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

[John K]

He ignores the , for now, local justice system chasing him but sure enjoys it when it's time for him to throw another lawsuit.

I think the Thais should amend the law requiring the plaintiff the attend in person or the case is dismissed. That should slow him down a bit.

[Tony Clifton]

Until then, he has gone way beyond the point of no return where he may have found some compassion had he and his entourage shown reasonable cooperation. Som nam na.

[sriracha john]

And they thinks it's like ordering a Pizza Hut pizza, you can get delivery to any place you want......

Mr Thaksin’s lawyer suggested the Office of the Attorney General send its summonses to the Thaksin’s address abroad after the Attorney-General’s failed attempt to deliver them in Bangkok.

Bangkok Post

[sriracha john]

London is getting colder and colder with all this freezing....

Thailand to freeze more assets controlled by ousted Prime Minister Thaksin

BANGKOK, Thailand - The Thai government will freeze an additional 500 million baht in assets believed to be controlled by ousted Prime Minister Thaksin Shinawatra, who has been accused of corruption, a state anti-graft body said.

The latest order Friday to freeze the assets of Thaksin and his family would bring to more than 75.53 Billion Baht the total amount frozen on suspicion the money was obtained through corrupt means.

Since the middle of last month, the state Assets Examination Commission has been freezing assets belonging to the former prime minister and his family pending the outcome of court cases related to charges of corruption and abuse of power.

If the courts rule against Thaksin, the money could be seized by the government.

The panel is seeking the money earned from the Shinawatra family's 74.3 billion baht sale last year of telecommunications company Shin Corp. Family members face charges that stock market regulations were broken in connection with the sale.

Thaksin has denied any wrongdoing and accused the military-appointed government that succeeded him of persecuting him for political reasons.

Noppadol Pattama, Thaksin's lawyer and de facto spokesman in Thailand, said Thaksin and his legal team may appeal the decision to freeze his assets next week.

The committee believes the money earned from the Shin Corp deal has been shifted around through several bank accounts.

Thaksin has been dividing his time between a home in London and travel around Asia since the Sep. 19 coup that ousted him while he was abroad. He has been given until the end of July to report to Thai police or face a possible arrest warrant on charges related to a case of failing to report corporate information to the Thai stock exchange, a deadline he has said he won't meet.

His Thai Rak Thai Party was recently dissolved by the courts, which found it had violated electoral law last year, and its 111 executive officers were barred from public office for five years.

Thaksin took control of British soccer club Manchester City earlier this month having paid 81.6 million pounds despite the restrictions placed on his wealth inside Thailand.

- Associated Press

[sriracha john]

"I'm so proud of you, son."

Thailand freezes more assets of Thaksin son

BANGKOK - Thailand's Assets Examination Committee (AEC) on Friday ordered a freeze on three bank accounts totaling 500 Million Baht belonging to Panthongtae Shinawatra, son of ousted prime minister Thaksin Shinawatra.

The examiners claimed the money was part of the proceeds from last year's Shin Corp share sale to Singapore's Temasek Holdings.

It was the seventh group of assets ordered frozen by the panel and the latest freeze in a week. Another 1.9 Billion Baht was frozen on Monday.

The latest freeze brings the accumulated total value of assets frozen from the 73.3 billion baht Shin Corp share deal to 72.04 billion baht.

Friday's order to freeze Mr. Panthongthae's bank accounts followed the tracking of billions of baht in similar accounts owned by Mr. Thaksin's immediate family and other relatives and frozen at the orders of the panel which investigated malfeasance and corruption charges against the deposed prime minister.

Meanwhile, AEC chief Nam Yimyaem said the posting of a court subpoena by public prosecutors at Mr. Thaksin's Bangkok residence was the right thing to do instead of mailing it to England where he has been staying since last year's military coup which ousted him from premiership.

The court subpoena required Mr. Thaksin and his wife, Pojaman, to appear to stand trial on August 14 over a controversial Bangkok land deal. An arrest warrant might be issued, should the former prime minister and his wife fail to go to court that day.

Mr. Nam added Mr. Thaksin and his family had the right to file a civil lawsuit against the AEC which had launched corruption charges against them and had much of their wealth frozen at banks.

According to Noppadol Pattama, legal adviser to the Shinawatra family, the civil lawsuit will seek billions of baht in damage compensation from the AEC but Mr. Nam argued that it would be very unlikely for his colleagues to ever find that much money to pay, should they lose in such a legal battle. good point, Khun Nam...

- MCOT

[Tony Clifton]

And now, for a bit of time travel.

