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

[hammered]

I would suggest you get out more.

Poll after poll say exactly the same thing - coup was ok, now it's time for elections, we don't want anymore protests.

What should I do to my brains in order to happily ignore these polls and where exactly should I "get out"?

There's not really a reliable polling system in Thailand, but I think you are right the country does want elections since that will end the tenure of the junta (in theory).

It seems impertinent of me to give advice to someone who clearly has a good brain but ,since you ask, try thinking of each citizen of this country of equal importance and worth.The elite has shamed the country by its selfishness and corruption and it's time to have a change.And yes the new wave is likely to have middle class or even patrician leadership.It's a question of enlightened self interest.The Bangkok elite can follow the example of the English Whigs and preserve their influence and wealth through negotiated compromise, or they can ignore the new realities and face what's coming to them.

I agree that it is now time for the middle class to actually start to exert themselves within political structures rather than being the outsiders who try to force change by the power of their demonstrations. However at the moment the middle classes are not in a good position. They are blamed for the fall of the T government by one side and the other side villify their lifestyle. It will be interesting to see how this develops because a failure of the middle classes to step up to the plate and also insure a certain redistribution of wealth will almost inevitable result in more conflict. However, to step up and make the needed changes, which will also bring stability to the middle class position in Thailand, will necesitate the middle classes taking the mantle of leaders of the country from the elite. In this we see a struggle that has historically played out in many countries before. In the case of the UK as you state it went relatively smoothly however there are also countless cases of how it did not go as smoothly. How the relative strength and the level of involvement of the various groups fans out in this politcal development will decide what happens. History tells us that the middle and urban working classes should at least initially be allied in any struggle with the elite with peasantry (for want of a better word) often more split. However, Thailand does seem to have its own unique way of resolving or not resolving clashes so predictions are very difficult. One thing is for sure a major event in the next few years could trigger another round of what we are going through now.

[hammered]

It's 8.30 in Bangkok and Bangkok Post still shows yesterday's news page....

Younghusband, Johnk K nicely summarised who the right people are. Don't assume that Thais are stupid and they don't know who is doing what. The crooks know they are crooks and honest people know that even better. When crooks, led by Thaksin, started taking over the country Sonthi did what honest people expected him to do - restore law and order. They didn't ask for the coup but they approved it after the fact. Maybe not approved per se but supported generals in their aftercoup actions.

I think you seriously misjudged Sonthi when you called him a second rate opportunist. Like a guy in today's Nation wrote - people admire him for having guts to take on Thaksin, and there's nothing in it for him personally. He could have just sat out one more year till his retirement.

As expected no specifics about the guardians of the nation's well being, so I have still no idea who you are talking about.With respect, it is not I who assume the Thais are stupid but those who feel that the "ignorant" majority should keep their noses to the sufficiency grindstone and accept what their lords and masters dictate.Sonthi launched his illegal coup not to rid the country of corruption but to protect the old guard's vested interests.If you seriously think the country supports the junta's aftercoup actions, I would suggest you get out more.

Hi Young husband

I am not sure what exactly you mean about support after coup activities, but in my experience up country the coup was definitely seen as having the neccessary backing and therefore even though Mr. T may to this day still be popular for some things that he did, the coup was largely accepted as being for a reason. This has been one thing that has made it very very hard for TRT to mobilise the support expected.

Hammered,

The reference to support for post coup activities was really just a reference to Plus's earlier comment.I think you are right that the coup has been accepted as a fait accompli, and there is a perfectly reasonable argument -although I don't personally subscribe to it -that it was necessary to clear the political logjam.I think the TRT is a spent force, but it was always a broad coalition and in one form or another parts of it will reassemble.

Incidentally although I don't attach too much importance to the Sanam Luang numbers game, I was in the NE last week and was amazed to see military road blocks everywhere checking on travellers to Bangkok.This might be a reason why TRT is finding it hard to mobilise support.

I am not sure what will become of TRT. Thai politics and the alliances and factions are ever changing sands. As you say it was always a broad coalition including NAP, Solidarity, Chart Pattana, Seritham, bits of Social Action, bits of Prachakorn Thai, the Northern Democrats who all joined for some reason or other at some point. Now it seems we are getting a lot of the characters from some of these groups setting their own new parties up and in effect reverting to from whence they came. However, there are a fair number although a minority of TRT MPs who were new to the game under TRT. These will probably stick together under a new TRT banner because they probably dont have anywhere else to go. They could still do OK if they play the Thai politcal game with influence, money and power and if a few big hitters like Newin stay with them. The development of politcs post-election may actually be more telling than the rush for a home pre-election.

