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

[hammered]

It may be worth starting a new thread on the return of Mr. Thaksin. I am sure when people notice this news there will be a hel_l of a lot of comments.

[soundman]

Well, so the machievellian game goes on and on.

(SNIP)

And so it goes on to the next political farce in Thailand, whatever that may be.

Cheers

Chips

Good observations & probably an accurate assumption.

Soundman.

[Neddy]

The potential deal to buy Manchester City raises an interesting question. Perhaps he will back out now on the pretext that he cannot afford it because his money is frozen.

On the other hand, should he choose to go forward, hw will have to show the source of his funds. I think that UK disclosure laws will require that. Is he gonna tell where his money is buried? I think not!

[John K]

I am getting a subtle feeling that there will be little if any feet dragging going on now by Mr. T. And company. But I could be wrong....

[Tony Clifton]

The potential deal to buy Manchester City raises an interesting question. Perhaps he will back out now on the pretext that he cannot afford it because his money is frozen.

On the other hand, should he choose to go forward, hw will have to show the source of his funds. I think that UK disclosure laws will require that. Is he gonna tell where his money is buried? I think not!

The whole thing is but a scene. He's done the football club bit a years ago and now recycles the idea in a totally different context. Nothing will come of it.

[sriracha john]

They will never get a penny, do you really think after selling his company to the singapore governement that he requested them to wire the money to Thailand where he could then be taxed on it hahahah dont make me laugh. As someone said before the total of allof the 21 account probably add up to a cup noodle and green tea.

Those accounts that have been seized have almost 53 billion baht.... that's a lot of mama noodles and oishi tea.

[Mid]

ASSETS SEIZURE

Missing billions still in Thailand

Central bank says it could take up to 2 weeks to find rest of Shin sale money

Wed, June 13, 2007 : Last updated 0:10 am (Thai local time)

It would take seven to 15 days for commercial banks to trace where the remaining Bt21 billion related to the Shin Corp-Temasek deal has been transferred, according to the Bank of Thailand, which insists most of the Bt73 billion is still in the country.

hot potato .............

[bander]

Thaksin lost his face big time last year, now it looks like he's gone loose most of his money, what's next?

Still want to see if they want to prosecute him.

[John K]

ASSETS SEIZURE

Missing billions still in Thailand

Central bank says it could take up to 2 weeks to find rest of Shin sale money

Wed, June 13, 2007 : Last updated 0:10 am (Thai local time)

It would take seven to 15 days for commercial banks to trace where the remaining Bt21 billion related to the Shin Corp-Temasek deal has been transferred, according to the Bank of Thailand, which insists most of the Bt73 billion is still in the country.

hot potato .............

Looks like someone chose to dance with the devil. Lets see who next will be dumping blood in the toilet. Sneaky move on Thaksin's part but not unexpected. Seems like he cares nothing for laws.

Edited June 12, 2007 by John K

[sriracha john]

AIS considering defamation suit against ASC

Advanced Info Service (AIS) has threatened to file a defamation lawsuit against the Assets Scrutiny Committee (ASC) for portraying the company as a villain at a press conference held to announce the impounding of the assets of deposed prime minister Thaksin Shinawatra, his wife and relatives. ''We are studying the details of what the ASC members said at the press conference, as well as what they had said on several occasions in public places, for a possible lawsuit to defend our image,'' said Somprasong Boonyachai, the chief executive of Shin Corporation and executive chairman of AIS. He said the company had tried to keep a low profile and stay away from politics, but unfortunately politics tended to get the company into trouble.

Continued here:

http://www.bangkokpost.com/Business/13Jun2007_biz34.php

[john b good]

I haven't read all the posts, however I think that it is amongst the best news thats come out in the past few years.

[sriracha john]

Here is where nearly 872 million Thai baht went off to...

Thaksin hits Peak

Thaksin Shinawatra, the ousted prime minister of Thailand, was the purchaser of the luxury townhouse on The Peak recently sold by Sun Hung Kai Properties (0016) - a property whose price tag of HK$41,000 per square foot * 170,650 Thai Baht per square foot * set a record in Asia's luxury property market, sources told The Standard.

A source close to the deal said it was billionaire Thaksin who paid an astounding HK$210 million * 871,922,107 Thai Baht * for the 5,100 sq ft townhouse, referred to as House 1 at Severn 8, The Peak.

Two other sources also named Thaksin as the buyer, whose identity was previously unknown.

"It is obvious the seller is pushing the price to the limit," said a source who has been in the property industry for more than 30 years.

"It would require someone who either loves the property very much or who does not care about money at all to make the call of buying it for more than HK$41,000 per square foot."