[John K]

Question: As Thaksin has 60 days (per post #2) to challenge the freezing of assets, and as this has come in stages as they find more money hidden, Does the 60 days start from the first day or 60 days from the date the account(s) are frozen?

60 days is about August 10 I think.

[jumnien]

Any military gang that seizes a country with tanks can sieze assets at any time - I don't think they will wait until August 10th unless they think they can't get away with it. If Thaksin appeases them in any way, he proves himself just as bad as they are. Unfortunately, I don't think you can trust Thaksin a whole lot more than the junta, he's just less dangerous in the long run. A couple years from now we probably won't be yapping about Mr. T a whole lot. I suspect we'll be yapping about Mr. S for a long, long, long, long time...

[Mid]

I suspect we'll be yapping about Mr. S for a long, long, long, long time...

x 2

[jumnien]

Exactly!

[John K]

Any military gang that seizes a country with tanks can sieze assets at any time - I don't think they will wait until August 10th unless they think they can't get away with it. If Thaksin appeases them in any way, he proves himself just as bad as they are. Unfortunately, I don't think you can trust Thaksin a whole lot more than the junta, he's just less dangerous in the long run. A couple years from now we probably won't be yapping about Mr. T a whole lot. I suspect we'll be yapping about Mr. S for a long, long, long, long time...

Freezing and seizing are two different things. This is just a legal window of time the freezing can be contested. It will take a court ruling after finding guilt to seize it. In the meantime it is still Thaksin’s money. My question was on when the window will close for the contesting the later accounts.

[jumnien]

I doubt that the case will ever get to a real court. It will probably be decided by military appointed "judges" after the military-appoved "election" takes place. Believe me, they are licking their chops to get that dough and will stop at nothing.

[JR Texas]

I doubt that the case will ever get to a real court. It will probably be decided by military appointed "judges" after the military-appoved "election" takes place. Believe me, they are licking their chops to get that dough and will stop at nothing.

JR Texas: What amazes me is that he really does not care that much about what the Thai government is doing.......he has so much money in offshore accounts--hidden in places like Austria, Cook Islands, Panama, Switzerland--that seizing 60-100 billion baht is nothing to him. He certainly lives in a different economic world that 99.9% of the human species. Wealthy Thais, to the best of my knowledge, do not keep much money inside Thailand......why would they?

[John K]

I doubt that the case will ever get to a real court. It will probably be decided by military appointed "judges" after the military-appoved "election" takes place. Believe me, they are licking their chops to get that dough and will stop at nothing.

Well if Thaksin violated the law and the emphases on “if” then the money never belonged to Thaksin to begin with. As the courts have been walking the line recently complements of more than one chat with HRH, I suspect this will be fair. You seem to be suggesting the junta will manipulate the system. So far they have not but with recent developments such as the get out of jail free card and the prolonged exposure to power they could be subject to temptation. It is one of our human flaws to be tempted. Sonthi’s indecision about running for office could be because he sees a job half done or is looking for something else and it is too early to tell. However that discussion is for another thread that may not have been started yet.

[Siripon]

Any military gang that seizes a country with tanks can sieze assets at any time - I don't think they will wait until August 10th unless they think they can't get away with it. If Thaksin appeases them in any way, he proves himself just as bad as they are. Unfortunately, I don't think you can trust Thaksin a whole lot more than the junta, he's just less dangerous in the long run. A couple years from now we probably won't be yapping about Mr. T a whole lot. I suspect we'll be yapping about Mr. S for a long, long, long, long time...

But they didn't seize assets anytime, they waited a long time till they thought they had enough evidence and then the ball was, and is, being handed to the courts.

How frustrating it must be to westerners who believe a coup must be bad per se to see Thailand dismantling Thaksin's regime through a transparent judicial process.

Don't worry boys, an election is coming as promised, TRT's relatives will run, it's just they may have to follow the checks and balances that they could ride roughshod over with Thaksin's money in the past.

Sonthi is merely trying to protect himself, he's not looking to be PM, Defence Minister in Chart Thai's quota of ministers will do.

Isn't yapping usually fruitless and ineffective ? And limited to dogs of limited stature and virility such as poodles?

[Old Man River]

Sonthi is merely trying to protect himself, he's not looking to be PM, Defence Minister in Chart Thai's quota of ministers will do.

Isn't yapping usually fruitless and ineffective ? And limited to dogs of limited stature and virility such as poodles?

Leave my poodle out of this.

