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

[sriracha john]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

[Tony Clifton]

See?

It's funny now to read posts mentioning the junta wanting to get their hands on the frozen loot while Thaksin himself has his best dedicated zombies trying to once again bribe officials to pretend they want to pay taxes on the amount but would end up rerouting the money elsewhere the moment it can be moved around. We ll see more Pastrygates, it's how he made his way through life, that and ripping off partners or his country.

[sriracha john]

More on Revenuegate...

'Hand over the cash'

The Revenue Department is seeking a transfer of 12 Billion Baht from the frozen accounts of former PM Thaksin in an alleged move to have the money returned to his two adult children later. Siam Commercial Bank (SCB) confirmed it had received a letter from the Department demanding it transfer the money to the Department yesterday. The letter was sent to the bank as the Attorney-General is due to ask the Supreme Court on Monday to order the seizure of the 76 Billion Baht assets of Thaksin's family. Ongorn Abhakorn na Ayuthaya, SCB's Executive Vice-President for corporate communication, said the bank was instructed by the Department to transfer money kept in two Shinawatra family accounts at the bank. Of the 76 Billion baht of Shinawatra assets ordered frozen, about 39.63 billion baht was deposited with the SCB. The bank's executive board met to discuss legal implications immediately after receiving the letter. The bank, however, did not transfer the money to the Department as requested since the meeting was held past office hours.

Continued here:

http://www.bangkokpost.net/topstories/tops...s.php?id=129875

[hammered]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

This attempt not only sounds dodgy as hel_l but also smacks of desperation. There has been specualtion in the UK that Thaksin doesnt really have much in the way of funds outside the frozen money and although we dont seem to think this way maybe there is some truth to it. It certainly seems Thaksin in his actions at the moment is no longer the cool calculating poltical master he once was. Something must have unnerved him.

[Old Man River]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

This attempt not only sounds dodgy as hel_l but also smacks of desperation. There has been specualtion in the UK that Thaksin doesnt really have much in the way of funds outside the frozen money and although we dont seem to think this way maybe there is some truth to it. It certainly seems Thaksin in his actions at the moment is no longer the cool calculating poltical master he once was. Something must have unnerved him.

He has been squirreling away funds outside of Thailand for years, but the main pot of gold is the funds generated by the SHIN sale and the potential for losing this would be enough to unnerve anyone.

The game is now whether he can get a full pardon and all of us funds unfrozen. On this, Samak is currently the key. The potential for this will go on for months. Everything is now fluid.

[Samuian]

I wouldn't wonder if the money or a large amount of it, does "disappear" over night... somewhere off shore...in this country with this "leadership" anywhere might it be political or corporate... anything is possible!

Just another "honest mistake"... ooooopps.. someone will be the scapegoat and be "really" sorrrrryy... it has been transferred by error, irretrievable!

Hope not!

Edited August 23, 2008 by Samuian

[hammered]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

This attempt not only sounds dodgy as hel_l but also smacks of desperation. There has been specualtion in the UK that Thaksin doesnt really have much in the way of funds outside the frozen money and although we dont seem to think this way maybe there is some truth to it. It certainly seems Thaksin in his actions at the moment is no longer the cool calculating poltical master he once was. Something must have unnerved him.

He has been squirreling away funds outside of Thailand for years, but the main pot of gold is the funds generated by the SHIN sale and the potential for losing this would be enough to unnerve anyone.

The game is now whether he can get a full pardon and all of us funds unfrozen. On this, Samak is currently the key. The potential for this will go on for months. Everything is now fluid.

I would have thought he could get a lot of his funds back and some kind of pardon in return for something. However, he could have done this a long time ago. It seems like his position has weakened a lot. Mmmm I bet I will regret writng that.

[sriracha john]

Deputy Secretary-General of the Democrat Party Korn Chatikavanij

Democrat casts doubt on Revenue Dept’s order to release frozen assets of ex-PM’s children

The Democrat party says the Revenue Department may have assisted the children of former prime minister Thaksin Shinawatra as it sent an urgent letter to the Siam Commercial Bank instructing the bank to stop freezing more than 12 Billion Baht in Shinawatra assets.

Regarding the Revenue Department’s letter, Deputy Secretary-General of the Democrat Party Korn Chatikavanij says the Department has no authorization to revoke asset freezing, only courts of law do. He therefore believed that the Department intended to return the money of 12 Billion Baht back to the son and daughter of the former PM, Panthongtae Shinawatra and Pinthongtha Shinawatra.

The Deputy Secretary-General also requested the Department to urgently clarify the matter. Mr Korn said he has tried to call the Director-General and the Deputy Director-General of the Revenue Department since yesterday (August, 22nd), but has been unable to contact either of them. :D

- ThaiNews / today

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

*Edit. Additional comments from related article, also from ThaiNews today....