[Plus]

clearly you were not here during the 80's when Prem was prime minister. he's probably had more accusations thrown at him for inept administration, cronyism and corruption than Thaksin has.

Prem also survived a couple of coups and assasination attempts but it's all largely forgotten. Now he is a very respectable senior, president of the Privy Council, no less.

As I said earlier there will always be accusations, often from vested interests, no matter what you do.

Now Prem is credited with bringing stability to the country divided by 70-ies struggles and making Thailand into a new Asian tiger. Also it was largely under Prem that Thais developed their own perception of corruption and "Asian ways" where people practically deserved the right to "kin muang" but also shared spoils through trickle down effects and reinvesting in country's own economy. Basically there were not too greedy.

[Jai Dee]

CDC Chairman says government should not send official to compromise with Mr Thaksin

Chairman of the Constitution Drafting Committee (CDC) Sqn.Ldr.Prasong Soonsiri (ประสงค์ สุ่นศิริ) says it is unnecessary for the government to send an official to compromise with ousted Prime Minister Thaksin Shinawatra.

However, the CDC chairman says he does not know whether the government has assigned a minister to contact Mr Thaksin to compromise with him. Sqn.Ldr.Prasong also disagrees with the idea of reconciliation with the ex-PM as his cases have already entered the judicial process.

The chairman also suggests that the government should be more careful with issues of the former premier as the general public might think that the government has gained benefit from Mr Thaksin’s cases. However, he says the government should not ignore Mr Thaksin’s proposals about his cases.

Source: Thai National News Bureau Public Relations Department - 17 July 2007

[Bill97]

The frozen assets that have now been found to have been moved around is an interesting issue involving bankers who have shunned the order to freeze. Many banks are involved. Are they going to be investigated and prosecuted?

How about another thread for the political discussions?

[LaoPo]

The frozen assets that have now been found to have been moved around is an interesting issue involving bankers who have shunned the order to freeze. Many banks are involved. Are they going to be investigated and prosecuted?

How about another thread for the political discussions?

They better start building a new prison; the old ones are fully occupied...

First fill the new one with hi-so people; they will be released after a new coup and filled again with new 'suspects'

Keeps Thailand busy for a while.

LaoPo

[John K]

I actually find that a bit odd the banks would not follow the freeze order. I am hesitant to say if this is true.

I think they’re may be a few promotions in the next several days as the bank top brass are shown the door if there is any truth to this. On the other hand this may just be a face saving type of thing.

[Plus]

I think I'm missing something here - AEC ordered a freeze only on certain, specified accounts. Have there been movements in these particular accounts? I think the AEC has simply found more accounts where money had been moved prior to the freeze. Banks were not required to keep their eye on those.

[Bill97]

Another 1.9 Billion Baht frozen

"Even though we ordered banks to freeze the money there has been movement of cash in accounts. So we now require banks to submit evidence of withdrawals and deposits in each account held by the family that occurred after the freeze order," he said.

- The Nation

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

That does help to clarify the earlier article saying that Thaksin simply didn't comply with the AEC's request and moved money... as this is saying the banks didn't comply with the freeze orders..... and that can't be good for them.

News reports are always suspect but the above seems fairly clear that frozen accounts were not actually frozen by the banks.

[jumnien]

There are some banks who still have the balls to defy the orders of the greedy military goons wreaking havoc in Bangkok. Any banker that follows the orders of an illegally self-installed worthless attempt at government should be immediately fired!

[LaoPo]

Another 1.9 Billion Baht frozen

"Even though we ordered banks to freeze the money there has been movement of cash in accounts. So we now require banks to submit evidence of withdrawals and deposits in each account held by the family that occurred after the freeze order," he said.

- The Nation

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

That does help to clarify the earlier article saying that Thaksin simply didn't comply with the AEC's request and moved money... as this is saying the banks didn't comply with the freeze orders..... and that can't be good for them.

News reports are always suspect but the above seems fairly clear that frozen accounts were not actually frozen by the banks.

That's right......IF we wish to believe everything the CNS/Government inform to the newspapers...and they just report what they have been informed/told by the:

Source: Thai National News Bureau Public Relations Department

LaoPo

[Plus]

There are some banks who still have the balls to defy the orders of the greedy military goons wreaking havoc in Bangkok. Any banker that follows the orders of an illegally self-installed worthless attempt at government should be immediately fired!

Which orders should the banks follow then? Do you propose they decide all by themselves what is to be frozen and what is to be transferred out of the country?

Banks might not be legally obliged to follow AEC orders but if Central Bank confirmed it and they didn't follow, they are in BIG trouble, and you approve it - good luck with your savings. Any banker that does not follow Central Bank orders should be fired [at].

