

Yes, it's a small step, but the big shoe to drop is loosening the whole idea that Thais must control the company. That little phantom is still lurking out there and hasn't been dealt with.

These lists are there to protect the rich oligarch families from foreign competition - have no doubt. You must have a Thai "partner".

If you are Sheraton or Hilton or whomever and you want to open a big hotel, what are you going to do? You go to the rich 'hotel' family. If you want to open a chain of fast-food restaurants you go to the rich 'restaurant' family. Now a way around this is to do what Heneke did - become a Thai Citizen, then YOU become the rich Thai family. Of course to do that I reckon you have to do a deal with the rich family that controls 'Citizenship'!

Well, I have some insights into this whole issue. Firstly, regarding the idea of Thai partners, who in their right mind would want to go to this country and open a business without knowing anything about the language and customs and people? It is certainly a recipe for failure. Trust me on that. Opening businesses in Thailand is not necessarily a core competency which is a requirement for success; I think most experts would tend to agree with that statement.

Secondly, regarding one step forward and so forth, the Thais are like that--that is their cultural idiosyncracy, if you allow me this choice of words. That is the whole idea behind a Thai partnership. Next, these people are genuinely fun and good people, I would want to be with them in any business endeavor. But they have another part to their culture: their system seems to allow taking advantage of foreigners and this is from the top down. It ain't America but if you get by these things, it is a great place to be. I had an especially pernicious time with a Bangkok attorney before I realized they didn't know what they were talking about in regards to Chonburi law...

If foreigners are going to be allowed to own the lions share of a factoring company, does this mean that they will have ultimate control on Thailand's debtors and that for those in Thailand who owe money either for goods or services may be directly accountable to foreign investors (factoring companies) for their payments of debt owed.

For example, a Thai purchases some land with a bank loan. The Thai for whatever reason cannot complete payment of the loan, so the bank sells the debt to a majority foreign owned factoring company. The end result is that the land falls into the ownership of a foreign owned company.

Wasn't this the same scenario why Mr Thaksin was thrown out of office in the first place?

OK, can someone please tell me if I have got the above correct or not?

i think factoring applies to businesses with an ongoing revenue stream which sells its rights to the revenue stream for some cash upfront, with a discount rate factored into the upfront payment. the factoring company essentially buys the accounts receivables and are taking a risk on the business and quality of its debtors. factoring applies to trading concerns, whereas for property deals, a similar type of fund raising would involve asset securitisation whereupon the funding party would hold a sort of mortgage on the entire asset with an unrealised income stream, like a sort of mezzanine financing, and this would require it to have other banking/finance licenses which is actually an entirely different kettle of fish.

Why don't they pretend they are intelligent and make laws that benefit their social contract with the nation instead of drag in into the 19th century? They really don't like the idea of an economy in Thailand do they? Their laws seemed to be backwards--although they are a delightful people.

Still, foreigners can own only less than 50%. No change there in the past two days.

My friend transfered a house and land into a company with his name on the paperwork as the director and as a 33% share holder the other day. That was stopped, at least in Pattaya some 8 months ago. It seems to be fine again now.

My accountant told me that what she hears is in a few years the government will instruct the commercial offices to look into all of the companies that have property that are not doing any business to see if there are foreigners as substantial shareholders and as directors. She hears that the government will start to look at the companies where the foreigners own 49% to start, and then work their way down, or start to look at revenue or taxes, to see which ones are really doing business.

Who knows the future here?

Anyway, RENT!!!!!!

Keep your money where you have control of it. In the West, there is a market for property based on incomes, and the ability for developers to borrow to build said property. It is not the same here. If you bought and then you decided to move, you may wait one year or longer to sell your house, or a lot longer.

Funny, I just bought a villa in Pattaya. I think it is time to be bold and buy. Every developer is dying to sell now. Prices are way down. Get yourself the deal. It will inevitably turn around. As for ownership, it is the same deal. Get a good local attorney refered by a property owner.