Mr. Korn said that the Revenue Department's claim that the assets were being unfrozen for fines and tax purposes was unusual, as the department had no authority over the assets, and only a court of law could authorize their release.

The Democrat Party Deputy Secretary General believes that the assets were released in order to allow the Shinawatra family to reclaim them. Mr. Korn is urgently calling on the Director-General of the Revenue Department to explain the matter and to address the news. He said that calls to the office of the Revenue Department's Director-General and Deputy Director-General have so far been unanswered.

Edited August 23, 2008 by sriracha john

[Old Man River]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

This attempt not only sounds dodgy as hel_l but also smacks of desperation. There has been specualtion in the UK that Thaksin doesnt really have much in the way of funds outside the frozen money and although we dont seem to think this way maybe there is some truth to it. It certainly seems Thaksin in his actions at the moment is no longer the cool calculating poltical master he once was. Something must have unnerved him.

He has been squirreling away funds outside of Thailand for years, but the main pot of gold is the funds generated by the SHIN sale and the potential for losing this would be enough to unnerve anyone.

The game is now whether he can get a full pardon and all of us funds unfrozen. On this, Samak is currently the key. The potential for this will go on for months. Everything is now fluid.

I would have thought he could get a lot of his funds back and some kind of pardon in return for something. However, he could have done this a long time ago. It seems like his position has weakened a lot. Mmmm I bet I will regret writng that.

No regrets. My view is that he expected a lot more from Samak (re-write of the constitution), but Samak being Samak tells anyone what they want to hear. No question, Thaksin's position is now weaker, which is why he fled to England. He wouldn't have come back at all if he thought he would have to flee soon after. Now, the pardon is all he can hope for.

[Tony Clifton]

Senior officials attempt to unfreeze money of two Thaksin children

BANGKOK, Aug 22 (TNA) -- Some senior officials of the Thai government Revenue Department have pressured the Siam Commercial Bank to release more than 30 Billion Baht deposited by the family of ousted prime minister Thaksin Shinawatra and later frozen by the Assets Examination Committee (AEC), Finance Ministry sources said Friday.

The money was ordered frozen by the now-defunct AEC, of which about 12 Billion Baht of the total would have been deducted as tax from two children of Thaksin following sales of Ample Rich Investment stocks.

But the Thaksin children refused to pay the tax to the Revenue Department, causing the AEC to order the deposited funds to be frozen.

According to sources, the bank was asked to release the 30 Billion Baht and give it to the Revenue Department so that the tax could be deducted.

Both the Office of the Attorney-General (OAG) and the National Counter Corruption Commission (NCCC) had informed the Revenue Department Chief earlier that the monies frozen at the bank could not be withdrawn as the hearing process in court is continuing, the sources said.

The latest similar attempt occurred Friday when the Revenue Department Chief was travelling overseas and a senior official had sent a messenger with a letter to Siam Commercial Bank asking it to transfer the money to the Department before next Monday, the day when the Office of the Attorney-General will formally send the case to the court.

Sak Korsangruang, former spokesman of the Assets Examination Committee, said the OAG is due next Monday to freeze 76 Billion Baht in funds deposited by the fugitive Thaksin, now living in Britain, which he obtained from the sale of Shin Corp to Singapore's Temasek Holdings on Jan 23, 2006, the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

This attempt not only sounds dodgy as hel_l but also smacks of desperation. There has been specualtion in the UK that Thaksin doesnt really have much in the way of funds outside the frozen money and although we dont seem to think this way maybe there is some truth to it. It certainly seems Thaksin in his actions at the moment is no longer the cool calculating poltical master he once was. Something must have unnerved him.

He probably has just as much stashed abroad than he has frozen in Thailand, but he sure knows he`s under the radar financially and won`t dare touch the loot hidden abroad, hence his own team manager lending money to his own team. Just wait, he`ll crack or make a mistake and it will be hello Interpol, bye bye asylum. That`s why he`s risking involving others in getting his frozen billions in Thailand, no shame if he does it there and no arrest from Interpol. Everything he does nowadays turns to <deleted>, storm coming in.

Edited August 23, 2008 by Tony Clifton

[Plus]

He probably has just as much stashed abroad than he has frozen in Thailand,

That is simply impossible - Shin was one of the biggest companies in Thailand at the moment of the sale and one of the best investment choices for years, it was also listed and audited. He couldn't have skimmed any significant amount of money from it. He probably relies on funds squirelled away in the 90s when no one was watching. That money could have grown a fair bit, but it's still incomparable to Shin.