Your take on Sonthi is exactly my view. So many times in the past we have seen government officials being sued years later. Even Anand Panyarachun was sued, despite the wonderful job he did. It is human nature to protect yourself and Sonthi is doing this as best he can.

[Plus]

I don't think he is personally afraid of the future in any way. He doesn't have a business empire to protect, only years of service, and, well, the legacy of the coup. But the coup's legacy could be threatened only if Thaksin comes back or socialists take over. In both case Sonthi's personal disappointment will be nothing compared to what will happen to the whole country.

Perhaps he thinks that the military doesn't have enough tools (contrary to many of our posters' opinions) to influence future political process from behind the curtains, perhaps he thinks that he'll do a better job by being in the parlament and speaking up publicly with a legitimacy of an elected MP rather than being accused of secretly pulling the strings and acting through nominees.

A lot would depend on whether people percieve his election campaign as fair. His words won't carry much weight if he is found to have abused his military connections to get elected.

[sriracha john]

Thaksin is eliminated from Forbes Asia billionaires list

Chaleo Yoovidhya, Charoen Sirivadhanabhakdi and Dhanin Chearavanont are the only dollar billionaires in Thailand in the latest rankings by Forbes Asia of the country's wealthiest individuals. Former prime minister Thaksin Shinawatra, ranked fourth in last year's poll, saw his ranking drop to 14th with a net wealth of $300 million. Forbes noted that the Assets Scrutiny Committee last month froze $1.84 billion held by Mr Thaksin and his family. The latest rankings show that the number of billionaires in Thailand has fallen to three from 10 a decade ago. The 40 richest Thais are worth $19 billion, down from $20 billion last year. Minimum net worth on the list has risen to $109 million from $50 million last year. The Thailand 40 Richest List will appear in the July 23 issue of Forbes Asia.

Continued here:

http://www.bangkokpost.com/Business/13Jul2007_biz32.php

Rich man, poor man

Ousted premier Thaksin Shinawatra, a former telecoms tycoon, has fallen from grace and is no longer counted among Thailand's billionaires since the military froze his assets following last year's coup, Forbes magazine said yesterday.

Thaksin, once the country's fourth richest businessman with a fortune worth US$2.2 billion (Bt73 billion), is now thought to be worth around $300 million, the US magazine said.

The self-made tycoon "fell from the billionaire perch after facing frozen assets, multimillion dollar fines and other court decisions against his family," Forbes said.

The military, which overthrew Thaksin in a coup last September, froze at least $1.52 billion of assets belonging to him and his family. Since the coup, Thaksin has remained in exile and now lives in London with his wife, Pojaman.

On Tuesday, the Supreme Court agreed to hear corruption charges against the couple, and authorities warned they could issue an arrest warrant if they did not return home.

Although Thaksin is no longer a billionaire, he still ranks as the 14th richest man in Thailand, Forbes said. Thaksin recently bought Manchester City football club for over $160 million.

Forbes said Thailand's wealthiest businessman was Chaleo Yoovidhya, the man behind the energy drink called Red Bull. His net worth is $3.5 billion.

- The Nation

[sriracha john]

To put it in another perspective.... Thaksin could very well be #1 easily with $6.5 billion, almost double what Forbes says Chaleo has as #1 with $3.5 billion....

excerpts from:

Government must hit Thaksin where it hurts most

Let's deal with the problems at hand and explore how we should deal with Thaksin to prevent his attempts to derail the new charter and cause other political troubles.

No doubt Thaksin is more than angry after the freezing of more than 65 Billion Baht of his assets. That's just peanuts, as we know that he has at least 200 Billion Baht *that would be the 6.5 Billion Dollars I was referring to that would easily make him Thailand's richest man* stashed abroad in various places, such as in savings accounts and investments in funds and securities through nominees here and abroad.

- Sopon Onkgara, Sidelines, The Nation

Continues here:

http://www.nationmultimedia.com/2007/07/15...on_30040886.php

Edited July 14, 2007 by sriracha john

[Old Man River]

I don't think he is personally afraid of the future in any way. He doesn't have a business empire to protect, only years of service, and, well, the legacy of the coup. But the coup's legacy could be threatened only if Thaksin comes back or socialists take over. In both case Sonthi's personal disappointment will be nothing compared to what will happen to the whole country.