The Severn 8 development is considered one of the biggest projects in Hong Kong in terms of size and luxury.

Thaksin's townhouse - complete with swimming pool - does not stand on its own but is connected to other units and, therefore, was considered unlikely to fetch such a premium price.

Local media had previously reported only that the property was sold to an unnamed "businessman."

"The price shows how good the quality of House 1 is in terms of its geographic location and how quiet the living environment is," Midland Realty sales director Gary Yeung Wing-kin said after the deal.

Before the sale, local media had speculated that the house was reserved for Martin Lee Ka-shing, co-vice chairman of Henderson Land (0012) and younger son of company chairman Lee Shau-kee, to move into after his recent HK$100 million wedding to model and actress Cathy Chui Chi-kay.

The price Thaksin paid for the property was a record for the luxury market - not just in Hong Kong, but for the whole of Asia.

The businessman-turned-politician has been spotted in Hong Kong shopping with his wife several times recently.

Thaksin has been in exile since a coup took control of Thailand last September while he was out of the country on a diplomatic visit.

Since the coup, he has been living mostly in London.

SHKP bought the land for its 22-house project on Severn Road for HK$8,353 per square foot of developable gross floor area at a government land auction in February 2000.

Thaksin's purchase price is the latest in a string of records for the 8 Severn Road development.

- The Standard (China)

[tracer]

Any news on why the money in Shin sale accounts is 20+ billions less than expected? The banks effectively froze them long time ago. Did he pay for something legally? Or did he squirelled 20 bil in small transactions that no one is watching?

Maybe, just Maybe......

do you recall that just about an hour or so before the coup, the Mrs. flew out of Thailand with , Ithink it was 114 suitcases of...... ??????? ...... on two planes....

She could have take her own money as from what I remember somewhere in the past Thai military bank had her oiwn about 40% .....

[tracer]

They will never get a penny, do you really think after selling his company to the singapore governement that he requested them to wire the money to Thailand where he could then be taxed on it hahahah dont make me laugh. As someone said before the total of allof the 21 account probably add up to a cup noodle and green tea.

If the money aint there and they cant get it, why is Mr. T jumping on a plane and coming back to fight for it?

Because he has more hidden away then in those bank accounts. If he was forced to sell all land held by different companies etc friends, I think that $2 billion will prove to be peanuts....

[dhart001]

He is busy spending the cash as we speak! 21 Million Euro Crib.

http://www.thestandard.com.hk/news_detail....&con_type=3

[sriracha john]

Ex-ministers may get same treatment

Several former ministers from the Thaksin government might have assets frozen if the Assets Examination Committee adopts the same stance used to put a hold on assets held by Thaksin, critics say.

Campaign for Popular Democracy secretary-general, Suriyasai Katasila said several ex-ministers had also been charged in the 13 corruption cases the AEC is investigating.

They may fear their assets could be frozen - so they may try to create a "faster result" by stirring up street rallies, he said. "If that is the case, rallies by Thaksin supporters will soon reach breaking point."

Suriyasai expressed concern that a third "ill-intentioned party" may instigate violence by organising clashes between protesters and security officials. The media and "sincere" protest leaders could prevent such a scenario by watching out for ill-intentioned people, who may disguise themselves as protesters.

Academics believe that the move to freeze Thaksin's asset will not cut financial support to protesters, because Thaksin has created strong network of nepotism not just among his relatives but also to friends and wealthy supporters.

Sombat Thamrongthanwong, rector of the National Institute of Development Administration, said freezing Thaksin's assets may intensify protests by his supporters, but he believed civic groups who oppose the coup would not join Thaksin's groups if they believed the protests were organised with ill intent.

He disapproved of the call by anti-coup protesters for the Council for National Security (CNS) to resign. "Although the CNS seized power through the coup, they came to drive the bandits away from our house."

- The Nation

[sriracha john]

Missing billions still in Thailand

Central bank says it could take up to 2 weeks to find rest of Shin sale money

It would take seven to 15 days for commercial banks to trace where the remaining Bt21 billion related to the Shin Corp-Temasek deal has been transferred, according to the Bank of Thailand, which insists most of the Bt73 billion is still in the country.

The central bank's comment came after commercial banks were ordered by the Assets Examination Committee (AEC) to freeze all bank accounts of Thaksin Shinawatra and his wife as well as 21 bank accounts where proceeds from the sale of Shin Corp shares by the Shinawatra and Damapong families were deposited.

Five members of the two families received Bt73.3 billion from the sale but only Bt52.88 billion is left in the 21 accounts.

The AEC has ordered the banks involved to trace where the remaining Bt21 billion has gone.