The fact that he can't pay wages to his Man City staff speaks a lot about his financial situation.

[plachon]

He probably has just as much stashed abroad than he has frozen in Thailand,

That is simply impossible - Shin was one of the biggest companies in Thailand at the moment of the sale and one of the best investment choices for years, it was also listed and audited. He couldn't have skimmed any significant amount of money from it. He probably relies on funds squirelled away in the 90s when no one was watching. That money could have grown a fair bit, but it's still incomparable to Shin.

The fact that he can't pay wages to his Man City staff speaks a lot about his financial situation.

I'm with Tony on this one and think he's got a fortune stashed overseas in various accounts that he's just not declaring or daring to dip into to pay off his running costs for MCFC.

Nevermind Shincorp and its earnings, Toxin was creaming off all those other mega-projects he started, esp the humoungously profitable Cobra Swamp airport. Those kickbacks weren't going to be going into his Thai a/cs only, but squirreled away through the Ample Rich-type of front companies he set up for the purpose of screwing the nation. C'mon it's the first rule of corrupt dictators (even when they believe they will rule for 20 years) to get your stash outta dodge city to safe havens, which is why he had Ample Rich registered with banks via Singapore to Cayman and British Virgin Islands.

He could pay the MCFC staff wages tomorrow if he wanted to ring his man in Zurich, but he clearly doesn't want to chalk up a paper trail that might be traceable through the slightly more transparent British banking system, which would/may call into question his claims that A/ all his funds are frozen in Thailand (thus hoping to draw sympathy for his plight) and B/ that he is a "fit and proper" person to own a British soccer club. It's all an act, and he's clearly prepared to play along with taking out "emergency loans" to keep up the charade that the money is all tied up in Thailand. Swiss and a dozen other nation's bankers know the truth about his real wealth.

[Tony Clifton]

So does Interpol.

[sriracha john]

He could pay the MCFC staff wages tomorrow if he wanted to ring his man in Zurich

I heard most Swiss Banks have shared his number for call blocking purposes.

My take is he has some tucked under the mattress in Bolivia or an account or two with the Botswana National Bank, but I think I'm going to come down on the other side and say he's not got much left in those accounts in relative comparison to the US $2 Billion frozen. I think he wouldn't want to lose face, which he already has, with the MCFC fiasco, unless he really had limited options. Same with the Swiss bank disaster alluded to above and which occurred earlier. He's too much of a prestige-minded person that I don't think he could act convincingly through this tumultuous time. He's already laid out staggering sums over the past 2 years... and that nest-egg of his has to be depleted significantly from when he first sashayed out of Thailand.

It'll be interesting to see if there's other monetary shortfalls over the next two weeks. I think either way, we'll soon learn more about his financial status.

Edited August 23, 2008 by sriracha john

[Tony Clifton]

Either way...

[Old Man River]

He probably has just as much stashed abroad than he has frozen in Thailand,

That is simply impossible - Shin was one of the biggest companies in Thailand at the moment of the sale and one of the best investment choices for years, it was also listed and audited. He couldn't have skimmed any significant amount of money from it. He probably relies on funds squirelled away in the 90s when no one was watching. That money could have grown a fair bit, but it's still incomparable to Shin.

The fact that he can't pay wages to his Man City staff speaks a lot about his financial situation.

I'm with Tony on this one and think he's got a fortune stashed overseas in various accounts that he's just not declaring or daring to dip into to pay off his running costs for MCFC.

Nevermind Shincorp and its earnings, Toxin was creaming off all those other mega-projects he started, esp the humoungously profitable Cobra Swamp airport. Those kickbacks weren't going to be going into his Thai a/cs only, but squirreled away through the Ample Rich-type of front companies he set up for the purpose of screwing the nation. C'mon it's the first rule of corrupt dictators (even when they believe they will rule for 20 years) to get your stash outta dodge city to safe havens, which is why he had Ample Rich registered with banks via Singapore to Cayman and British Virgin Islands.

He could pay the MCFC staff wages tomorrow if he wanted to ring his man in Zurich, but he clearly doesn't want to chalk up a paper trail that might be traceable through the slightly more transparent British banking system, which would/may call into question his claims that A/ all his funds are frozen in Thailand (thus hoping to draw sympathy for his plight) and B/ that he is a "fit and proper" person to own a British soccer club. It's all an act, and he's clearly prepared to play along with taking out "emergency loans" to keep up the charade that the money is all tied up in Thailand. Swiss and a dozen other nation's bankers know the truth about his real wealth.

Let's face it. The cost of keeping the people of the TRT happy was immense. Corruption was rampant at the new airport, but much of these funds didn't go into Thaksin's pocket. Instead, these funds were used to fund the TRT.