Go back and study how well Thailand has treated some of its leaders during tumultuous times in the recent past. Anand Panarachun, after being appointed by His Majesty the King and doing a fantastic job under very difficult times was thanked years later with a lawsuit. No wonder he has had no interest in returning. Rerngchai, out manned and out gunned and surrounded by people with as little experience as he had during 1997 did his best. Instead, years after, he was ordered to pay back THB 330 billion. He is now remembered as the man who bankrupted Thailand. Amnuay Viravan, inheriting almost worthless assets from years of lending against nothing was able to turn these pieces of crap into a more than fair return. I remember one of my friends heading one of the caretaker management teams in a failed bank after 1997 telling me that this bank lent THB 1 billion loans on pieces of property in the middle of nowhere to people he had never heard of. These were the assets Dr. Amnuay had to sell and his reward for doing a great job is to be remember as the man who sold out his country.

As it stands, 10 years from now, how do you think Sonthi will be remembered?

[John K]

I think you are missing the point here. Thailand is not going after all of Thaksin’s money, just the ill gotten money. If he used the power of his office for personal gain then that is wrong and he went way past the level of tolerance the Thais will accept. Thais being very tolerant that is one heck of an overstep. As I see it once they Thais have frozen the full amount described in the initial posts of this thread they will stop. If there is more things that happen later they have the option of going after that money too. As of this post they are about 1 billion baht from that goal amount.

If there is punishment (jail time) associated with that crime then it is up to the courts to decide on that. With Thaksin’s wonderful arrogant “I am better than everyone” personality the judges may see that as not being remorseful and look to administer the maximum jail time.

Another reminder they only people that are suggesting the government is unfair and not democratic are from the pro Thaksin camp. It is the same group that wants to shoot down that new charter because it looks like the biting end of a Mako shark to them spelling out the end of the good old days.

The Thais that I have talked to feel that because the courts are acting so much like western courts making sure that every step is properly processed they feel that justice is finally being served. The only major draw back is the time it has taken to get this far and the negative effects on the economy.

[blaze]

If he used the power of his office for personal gain then that is wrong and he went way past the level of tolerance the Thais will accept.

[younghusband]

I don't think he is personally afraid of the future in any way. He doesn't have a business empire to protect, only years of service, and, well, the legacy of the coup. But the coup's legacy could be threatened only if Thaksin comes back or socialists take over. In both case Sonthi's personal disappointment will be nothing compared to what will happen to the whole country.

Perhaps he thinks that the military doesn't have enough tools (contrary to many of our posters' opinions) to influence future political process from behind the curtains, perhaps he thinks that he'll do a better job by being in the parlament and speaking up publicly with a legitimacy of an elected MP rather than being accused of secretly pulling the strings and acting through nominees.

A lot would depend on whether people percieve his election campaign as fair. His words won't carry much weight if he is found to have abused his military connections to get elected.

I'm not so sure he isn't personally afraid.Indeed as the denouement approaches I suspect he is sleeping fitfully and uneasily.In many countries his fate would be a long spell behind bars or even a firing squad, but Thailand is a tolerant place for erring leaders.Nevertheless we can expect increased manoeuvering from Sonthi to secure influence/protection as the day of reckoning approaches.As I study the entrails of the monitor lizard I have just dissected and analyse his motives with my immense insight -to take a leaf from our crazed hypnotherapist's book-I don't necessarily think he will be unsuccessful.

[LaoPo]

As it stands, 10 years from now, how do you think Sonthi will be remembered?

Since you asked me...

Sonthi will be remembered as the man 'preparing, steaming and cooking' the pot...

The pot called: 'dictatorial democracy, controlled by the military'...

Mr. T. will be remembered as a baby, compared to what's next for Thailand.

ps: since it's Sunday, I also wish to express my concerns about the 'swallowing' (by the majority in LOS, including TV-members) of news about Mr. T. now since about 10/11 months

ALL or MOST of that news, brought to you by the esteemed CNS/government Bureau of Public Relations...

I wish there was more attention, ALSO amongst TV-members, about what's happening behind the curtains of the CNS/government-puppets; read: trying to have their draft-constitution 'swallowed' by their country fellow men/women.

After that it will be easy to 'win' the elections as well.

JOB DONE

LaoPo

[sriracha john]

Thaksin's lawyer to ask Supreme Court to lift freeze orders

The team of lawyers of former prime minister Thaksin Shinawatra will file a suit with the Supreme Court on Wednesday seeking an injunction against the orders that froze the assets of his family.

Noppadol Patama, a legal advisor of the former prime minister, said the lawyers would prove to the court that Thaksin had lawfully earned the frozen assets during the 13 years of his business career before entering politics.

Noppadol said Thaksin had earned up to some Bt60 billion before entering politics.