SPEAKING OF INCONVENIENCE<

SOMEONE SHOULD ASK BIG AL IF HE STILL SUPPORTS THE COMMUNIST PARTY. ONE THING I HATE ABOUT THIS SLEAZY SLEAZY GUY AND HIS FATHER IS THAT THEY WOULD SELL OUT THE US AND EVERYTHING THAT IT STANDS FOR IF THEY COULD GET THE VOTES; BUSH IS A PATHETIC CREEP WITH NO INTELLIGENCE PRETENDING TO BE A MAN; GORE IS A MAN BUT WITH THE PSYCHOLOGICAL PROFILE OF A RODENT PRETENDING TO HAVE A CONSCIENCE ABOUT SOMETHING.

Hello,

I wonder if anyone can help me with a specific issue of law in purchasing a condo?

I agreed some months ago to buy a condo, resale from a Brit owner condo managment company (Thai) acting as the seller.

I agreed a contract to pay 30% down and 70% within 6 months. Signed and sealed by me, managment company, lawyer.

I payed 30%

I am ready to pay the remainder.

The managment company who are the selling agent did not contact me previousley but suddenly tell me that the agreed condo is no longer for sale and suggest another unit, similar spec, 2 floors higher.

This unit is not the unit specified in the contract.

I am suspicious and very dissapointed in the managment agencies handling of this matter.

Question is: Can I start talking in terms of breach of contract (similar to Scotland) and demand my money back with the backing of the Thai law? Or is the contract a non binding agreement (similar to England) and I can ask, nicely, for my money back?

Has anyone experienced a similar "Bait & switch"? I know 2 floors up should be better...but TiT. And unfortunately I have 2 more weeks to wait before going back to Thailand so cannot go look.

Thanks

In America what we do with politicians when they are through is build a library in their "honor" for their papers, etc., send them on speaking engagements,

and generally move on. I think this policy should be looked at by the Thais. They seems to be forever muckraking which while dramatic, is probably not a good idea. This way, Thaiksin could just fade out with his money instead of creating an upheaval (again). I think the leadership here needs to take a psychology course.

ASSETS CHARGES

Thaksin is ordered to come home

Govt threatens extradition, but says safety will be guaranteed

Ousted prime minister Thaksin Shina-watra and his wife Khunying Pojaman must turn up by June 29 to hear formal charges of assets concealment involving SC Asset or face arrest warrants and extradition.

Department of Special Investigation director-general Sunai Manomai-udom said yesterday representatives of SC Asset, the family's property company, and Busaba Damapong, the wife of Pojaman's step-brother Bhanapot must also turn up to be officially informed of the charges.

"All must come in person, including Thaksin who cannot use political circumstances as an excuse or authorise any representatives," he said.

"In a criminal case, representatives are not applicable. If the charged individuals intentionally avoid meeting the investigating officers, they face an arrest warrant. If they are abroad, they will be extradited."

Sunai said technically the accused could postpone their appearances three times. Only then could police issue arrest warrants.

Since the Army seized control late last year, Thaksin has remained overseas.

Prime Minister Surayud Chulanont said yesterday the government would guarantee Thak-sin's safety if he chooses to return and fight the char-ges against him.

"We will provide safety for him once he returns home to defend himself against the charges as it is our duty. I can give an assurance that all relevant government authorities will provide him with the necessary security," Surayud said.

He said Thaksin would not be taken into custody if he returned home, but he should contact the government before deciding to do so. Thaksin had earlier vowed he would end his exile and return to fight the Assets Examination Commit-tee's freezing of his assets. He has since backed down from that commitment.

Meanwhile, Pojaman yesterday also failed to show up

before the Assets Examination Committee that is investigating her Shin share sale, saying she was ill in Singapore.

The DSI yesterday announced there was evidence the accused conspired in concealing their shares in SC Asset, a listed company, which is in violation of the Securities and Exchange Act. Involved are four overseas funds - Win Mark, Value Investment Mutual Fund (VIF), Overseas Growth Fund (OGF) and Offshore Dynamic Fund (ODF).