As I have said earlier, Thaksin has been squirreling away funds for several years, but the sale of SHIN to Temasek was his pile of gold. That is the key to his wealth and it is now in jeopardy.

[marshbags]

The Nation, August 24, 2008 : Last updated 02:09 pm

Public prosecutors to file assets seizure case against Thaksin Monday

Public prosecutors will transport 180 crates of evidences in the assets seizure case against former prime minister Thaksin to the Civil Court Monday.

Seksan Bangsomboon, a public prosecutor in of the Special Litigation Department, said he and his team would file the suit to seek to seize Bt76 billion worth of Thaksin's assets to the court between 10:00 to 10:30 am.

He said his team needs a six-wheel truck to transport evidences to the court.

The Nation

Unquote

Well then Kamoy Thaksin and Family, i don,t fancy your chances of claiming your innocence and claiming the ongoing court proceedings, one of which is ongoing and the rest held to await your return.

180 crates of evidence requiring a six-wheel truck to transport them to the court.

What a this must be for you and your supporters shouting foul play and political intervention.

Not forgetting the usual defenders on the various threads, who continue to post their repetitive *^"$*%* ???????

Justice and Karma, big time continue daily, you,d better start getting used to it all.

marshbags

Edited August 24, 2008 by marshbags

[sriracha john]

Revenuegate continues...

Thai SCB bank in dilemma of Thaksin money release bid

BANGKOK (Reuters / Aug. 24) - Thai Siam Commercial Bank said it would seek a board decision over a government request to release 12 billion baht from frozen accounts of the family of ousted Prime Minister Thaksin Shinawatra.

A letter from the Revenue Department received late on Friday demanded the bank to transfer the money to the department, SCB said in a statement on Sunday.

The statement came after newspapers reports said the government was allegedly seeking to return the money to two adult children of Thaksin Shinawatra later.

The Revenue Department has ordered Thaksin's son and daughter to pay income tax of 12 billion baht from their earnings from Shin Corp share transactions in January, 2006, one local newspaper reported on Saturday.

Once the bank handed the money to the Revenue Department, the department's appeal panel could rule on whether the Shinawatra siblings were required to pay tax, the paper said.

Prosecutors are due on Monday to ask the Supreme Court to seize Thaksin's 76 billion baht assets frozen in Thai bank accounts, shortly after he was ousted in a 2006 coup.

Thaksin, who skipped bail earlier this month and flew to London, plans to seek political asylum in Britain, his lawyer said on Wednesday, but did not specify what reason Thaksin would use for his asylum request.

The Supreme Court issued arrest warrants for Thaksin and his wife, Potjaman, and seized 13 million baht in bail bonds after he failed to appear in a corruption case on August 11.

[plachon]

He probably has just as much stashed abroad than he has frozen in Thailand,

That is simply impossible - Shin was one of the biggest companies in Thailand at the moment of the sale and one of the best investment choices for years, it was also listed and audited. He couldn't have skimmed any significant amount of money from it. He probably relies on funds squirelled away in the 90s when no one was watching. That money could have grown a fair bit, but it's still incomparable to Shin.

The fact that he can't pay wages to his Man City staff speaks a lot about his financial situation.

I'm with Tony on this one and think he's got a fortune stashed overseas in various accounts that he's just not declaring or daring to dip into to pay off his running costs for MCFC.

Nevermind Shincorp and its earnings, Toxin was creaming off all those other mega-projects he started, esp the humoungously profitable Cobra Swamp airport. Those kickbacks weren't going to be going into his Thai a/cs only, but squirreled away through the Ample Rich-type of front companies he set up for the purpose of screwing the nation. C'mon it's the first rule of corrupt dictators (even when they believe they will rule for 20 years) to get your stash outta dodge city to safe havens, which is why he had Ample Rich registered with banks via Singapore to Cayman and British Virgin Islands.

He could pay the MCFC staff wages tomorrow if he wanted to ring his man in Zurich, but he clearly doesn't want to chalk up a paper trail that might be traceable through the slightly more transparent British banking system, which would/may call into question his claims that A/ all his funds are frozen in Thailand (thus hoping to draw sympathy for his plight) and B/ that he is a "fit and proper" person to own a British soccer club. It's all an act, and he's clearly prepared to play along with taking out "emergency loans" to keep up the charade that the money is all tied up in Thailand. Swiss and a dozen other nation's bankers know the truth about his real wealth.

Let's face it. The cost of keeping the people of the TRT happy was immense. Corruption was rampant at the new airport, but much of these funds didn't go into Thaksin's pocket. Instead, these funds were used to fund the TRT.