- The Nation

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

60 Billion Baht before he entered politics???

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

The Nation / Dec 1, 2001

The net worth of Thaksin’s assets was just over Bt575 million on October 9, a drop of more than Bt566,000 from June when he last made an asset declaration, the commission said.

Constitutional and other laws require the premier, Cabinet members and publicoffice holders to declare their wealth when entering and leaving office. A new Cabinet lineup on October 9 made fresh declarations necessary. Thaksin last declared his wealth when he quit his post as Education minister in June. Cabinet members must also declare the assets held by their spousฌes and children.

Pojamarn declared being worth just over Bt9.7 billion on October 9, a loss of about Bt17 million since June. Her children Panthongthae and Phaethongthan declared assets worth just more than Bt4.9 billion, an increase of more than Bt40 million.

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

In whose name was the 60 Billion Baht????

[AlexLah]

Laopo,

Quote: I wish there was more attention, ALSO amongst TV-members, about what's happening behind the curtains of the CNS/government-puppets.

So please enlighten me and perhaps some others what is really going on behind the scene.

What info do you have and are you willing to share?

Alie

[LaoPo]

Laopo,

Quote: I wish there was more attention, ALSO amongst TV-members, about what's happening behind the curtains of the CNS/government-puppets.

So please enlighten me and perhaps some others what is really going on behind the scene.

What info do you have and are you willing to share?

Alie

It's not personal info that I have; it's merely reading about facts what's going on -and between the lines- of public information in topics like these:

http://www.thaivisa.com/forum/index.php?showtopic=126253

http://www.thaivisa.com/forum/index.php?showtopic=129416

It's frightening, but I'm afraid this side-step (also by me; sorry!) has little to do with the freezing of Thaksin's assets.

Maybe I should start a new topic...

LaoPo

[stumonster]

Noppadol said Thaksin had earned up to some Bt60 billion before entering politics.

I am sure he would have paid the correct tax on that "earnt" Bt60 billion , nearly USD 2 billion.

[John K]

This just sounds like Thaksin getting angry and telling his lawyers “JUST DO IT.” Then certainly you know the court will ask for the supporting documents. Then it does not take much imagination to discover they will not match what the government has discovered after months of digging.

Then that will bring up some other issues like perjury that will fall back on the lawyers and not Thaksin because Thaksin will not be in court to be called to testify.

How do you say pawn in Thai?

[sriracha john]

Weather Update:

Cold wave hits Thailand as the eighth freeze is on the way....

Shin corp proceeds: Jaruvan chasing down 500 Million Baht

Auditor-general wants fresh freeze order for sum that eluded AEC earlier

Auditor-General Jaruvan Maintaka will today push for an eighth freeze order worth 500 Million Baht on three cashier's cheques belonging to former prime minister Thaksin Shinawatra's son, Panthongtae, a source said yesterday.

Jaruvan will seek a ruling from the Assets Examination Committee (AEC) to freeze the 500 Million Baht, which was part of 800 Million Baht that AEC chairman Nam Yimyaem issued an order to freeze on July 9.

She needed another order to freeze more money because on July 9 only 300 Million Baht was found and the remaining 500 Million Baht was transferred out of the bank accounts of private companies which had obtained money from Panthongtae's accounts.

The money was from the Shin Corp share sale worth 72 Billion Baht in January last year.

The freeze orders were related to alleged irregularities in the Shin Corp deal involving the former premier. The first one issued on June 11 involved more than 52 Billion Baht.

Thaksin will on Wednesday ask the Civil Court in Bangkok to revoke the freezing of his assets.

Lawyer Noppadon Pattama said everyone knew Thaksin had more than 60 Billion Baht in assets 13 years before he entered politics. It was earned legally and he wanted it back, he said.

Former Roi Et senator and lawyer for Thaksin, Prakiat Nasimma, said the freezes violated the law.

Lawyer and former government whip Vichit Plangsrikul said the AEC had used powers afforded it by the coup to freeze Thaksin's assets. If the order was intended to "destroy Thaksin", then it had to be declared illegal.

He said the legal team would complain to the AEC about its offering of a 25-per-cent commission to those providing it with information leading to the discovery of Thaksin's assets because it encouraged corrupt actions.

AEC regulations state those providing information may remain anonymous. Vichit said this provision could lead to corruption among committee members because they could nominate anyone to receive the commission. "Twenty-five per cent of 60 billion baht is a substantial amount of money. "In addition, the AEC has a one-year term only and has no legitimacy to issue such regulations," Vichit added.

- The Nation

Edited July 15, 2007 by sriracha john