AEC secretary Kaewsan Atibodhi said yesterday the AEC had already sent a notice to financial institutions to provide documents relevant to the Shin Corp share sale to the group of investors led by Temasek Holdings. All the details must include payments in order to probe how the Bt21 billion went missing. However, the AEC has no authority to trace money channelled overseas.

The AEC yesterday also ordered all the banks to submit their reports on the movements of the 21 frozen bank accounts by Friday - after mysterious withdrawals between June 4 and June 11.

Kaewsan said the owners of the 21 accounts would also need to testify as to what they have done with the withdrawn money.

A sub-committee will be appointed, tentatively to include officials from the Bank of Thailand, to interview the individuals involved.

Suchart Sakkankosone, the central bank's director of Financial Markets Operations Group, said yesterday that although the money was gradually transferred from the 21 accounts, it could be easily traced in only seven to 15 days. Suchart said the information of bank accounts can be traced back for three years.

He said there was no sign that Thaksin and his wife had transferred money out of the country except for the Bt400 million that Khunying Pojaman Shinawatra had asked the BOT to transfer for purchasing a house in London earlier this year.

He noted the remaining proceeds were still in the Kingdom. If they had been transferred out of the country, it would have been noted. But so far, there was no such sign any further funds had been moved, he said.

BOT governor Tarisa Wattanagase also confirmed that the remaining Bt21 billion was still circulating in the country.

She said the AEC has the authority to order commercial banks to freeze all the deposit accounts of the ousted prime minister Thaksin Shinawatra and his wife without need for approval from the central bank.

Rachanee Nopmuang, Bangkok Bank's executive vice president, said the four deposit accounts of Thaksin and his family at the bank have been frozen. While the depositors could not touch the money, they could still enjoy the interest payments.

Rungruang Sukkirdkij-piboon, executive vice president of Siam Commercial Bank (SCB), where the remaining 17 accounts are held, said the bank had set up a special team to monitor the accounts. "The new team would oversee legal issues, which will inform the bank what we can do [with the accounts] and cannot. It will enable the bank to do businesses in line with the rules," he said. Normally, SCB has a working unit to oversee legal issues about frozen assets.

Prasarn Trairatvorakul, president of Kasikornbank, said it was ready to co-operate with the AEC though the proceeds were only briefly parked at the bank after the deal in January 2006.

Twatchai Yongkittikul, secretary general of the Thai Bankers Association, said in an interview with TV Channel 5 yesterday that upon receiving the order, all banks needed to examine whether the order was issued under a law that governs commercial banks.

In addition, banks also needed to consider whether those who signed the order were authorised persons.

- The Nation

[dman]

How can a govt freeze assets outside the country? this sounds pretty dodgy to me.

Um, thats not all that hard if they can show there's a criminal investigation involving the funds in question. It's happened to dictators before. Anyway, so what happens is they approach governments in other countries where T. has funds and ask them to freeze the assets, claiming that they are ill gotten gains, e.g. stolen money. And other countries may or may not cooperate.

Unless he's hidden his money very well - which he might well have done - it's gone.

I think you have it backwards. Thaksin was democratically elected. The dictators in this story are the ones demanding that his assets be frozen. How any country could take this order seriously is beyond me. My son and wife took advantage of the 30 Baht health care system. Thank you very much. Shame on those who think poor Isaan Thaksin supporters dont know any better because they are not intelligent enough to understand he is a bad man. Yeah right. Perception is reality. If these folks felt better off with Thaksin in power then guess what? They probably were.

[lukamar]

I think you have it backwards. Thaksin was democratically elected. The dictators in this story are the ones demanding that his assets be frozen. How any country could take this order seriously is beyond me. My son and wife took advantage of the 30 Baht health care system. Thank you very much. Shame on those who think poor Isaan Thaksin supporters dont know any better because they are not intelligent enough to understand he is a bad man. Yeah right. Perception is reality. If these folks felt better off with Thaksin in power then guess what? They probably were.

Welcome to the Pro-Thaksin you must be being paid off crowd....LOL If you haven' been accused of that yet, you will be soon. BTW - I agree with you, just because someone is poor or does not have an education does not mean that they are stupid. There are enough educated people that are very thick to go around already.. .

[hammered]

This impending huge loss of face could further upset Mr. Thaksin. He wont like it if it is announced that deal has fallen through because of his lack of cash. Interesting that the BBC comment on his overseas assets being under threat.

Man City sale 'close to collapse'

Thaksin was previously linked with a takeover at Liverpool

Former Thai Prime Minister Thaksin Shinawatra's bid to take over Manchester City is on the verge of collapse, BBC Sport understands.