As I have said earlier, Thaksin has been squirreling away funds for several years, but the sale of SHIN to Temasek was his pile of gold. That is the key to his wealth and it is now in jeopardy.

I don't think the "keeping people happy" business was a one way street. Those TRT toadies provided him votes and in return he provided them cabinet posts and their family and network with lucrative contracts on state projects. Both parties participated in the buffet feast that was possible from effectively removing any parliamentry opposition or executive/bureaucratic checks and balances from the proccedings of raping the nation. His only headaches were the newsmedia, the odd maverick civil servant like Khunyong Jaruwan and latterly PAD and civil society movements who started to mobilise against him, but these he felt he could effectively neutralise. The point is, I believe he shared in the beanfeast that was made possible just as much as the other kin meuang supremos around him and was getting his 5/10/20 % cuts of the pie, which had to be laundered through his various overseas accounts. I don't believe he was using all these funds to keep the TRT show on the road as you suggest. Toxin was just too plain greedy for that, witnessed by the fact that he could easily have bough Liverpool FC with his own money, but instead played the political gamble of getting the nation to pay for it, where he would get all the glory and the ordinar punter would absorb all the costs (and not inconsiderable risks of owning a top flight team, if it is badly managed as in the MCFC classic case study).

In summary, I don't fully buy your argument that Shincorp was the sole key to his fortune - there are many other fortunes scattered around the world he hasn't delved into yet and wants to keep for his retirement fund, not paying something as mundane as foreign devil staff wages.

[sriracha john]

Revenuegate rolls on...

Bank seeks official counsel on Thaksin children's frozen funds

BANGKOK, Aug 24 (TNA) -- Siam Commercial Bank (SCB) has formally asked for guidance from three Thai government agencies as to whether it should transfer some 12 Billion Baht from the frozen bank accounts of Shinawatra family to the Revenue Department.

The bank said in a statement that it had sent letters to the Administrative Court, the National Counter Corruption Commission (NCCC), and the Office of the Attorney-General (OAG) asking what the bank should do with the frozen money deposited with the bank.

The bank received a request from the Revenue Department Friday afternoon, instructing it to transfer 12 Billion Baht from the frozen accounts of Panthongtae and Pinthongta, son and daughter of former prime minister Thaksin Shinawatra, to the department.

The Revenue Department has ordered the Thaksin children to pay income tax of 12 Billion Baht from their earnings from Shin Corp share transactions between themselves and Ample Rich Investment Co.

The two have been accused of evading tax payments for their estimated earnings of 15 Billion Baht from the transactions.

The bank's letters were sent to the three agencies as the OAG is scheduled to ask the Supreme Court's Criminal Division for Holders of Political Positions on Monday to order the seizure of the 76 Billion Baht in assets of Thaksin's family, obtained from the sale of Shin Corp. to Singapore's Temasek Holdings in January 2006 on the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

The funds were already frozen by investigators appointed by the coup-makers who ousted Thaksin in September 2006. The 12 Billion Baht is part of the frozen 76 Billion Baht.

[NanaFoods]

Despite all this scandal... I run into Thais who still love Thaksin.

I bought a new sim card for my phone the other day, and told the vendor I didnt want AIS because it was related to Thaksin. She couldnt understand why I disliked Thaksin, "Thaksin good". Unbelieveable.

[hammered]

Revenuegate rolls on...

Bank seeks official counsel on Thaksin children's frozen funds

BANGKOK, Aug 24 (TNA) -- Siam Commercial Bank (SCB) has formally asked for guidance from three Thai government agencies as to whether it should transfer some 12 Billion Baht from the frozen bank accounts of Shinawatra family to the Revenue Department.

The bank said in a statement that it had sent letters to the Administrative Court, the National Counter Corruption Commission (NCCC), and the Office of the Attorney-General (OAG) asking what the bank should do with the frozen money deposited with the bank.

The bank received a request from the Revenue Department Friday afternoon, instructing it to transfer 12 Billion Baht from the frozen accounts of Panthongtae and Pinthongta, son and daughter of former prime minister Thaksin Shinawatra, to the department.

The Revenue Department has ordered the Thaksin children to pay income tax of 12 Billion Baht from their earnings from Shin Corp share transactions between themselves and Ample Rich Investment Co.

The two have been accused of evading tax payments for their estimated earnings of 15 Billion Baht from the transactions.

The bank's letters were sent to the three agencies as the OAG is scheduled to ask the Supreme Court's Criminal Division for Holders of Political Positions on Monday to order the seizure of the 76 Billion Baht in assets of Thaksin's family, obtained from the sale of Shin Corp. to Singapore's Temasek Holdings in January 2006 on the same day the Thai Telecommunications Act was enforced. Thaksin and his family paid no capital gains tax.