[John K]

I noted the name of the bank was not given. If the name of the bank was known, I suspect Thai’s would be lining up taking out their money and placing it in another bank. A rogue bank is not a safe place for my money.

[Jai Dee]

Shinawatra's attorney will sue AEC for abuse of power

The Shinawatra family attorney, Mr. Noppadol Pattama (นพดล ปัทมะ) announced that the Shinawatra’s legal team will tomorrow sue the Assets Examination Committee (AEC) for allegations of abuse of power after the AEC has ordered to freeze the Shinawatra’s bank accounts.

The Shinawatra’s legal team had withdrawn its initial lawsuit today, saying that it wants to add more details to its indictment. However, it has affirmed that it will tomorrow take actions against the AEC.

The AEC has currently frozen the Shinawatra’s assets estimated over 50 billion baht.

Source: Thai National News Bureau Public Relations Department - 18 July 2007

[Jai Dee]

AEC prohibits transfer of money from frozen accounts of Shinawatra and Damapong families

The Assets Examination Committee (AEC) requests 40 financial institutions to prohibit any transfer of money from the frozen bank accounts of the Shinawatra (ชินวัตร) and Damapong (ดามาพงษ์) families.

AEC Chairman Nam Yimyam (นาม ยิ้มแย้ม) has signed a letter yesterday (July, 18th), authorizing the prohibition of money transfer. AEC has also called on them to inform it of movements in the accounts to prevent further attempts to move the money out. AEC is now inspecting whether there have been irregularities in the accounts after it ordered the freeze.

In the meantime, AEC’s subcommittee scrutinizing the share sale of Shin Corporation has summoned Khunying Potjaman Shinawatra, the wife of the ousted prime minister, to give testimonies concerning the share deal. Khunying Potjaman has earlier postponed meeting with the subcommittee for several times.

A team of attorneys of the former PM and his family affirms Khunying Potjaman is still in England and cannot travel to testify with the AEC subcommittee. The attorneys have been assigned by her to submit a letter to the subcommittee to cancel her testimonies with it.

Source: Thai National News Bureau Public Relations Department - 19 July 2007

[Mid]

AEC prohibits transfer of money from frozen accounts of Shinawatra and Damapong families

and what in the name of blue blazes was freezing the accounts surposed to do ?

incredible Thailand .

[thedude]

I think I'm missing something here - AEC ordered a freeze only on certain, specified accounts. Have there been movements in these particular accounts? I think the AEC has simply found more accounts where money had been moved prior to the freeze. Banks were not required to keep their eye on those.

its unbelievable that so many people actually think that law and order actually works like it does in the west.

in thailand, there is always the official view and then there is the real situation (this duality is inherent in thai culture and you can't fight it). people who rely on the official view through the local press are living in a surreal world and are always frustrated, grasping at laughable explanations to justify their worldview. they dont realise they are being played.

those who fail to understand thai political history and the workings of thai society will always live in the dark.

has it just dawned on you that the AEC are toothless?

put it this way, the banks have been around for a very very long time, the people who own and control the banks will be around for a very very long time after the military goons dissappear. these people behind the banks are, shall we say, untouchable?

thaksin will be able to negotiate a way out with the new powers after the elections, after which the banks would be happy to have him maintain his billions in their accounts. all he needs to do is stay away, he knows the clock is ticking on the junta.

[John K]

Please correct me if I am wrong on this but all wire transfers must go through the USA. I heard this when pressure was being applied to Hamas. Outside of that I would think that software would control the rest of it by greying out the frozen account so bank tellers could not access them.

[Plus]

I think I'm missing something here - AEC ordered a freeze only on certain, specified accounts. Have there been movements in these particular accounts? I think the AEC has simply found more accounts where money had been moved prior to the freeze. Banks were not required to keep their eye on those.

its unbelievable that so many people actually think that law and order actually works like it does in the west.

in thailand, there is always the official view and then there is the real situation (this duality is inherent in thai culture and you can't fight it). people who rely on the official view through the local press are living in a surreal world and are always frustrated, grasping at laughable explanations to justify their worldview. they dont realise they are being played.

those who fail to understand thai political history and the workings of thai society will always live in the dark.

has it just dawned on you that the AEC are toothless?

put it this way, the banks have been around for a very very long time, the people who own and control the banks will be around for a very very long time after the military goons dissappear. these people behind the banks are, shall we say, untouchable?

thaksin will be able to negotiate a way out with the new powers after the elections, after which the banks would be happy to have him maintain his billions in their accounts. all he needs to do is stay away, he knows the clock is ticking on the junta.