"The investigating team also found Thaksin could have violated the anti-corruption law. He could have intended to conceal the shares when he was the prime minister, and he could have committed actions for control or benefits from the companies. This will be a separate case that the DSI will forward to the National Counter Corruption Commission," Sunai said.

On the SC Asset case, he said the DSI had "convincing evidence" that Win Mark, VIF, OGF and ODF were nominees of Thaksin and his wife.

"They were the beneficial owners and controlled power over the shares of SC Asset and five other companies, which had been held by the funds," Sunai said.

Backing up the charges are documents and individuals, including a document that showed Win Mark's investment of Bt1.527 billion came from Thaksin, he said.

Meanwhile, the DSI has no evidence that shows Thaksin's daughters Pinthongta and Paethongtarn, who are SC Asset's shareholders, either knew or were involved in the alleged action.

SC Asset (formerly OAI Property) was set up before 2000 by Thaksin and his family. A portion of shares in the company, as well as five other companies owned by his family, were sold to British Virgin Islands-registered Win Mark in mid-2000 at the combined value of Bt1.527 billion. The other five companies are PT Corporation, Worth Supplies, BP Property, SCK Estate and SC Office Park.

Three years later, Win Mark sold SC Asset shares to VIF. In the same year, VIF forewent the rights for new SC Asset shares to Thaksin's daughters - Pinthongta and Paethongtarn - who automatically netted Bt71 million in capital gains from the new shares, which were priced at Bt15 against Bt10 par value.

Shortly after that, VIF transferred the SC Assets shares to OGF and ODF, which held the shares until August 2006.

In 2004, Win Mark sold shares in the other five companies to Pinthongta and two family companies at cost, raising doubts of its intention in having held the shares for a long time.

The DSI's investigation concluded that in filing its initial public offering application in 2003, SC Asset failed to include shares owned by OGF and ODF in the Shinawatra family's stake. If included, the family's stake could have been 79.87 per cent, not 60.82 per cent as stated, which meant a controlling power over the company. That action violated the SEC Act and Busaba, then director who co-certified the filing, is liable to five years imprisonment and fines twice the value of the securities involved.

As OGF and ODF are Thaksin and Pojaman's nominees and sold shares in four lots in 2006, as beneficial owners, both of them were required to report new shareholdings to the SEC.

Failing to comply with the law, they could be sentenced to five years jail and fines of twice the value of the securities involved.

The DSI investigation was completed in cooperation with the Securities and Exchange Commission, which earlier was criticised for being lenient toward the Shinawatra family by not charging anyone involved in the alleged share concealment.

SEC deputy secretary-general Prasong Winaipaet said yesterday it was the SEC that first spotted the evidence but decided to forward it to the DSI which has power to press for additional information.

He said the SEC was prepared to for similar cooperation in other cases.

-The Nation

The Constitutional Tribunal disbands Thai Rak Thai

BANGKOK: -- The Constitutional Tribunal disbands Thai Rak Thai

The Constitutional Tribunal Judges found Thai Rak Thai Party guilty of violating the electoral laws and ordered it to be disbanded.

They also revoked the voting rights of the party's 111 executives for five years. The party has committed wrongdoings that have negative impacts on democracy system of the country.

The judges said that senior members of the party, Thamarak Isarangura and Pongsak Ruktapongpisal, guilty of paying and hiring small parties to run in the April 2 national election.

They dismissed the party's arguments that the party's executives were not aware of both members' wrongdoings. They said it was impossible that the executives did not know the wrongdoings.

The party's executives sitting in the court room, including acting party leader Chaturon Chaisang, greeted the verdict with grim face.

The Tribunal also dissolved Pattana Chart Thai and Pandin Thai banned voting rights of their executives for five years.

TRT's acting leader Chaturon said after the rulings that the verdicts were unexpected.

However he said that he and the party will accept the rulings. He urged the party's supporters to stay calm and accept what the Tribunal ruled.

The party will hold a press conference on the issue at 11am on Thursday.

--The Nation 2007-05-30

I must say, the Thai concept of free elections and democracies reminds me of an Indian expression of American freedom, "He speak with forked tongue."