The funds were already frozen by investigators appointed by the coup-makers who ousted Thaksin in September 2006. The 12 Billion Baht is part of the frozen 76 Billion Baht.

This little case could cause the government more headaches. If it gains legs as an attempt to return the money, and the media seem to think it is, that will reinvigorate the PAD and could easily be the Shin corp sale issue of this politcal cycle.

[Tony Clifton]

The government has a permanent headache as it seems they can't avoid feeding the PAD watchdog with new material on a weekly basis with decisions and moves that always go against what most would consider decent public opinion.

They are getting close to a year without hving accomplished anything valuable as a government unless it meant serving the Little Emperor from the very start, nothing else. Whatever other projects are in the air already are surrounded by controversy and opposition.

[Old Man River]

He probably has just as much stashed abroad than he has frozen in Thailand,

That is simply impossible - Shin was one of the biggest companies in Thailand at the moment of the sale and one of the best investment choices for years, it was also listed and audited. He couldn't have skimmed any significant amount of money from it. He probably relies on funds squirelled away in the 90s when no one was watching. That money could have grown a fair bit, but it's still incomparable to Shin.

The fact that he can't pay wages to his Man City staff speaks a lot about his financial situation.

I'm with Tony on this one and think he's got a fortune stashed overseas in various accounts that he's just not declaring or daring to dip into to pay off his running costs for MCFC.

Nevermind Shincorp and its earnings, Toxin was creaming off all those other mega-projects he started, esp the humoungously profitable Cobra Swamp airport. Those kickbacks weren't going to be going into his Thai a/cs only, but squirreled away through the Ample Rich-type of front companies he set up for the purpose of screwing the nation. C'mon it's the first rule of corrupt dictators (even when they believe they will rule for 20 years) to get your stash outta dodge city to safe havens, which is why he had Ample Rich registered with banks via Singapore to Cayman and British Virgin Islands.

He could pay the MCFC staff wages tomorrow if he wanted to ring his man in Zurich, but he clearly doesn't want to chalk up a paper trail that might be traceable through the slightly more transparent British banking system, which would/may call into question his claims that A/ all his funds are frozen in Thailand (thus hoping to draw sympathy for his plight) and B/ that he is a "fit and proper" person to own a British soccer club. It's all an act, and he's clearly prepared to play along with taking out "emergency loans" to keep up the charade that the money is all tied up in Thailand. Swiss and a dozen other nation's bankers know the truth about his real wealth.

Let's face it. The cost of keeping the people of the TRT happy was immense. Corruption was rampant at the new airport, but much of these funds didn't go into Thaksin's pocket. Instead, these funds were used to fund the TRT.

As I have said earlier, Thaksin has been squirreling away funds for several years, but the sale of SHIN to Temasek was his pile of gold. That is the key to his wealth and it is now in jeopardy.

I don't think the "keeping people happy" business was a one way street. Those TRT toadies provided him votes and in return he provided them cabinet posts and their family and network with lucrative contracts on state projects. Both parties participated in the buffet feast that was possible from effectively removing any parliamentry opposition or executive/bureaucratic checks and balances from the proccedings of raping the nation. His only headaches were the newsmedia, the odd maverick civil servant like Khunyong Jaruwan and latterly PAD and civil society movements who started to mobilise against him, but these he felt he could effectively neutralise. The point is, I believe he shared in the beanfeast that was made possible just as much as the other kin meuang supremos around him and was getting his 5/10/20 % cuts of the pie, which had to be laundered through his various overseas accounts. I don't believe he was using all these funds to keep the TRT show on the road as you suggest. Toxin was just too plain greedy for that, witnessed by the fact that he could easily have bough Liverpool FC with his own money, but instead played the political gamble of getting the nation to pay for it, where he would get all the glory and the ordinar punter would absorb all the costs (and not inconsiderable risks of owning a top flight team, if it is badly managed as in the MCFC classic case study).

In summary, I don't fully buy your argument that Shincorp was the sole key to his fortune - there are many other fortunes scattered around the world he hasn't delved into yet and wants to keep for his retirement fund, not paying something as mundane as foreign devil staff wages.

I agree with most of what you say. You have a good handle on it. The only thing we disagree on is how much was his and how much was theirs, but this is something we will never know anyway. Note, I never did say that SHIN was his sole fortune, but rather said that although he has been squirreling away funds offshore for years, the SHIN sale is his pot of gold. At THB 76 billion, it would be anybody's pot of gold.

If my memory serves me right, prior to the coup, Jaruwan had said that there was THB 100 billion in corruption in the new airport. That amount would have had to been split many, many ways (although yes, Thaksin would have had his fair share as well).