Only few banks has been around for a long time. Most of them depend on powers of the day and would not dare to challenge them. Look at what happened to KrungThai when it crossed Central Bank's Pridiyatorn. Even the best political cover, Somkid, couldn't help.

Generals are not going anywhere where you can openly defy them. Thaksin has no chance of coming back next year as nothing had happened and his bankers better realise that playing with fire is dangerous.

Duality is irrelevant here.

[Bill97]

Please correct me if I am wrong on this but all wire transfers must go through the USA.

All US Dollar transfers go through NY on the Swift system. Not sure about other currencies.

[dkstoney]

Thaksin sues Thai graft busters for $1.5 billion

BANGKOK - Ousted Thai Prime Minister Thaksin Shinawatra sued a military-appointed anti-graft panel on Thursday demanding 50 billion baht ($1.5 billion) in compensation for damage caused by its order to freeze his assets.

Thaksin lawyers filed the case in Bangkok's Civil Court accusing the 11-member Asset Examination Committee -- set up after Thaksin was ousted in a bloodless September coup -- of freezing $1.58 billion in domestic bank accounts illegally.

"We demand 50,016 million baht from the committee -- 16 million baht for the investment opportunity losses and 50 billion baht for damages to fame and integrity," lawyer and spokesman Noppadon Pattama told a news conference after filing the suit.

The AEC, a panel of legal and accounting experts, did not press charges against Thaksin when it ordered banks to freeze his accounts, but it said it had come to the conclusion that "Thaksin and his cronies had been corrupt and committed wrongdoings".

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

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

He denied all such charges.

The $3.8 billion sale of Shin Corp to Singapore state investment company Temasek, which netted Thaksin's family $1.9 billion tax free, in early 2006 triggered the mass street protests that led ultimately to the army's decision to launch Thailand's 18th coup in 75 years of on-off democracy.

Noppadon said Thaksin's legal team would also file a criminal case against the AEC, accusing it of freezing his assets illegally, and would send a separate request to the panel to unfreeze the assets.

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

[sriracha john]

Thaksin Sues Thai Anti-Graft Body

Thaksin Files Lawsuit Against Thai Anti-Graft Body After $2.1 Billion Frozen

BANGKOK, Thailand (AP) -- Ousted Prime Minister Thaksin Shinawatra filed a lawsuit Thursday against Thailand's anti-graft body after it froze more than 65 billion baht ($2.1 billion) of his family's assets, his lawyer said.

Noppadol Pattama, Thaksin's lawyer and de facto spokesman in Thailand, said a petition was lodged at Bangkok's Civil Court to appeal the freeze on his assets. The suit also seeks compensation of 50 billion baht ($1.7 billion).

Thaksin has been in exile since last September's coup that deposed him.

"The money frozen could have been invested in other assets for higher returns. The order has caused a loss of investment opportunities," Noppadol said to reporters at a press conference. "It also damages his reputation. He has no other means but to seek justice from the court to redeem his assets and to salvage his reputation."

The lawsuit was filed against all 12 members of the Assets Examination Commission, which was established immediately after the coup.

Noppadol said Thaksin's wife, Pojamarn, and only son, Phantongtae -- who have also had assets seized -- would file petitions to seek compensation at a later date.

The commission's chairman, Nam Yimyaem, said his panel is ready to fight if the court accepts the charge.

"We feel indifferent toward the lawsuit. Actually he tried to sue us several times but the court has rejected the cases. We have performed our duty in accordance with due legal process," said Nam.

The latest order to freeze assets of Thaksin and his family Monday brought to more than 65 billion baht ($2.1 billion) the total amount frozen on suspicion it was obtained through corrupt means, according to Sak Korseangruang, spokesman of the Assets Examination Commission.

Since the middle of last month, the 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 ($2.34 billion) 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.

- Associated Press

[Plus]

They are ready to drop the lawsuit if AEC simply unfreezes the accounts and deposits compensation money (50 billion, small change).

AEC is considering organising a national lottery to sponsor compensation to Thaksin.

[Jai Dee]

Ex-PM files a lawsuit against the AEC

Ex-Prime Minister Thaksin Shinawatra has filed a lawsuit against the Assets Examination Committee (AEC) on allegations of illegal seizure of his family's assets.

The Shinawatra family attorney, Mr. Noppadol Pattama (นพดล ปัทมะ) reports that the deposed Prime Minister has decided to sue the AEC under the supervision of AEC Chairman Nam Yimyam (นาม ยิ้มแย้ม) after it announced to freeze the Shinawatra’s bank accounts. The AEC’s implementation is allegedly not in line with the National Counter Corruption Commission Act and the Anti-Money Laundering Organization Act. In addition, the ex-PM claims that the AEC intends to defame his reputation.