His Thai bank accounts have been frozen by anti-corruption investigators and his overseas assets are under threat.

Full story from the bbc:

http://news.bbc.co.uk/sport2/hi/football/t...ity/6744243.stm

[Rhys]

Apparently, this seems to be the major SOP to bring him back for his fate at the airport...The fortune tellers have seen this in their ball.. 5555555555555

[Old Man River]

This impending huge loss of face could further upset Mr. Thaksin. He wont like it if it is announced that deal has fallen through because of his lack of cash.

I have always thought the soccer purchase was more about pushing the junta into a corner to where they had to make a decision before they had proof of any wrongdoings. The freeze cuts both ways. Internationally, the junta also has loss of face. While both sides think they are right, this is a lose - lose situation.

[hammered]

This impending huge loss of face could further upset Mr. Thaksin. He wont like it if it is announced that deal has fallen through because of his lack of cash.

I have always thought the soccer purchase was more about pushing the junta into a corner to where they had to make a decision before they had proof of any wrongdoings. The freeze cuts both ways. Internationally, the junta also has loss of face. While both sides think they are right, this is a lose - lose situation.

Maybe the Manchester City thing was what you say. Some others have specualted it was only about PR. What interests me more is why the asset freeze now? I have heard different speculation varying from clear evidence relating to Ample Rich through to trying to cut money to protests to trying to provoke a reaction from Thaksin with a lot of other stuff, but it really remains unclear to me why now.

[A_Traveller]

I must agree that the timing is puzzling, why not on the first day, which would have made sense and sent the crucial message to those now afflicted with 'neutral gearing' that the likelihood that unlike Arnie, he wouldn't be back...

After all the money from the sale predominantly was supposed to flow into Thailand, and indeed had to, though I note that UBS is in the outside Thailand frame again, which leads thoughts to Ample Rich and it's brethren.

Regards

[thai_narak]

Thaksin's strategy is to buy properties so that he can channel his money out of Thailand. Up to now he has bought 2 houses. Machester city is a good buy since it is expensive enought so he get large percentage of his money out of the country. This is a good strategy since the asset won't be liquid and more difficult to sieze and can also be sold after some years that he is cleared (get away) with corruption charges. Freezing his asset is the smartest thing to counteract this strategy.

[Mid]

Central bank begins tracing Thaksin's funds

(BangkokPost.com) - Bank of Thailand has proceeded to contact financial institutions in Thailand to trace funds missing from bank accounts of ousted premier Thaksin Shinawatra and family.

Central bank governor Tarisa Watanagase said it has begun talking to banks to investigate the missing funds without having yet received an official letter from the Assets Scrutiny Committee.

The Post Publishing Public

[Old Man River]

I must agree that the timing is puzzling, why not on the first day, which would have made sense and sent the crucial message to those now afflicted with 'neutral gearing' that the likelihood that unlike Arnie, he wouldn't be back...

After all the money from the sale predominantly was supposed to flow into Thailand, and indeed had to, though I note that UBS is in the outside Thailand frame again, which leads thoughts to Ample Rich and it's brethren.

Regards

The Thai authorities think the THB 20 + billion unaccounted for is in Thailand. Could be in the form of bonds or other paper.

I am surprised that none of the proceeds of sale weren't paid offshore given the purchaser is offshore and this wouldn't be an out of ordinary transaction (Thai taxes would still be owed). Many companies have offshore entities for a variety of reasons. Still, the authorities are sure the money is in Thailand and they would know.

On the timing of the freeze, I think it is something they always felt they could do if they needed to, so in essence it was frozen anyway. The Man City purchase was the catalyst to formalizing the freeze.

[jayjayjayjay]

While the depositors could not touch the money, they could still enjoy the interest payments.

Can anyone tell me the interest rates banks pay on 20 billion baht deposit accounts.....

[hammered]

This could be damaging if the report is accurate

Exiled PM has "ghost accounts" : sources

Ousted prime minister Thaksin Shinawatra has been found to have held "ghost accounts" for both stocks and cash transactions in overseas banking and stockbroking institutions, leading the Assets Examination Committee (AEC) to order a freeze of his assets, said financial sources.

Rest of the stroy at:

http://www.nationmultimedia.com/2007/06/13...es_30036760.php

Edited June 13, 2007 by hammered

[hammered]

Then there is this little withdrawl:

8 billion baht missing from accounts of Thaksin's family

(BangkokPost.com) - Central bank found some eight billion baht missing from accounts of Thaksin Shinawatra's family since the begining of this month.

Rest of the story: http://www.bangkokpost.com/breaking_news/b...s.php?id=119424