Either way, THB 76 billion is THB 76 billion. I wouldn't want to lose it.

[sriracha john]

Thai prosecutors want Thaksin's billions seized

BANGKOK, Thailand: Thai prosecutors demanded Monday that the Supreme Court seize US$2.2 billion in cash and assets of former Prime Minister Thaksin Shinawatra and his family as part of a continuing corruption investigation.

The assets have been frozen since shortly after Thaksin was ousted in a September 2006 coup by military leaders who accused him of widespread corruption and of undermining the country's democracy by consolidating too much power.

Waiyawuth Lohtrakul, deputy chief of the Attorney General's office, said prosecutors filed a lawsuit asking the court to confiscate those assets and determine how much was earned through Thaksin's media business and how much was the result of corruption while he was in office from 2001-2006.

"We allege the defendant wrongfully enriched himself while he was in the office," Waiyawuth said.

Soon after Thaksin's ouster, the Assets Examination Committee was established to investigate wrongdoing during his reign. One of the first things it did was freeze Thaksin's 76 million baht (US$2.2 billion) in assets now being sought by the Thai authorities.

Thaksin was abroad during the coup and initially stayed in exile. He returned earlier this year, saying he wanted to face justice and clear his name. However, he fled earlier this month to Britain arguing that he feared for his safety and could not get a fair trial in Thailand.

The Supreme Court has issued arrest warrants for Thaksin and his wife. But Prime Minister Samak Sundaravej has said he has no plans to seek their extradition — usually a lengthy and complicated process.

Thaksin, 59, faces several court cases and investigations into alleged corruption and abuse of power during his five years in office. He has repeatedly claimed he is innocent of all charges.

On July 31, the criminal court convicted his wife of evading millions of dollars in taxes and sentenced her to three years in prison. She was released on bail.

- Associated Press / today

[Jai Dee]

Office of the Attorney General seeks Supreme Court order to seize 76 billion baht from Shinawatra family

The Office of the Attorney General today will use its evidence in its case against former Prime Minister Thaksin Shinawatra's irregular wealth to call on action by the Supreme Court. The office will request that the Supreme Court issue an order to seize all of Doctor Thaksin and his family's assets totaling 16 accounts in the Siam Commercial Bank at a value of over 76 billion baht with interest. The assets will be seized for use by the nation. The now defunct Assets Examination Committee (AEC) had previously already frozen the assets.

The Shinawatra family currently has assets in major national banks including as Siam Commercial Bank, Bangkok Bank, Sri Ayuthaya Bank, Thanachart Bank, UOB and Kasikorn Thai Bank as well as in several financial firms.

Source: Thai National News Bureau Public Relations Department - 25 August 2008

[hammered]

It is not exactly unnoticeable that some characters at the revenue department tried to have money transfered from SCB just before this. It is also not unnoticeable that SCB have involved the administrtive court when the legal priority of the AEC order has already been stated to have priority over the revenue departments request. Nice politcal games swirl around the cash.

[sriracha john]

...which all results in Revenuegate

Korn sees plot in revenue dept's bid for Thaksin's funds

Democrat MP Korn Chatikavanij has asserted the Revenue Department is trying to release Bt69 billion *I believe it's actually only 12 Billion Baht* in frozen assets of Thaksin Shinawatra, using tax collection as a smoke screen.

"The law is clear. The department cannot override the Assets Examination Committee order impounding Thaksin's funds. But it has gone ahead and sought the release of that money," Korn said.

The Department last week sent a memorandum instructing Siam Commercial Bank to release Bt12 billion to settle tax liabilities owed to the department by Thaksin's estate.

The estate has about Bt30 billion in frozen accounts held under the names of Thaksin's children Panthongtae and Pinthongta.

Korn worries that if the tax payment is made on behalf of the family by the bank, it could lead to the unlocking of all of Thaksin's wealth frozen in this country.

"I suspect there might be a political order to use the tax collection as a pretext to cancel the freeze," he said.

He reminded tax collectors and the bank they must abide by the impound order. The bank said while it was willing to comply with the department, it would proceed with caution because settlement of tax liabilities appeared to be in conflict with the impound order.

The bank's directors will discuss the matter. It has asked the Administrative Court to rule on compliance with tax demands in light of the freeze order. It has approached the National CounterCorruption Commission and the AttorneyGeneral, too.

Until it receives responses it will keep the accounts frozen.

Meanwhile, public prosecutors will today commence a civil action asking the Supreme Court to seize Bt76 billion of Thaksin's assets on the grounds he is "unusually rich."

Deputy Attorney-General Waiyawut Lortrakul said the prosecution would file a 124-page writ arguing for the assets to be seized as state property.