The ex-PM also indicates that the AEC does not give him a fair treatment as it does not take any action against those involved in the corruption cases, including the CTX purchase, the two-three digit lotteries, and the rubber saplings.

Mr. Thaksin has requested the AEC to recover his damage with the amount of money estimated over 50 billion baht. He says other people related to the case will gradually file a lawsuit against the AEC.

Source: Thai National News Bureau Public Relations Department - 20 July 2007

[John K]

This is just the same old Thaksin, clog the courts up with law suites, however this one may have some merit. I suspect he will lose simply on just cause.

This clearly shows Thaksin’s discontent in that things are not going his way. If you think back to one year ago Thaksin was throwing his weight around in a rater serious way. In a bit or irony that may backfire on him, he seeks compensation in the same court system he claims is not democratic. The fact he took so long in filing this suggests he has paid for a favorable ruling. He also has not exercised his right inside the 60 day period as yet to contest this also suggest he is up to no good. Something is afoot.

[Jai Dee]

AEC Chairman expresses no concern regarding lawsuit against his panel

Chairman of the Assets Examination Committee (AEC) Nam Yimyam (นาม ยิ้มแย้ม) says he is not worried of Ex-PM Thaksin Shinawatra’s lawsuit of 50 billion baht against the AEC.

Mr. Nam says if the court accepts the case, prosecutors will help the AEC defend it. He affirms that the AEC’s decision to freeze the Shinawatra family's decision is abided by the 30th announcement of the Council for Democratic Reform (CDC), claiming that Mr. Thaksin must prove that his frozen assets had been acquired before he took office at the government administration.

Source: Thai National News Bureau Public Relations Department - 20 July 2007

[John K]

AEC Chairman expresses no concern regarding lawsuit against his panel

Chairman of the Assets Examination Committee (AEC) Nam Yimyam (นาม ยิ้มแย้ม) says he is not worried of Ex-PM Thaksin Shinawatra’s lawsuit of 50 billion baht against the AEC.

Mr. Nam says if the court accepts the case, prosecutors will help the AEC defend it. He affirms that the AEC’s decision to freeze the Shinawatra family's decision is abided by the 30th announcement of the Council for Democratic Reform (CDC), claiming that Mr. Thaksin must prove that his frozen assets had been acquired before he took office at the government administration.

Source: Thai National News Bureau Public Relations Department - 20 July 2007

As I said in another post perjury is highly likely.

[sriracha john]

Former Prime Minister Thaksin Shinawatra of Thailand asks government to release assets

BANGKOK: Former Prime Minister Thaksin Shinawatra of Thailand and his family will petition the government to release more than 60 billion baht of assets that were frozen after he was toppled in a coup last year.

The petition, to be filed with the Assets Examination Committee on Friday, will claim that the money, which amounts to about $2 billion, was "earned honestly," Noppadol Pattama, a lawyer for the billionaire and his family, told a news conference Monday in Bangkok.

The bank accounts were frozen in June because the committee said they held cash from the family's sale of Shin Corp. last year. The sale of the shares to Singapore's state-owned Temasek Holdings exacerbated protests that culminated in the September coup that ousted Thaksin. The company controls the biggest cellphone and satellite enterprises in Thailand.

The asset panel has been investigating the former prime minister, his family and members of his former cabinet for alleged violations in project approvals, share sales and other transactions. Thaksin's wife and brother-in-law are facing separate criminal tax fraud charges.

Thaksin has already filed a 50 billion-baht civil suit against the committee, claiming that its move to freeze the accounts prevented the Shinawatras from earning investment returns, Noppadol said Thursday.

Prosecutors on June 21 filed charges against Thaksin and his wife, Pojamarn, over their purchase of land from the central bank. The case will be heard Aug. 14.

- Bloomberg News

[sriracha john]

and just when you thought he couldn't have hidden any more money.... another family member name pops up and another billion baht is found...

AEC freezes 1.647 Billion Baht more from Thaksin's family

The Assets Examination Committee Monday issued its ninth order to freeze 1.647 Billion Baht more from the family of former prime minister Thaksin Shinawatra.

Kaewsan Atibodhi, the secretary to the AEC, said the frozen assets came from accounts of Bhanapot Damapong and his wife, Busaba Damapong.

Kaewsan said so far 64 Billion Baht from the sale of Shin Corp's shares sale has been frozen.

The Nation

[sriracha john]

*double posted*

Edited July 23, 2007 by sriracha john