The frozen bank accounts of Thaksin and his family total Bt69 billion. More of his money is yet to be found. Waiyawut said the arguments would use statements from anti-graft busters. The prosecution evidence takes up 180 cartons and requires a six-wheel lorry to transport.

- The Nation / today

[sriracha john]

The Deputy Secretary-General also requested the Department to urgently clarify the matter. Mr Korn said he has tried to call the Director-General and the Deputy Director-General of the Revenue Department since yesterday (August, 22nd), but has been unable to contact either of them.

The Democrat Party Deputy Secretary General believes that the assets were released in order to allow the Shinawatra family to reclaim them. Mr. Korn is urgently calling on the Director-General of the Revenue Department to explain the matter and to address the news. He said that calls to the office of the Revenue Department's Director-General and Deputy Director-General have so far been unanswered.

The bank's directors will discuss the matter. It has asked the Administrative Court to rule on compliance with tax demands in light of the freeze order. It has approached the National Counter Corruption Commission and the Attorney-General, too.

Unlike the Revenue Dept., the NCCC actually "returns calls"...

Thaksin's assets only 'court can decide'

Siam Commercial Bank to heed freeze order despite diktat from Revenue Dept claiming Bt12 billion

Only the courts of justice can release the frozen assets of the Shinawatra family, National Counter Corruption Commission (NCCC) member Medhi Krongkaew said yesterday.

He said both the Revenue Department and Siam Commercial Bank (SCB) would court legal trouble if the assets ordered to be frozen by the Assets Examination Committee (AEC) are released.

Medhi suggested that the SCB should wait for a court order before releasing the assets.

Anand Panyarachun, Chairman of SCB's board of directors, will be calling an urgent meeting today or in the next few days to deliberate the Revenue Department's order to the bank to release Bt12 billion deposited in the names of Panthongtae and Pinthongta Shinawatra.

The Revenue Department is claiming that Panthongtae and Pinthongta, the two children of former prime minister Thaksin Shinawatra, owe it Bt12 billion in unpaid tax from the sale of Shin Corp shares in January 2006.

SCB Board Chairman Anand is trying to handle this controversial matter with prudence.

The bank is caught in a legal dilemma between the order of the now-defunct AEC to freeze the bank accounts of the Shinawatra family and that of the Revenue Department to release Bt12 billion deposited in the names of Panthongtae and Pinthongta.

The Revenue Department wants the bank to write a cheque for Bt12 billion in its favour after it won its case against Panthongtae and Pinthongta in the Tax Appeal Committee.

Rawitta Pongnuchit, a Deputy Director-General of the Revenue Department, threatened over the weekend to sue the bank if it fails to release the frozen money to the Revenue Department as ordered.

The Revenue Department sent the official letter to SCB on Friday in the absence of its Director-General, Sanit Rangnoi, who was making a trip to Japan. Sanit is also a member of the board of directors of SCB

The SCB has tried to play it safe by writing to the NCCC, the Office of the Attorney-General and the Administrative Court, seeking their opinion.

One state agency - the AEC in this particular case - ordered the bank to freeze the money, while the other state agency has ordered it to unlock the money.

Yesterday, SCB issued a statement to clarify its position. It said: "The bank is ready to comply with the Revenue Department's order. However, the said two persons' accounts have been frozen under the order of the Assets Examination Committee. The bank finds it impossible to comply with both orders, which are conflicting in practice. "Should the bank follow one order, it would be subjected to criminal offence charges on the grounds of violation of another order inevitably."

For the time being, SCB has decided to maintain the freeze on the bank accounts of Thaksin's two children until the legal problems are resolved.

- The Nation / today

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

Interesting they demand it of SCB, given who and where its Board of Directors were at the time of the demand made nearing closing time on a Friday.....

Edited August 25, 2008 by sriracha john

[sriracha john]

Addendum:

It should be added, however, that SCB was also where the biggest bundle of the seized assets was sitting, which might also account for its targeting:

The collected assets of Thaksin and his family were frozen in 16 bank accounts, including 18.1 Billion Baht at Bangkok Bank, 2.1 Billion Baht at the Bank of Ayudhya, 39.6 Billion Baht at Siam Commercial Bank, 1.4 Billion Baht at Thanachart Bank, 500 Million Baht at the Bank for Agriculture and Agricultural Cooperatives, 15.7 Billion Baht at the Government Savings Bank, 10 Billion Baht at the Islamic Bank of Thailand, and 2.7 Billion Baht at the Securities and Land Depository Centre.

but it would also depend upon which of the 16 accounts were specifically in Pin and Pan's names... and if that amount and situation only applied to SCB, then it could explain why it was being targeted.

Edited August 25, 2008 by sriracha john