Thailand On Edge As Court Rules On Thaksin Billions

[lounger]

Am I the only one waiting for the baht to take a whacking great hit against the pound so I can transfer some money at more than 50 bhat to the pound.

Pound and Euro have been tanking since late last year. Lets hope a little "hiccup" is in the wind!

I thought Public reaction would anticipate the judgement and I could exchange money at a better rate. Nothing, if not worse. Now they say reaction will be Saturday onwards. I am holding my breath for the exchange rate to plummet but commentaries are that there will be minimal disorder ( does that mean they give the money back?).....still waiting am down to my last 10,000 baht.......

[ding]

This is not even in CCN Asia's top 10 stories of today. Shhhh

[george]

Timeline update:

1.15 pm: In his video link message to Pheu Thai Party, Thaksin calls on his supporters to join him in listening in to the verdict.

He says he views the verdict as the historic moment signalling the major change following a long political struggle.

He says he braces well for the verdict.

"The ball is now not in our court, it is up to how the other would play and direct the ball," he says, ahead of the verdict session..

[silk]

His ex-wife is in a safe house in BKK ????????

What about her jailtime ?

Is it allready forgotten?

I saw her "entre' " on the thai news,she was treated as a queen !

Everyone bowing as slaves (also police and military)

Is this normal?

Nothing is normal here. 30 years ago Taksin was a police man. Over a period of 30 years he earned approx. 7 Mill THB per day. Not sure when he started in politics.

Calculation:

THB 76 Billion is THB 76 000 000 000

divided by 30 years =

THB 2 533 333 333 per year=

THB 211 111 111 per month =

THB 7 037 037 per day

Remember he started Shin Corp. Do you hate all people who became wealthy. Do you feel the same animus for Bill Gates and Warren Buffet. What about Sam Walton? Do you hate him also?

Get over it man! If you have the ambition and drive of those people you wouldn't feel so inferior.

How did he make Shin Corp. work so well??? Do you know details? There is not hate in my post, I just said "nothing is normal here" and made a simple calculation.

[george]

Update:

Supreme Court judges begin reading verdict on Thaksin frozen fortune case; expected to take hours to finish

-- MCOT 2010-02-26

[scorecard]

QUOTE FROM ABOVE:

"A red shirt causing violence may not even be a red shirt. It's only the way it looks. Something the media and politicians know lots about."

This is just a statement of the obvious, anything is possble, nobody would deny that.

QUOTE FROM ABOVE:

"So nothing is true and we can simply ignore the lot. BS -- BOTH sides have an agenda -- I believe one is responding without thought (Reds) and one is trying to move Thailand into a democratic era -- tough job with so little national education

I certainly agree with " ....and one is trying to move Thailand into a democratic era -- tough job with so little national education. And I would emphasize the 'tough job' aspect, the unethical dynasours who have been feeding free at the trough (thieving Thailand common wealth) for decades are not going to give up easily and they will go to ruthless ends to fight off change.

[lounger]

If they were to seize the money, who would benefit? The Thai people? I don't think so!! You would see all the entire 'elite' fight for their share.

If they gave 5,000 baht to every person claiming old age allowance (500pm) that would use it all up. The mob would go home to raid granny and the world would thank the government for being generous with Thaksin's money. Thaksin would vanish as I guess his friends are only in it for the money....

[george]

Update:

The court is going through the backgrounds. How shares were transferred to the children and so on.

-- The Nation

[george]

Update:

1.30 pm: Judges start reading the verdict by outlining the prosecution case

The high court begins by outlining the prosecution argument detailing Thaksin's equity structure in Shin Corp. The prosecution contends equity structure was designed to conceal true ownership.

-- The Nation

[JacknDanny]

Update:

The court is going through the backgrounds. How shares were transferred to the children and so on.

-- The Nation

Its like Political Foreplay!!

I just want to shout "Get on with it"!!

[george]

Update:

No respite from tax for children: Korn

BANGKOK: -- The Revenue Department will pursue the collection of Bt12 billion in tax from two of Thaksin Shinawatra's children even if the Supreme Court's Criminal Division for Political Office Holders rules in favour of the ex-premier and his family keeping their assets, Finance Minister Korn Chatikavanij said yesterday.

"The department will reserve its right to collect taxes from the children of Thaksin, in the event that the Supreme Court does not confiscate his family assets worth Bt76 billion," Korn told reporters.

A dispute over such payment is pending in the Central Tax Court, he said.

The department has also asked the court to confiscate the assets frozen by the now-defunct Assets Examination Committee, which accused Thaksin of both concealing his assets and corruption during his time as prime minister.

However, this is a different matter, said Korn, as the Revenue Department demands personal income-tax payment on the grounds that his children Panthongthae and Pinthongtha had previously earned income from buying shares of Shin Corp at below market prices before selling them to Singapore's Temasek Holdings in 2006.

They bought 329.2 million Shin Corp shares at Bt1 apiece from Ample Rich Investment in January 2006 while the market price of Shin stock at the time was Bt49.25.

Later the same month, they sold their entire stake in Shin to Temasek, which also bought the other Shin shares belonging to their family.

The two siblings' gains are considered as income amounting to Bt15.88 billion, which should be added to their earnings for personal income-tax purposes.

The tax due is calculated by the authorities at Bt11.809 billion.

However, if the court ruled today in favour of the AEC petition to confiscate the entire Bt76 billion, then the Revenue Department would have to look at other Shinawatra-owned assets to cover their outstanding taxes.

"We must honour the court's ruling. The ministry is ready for whatever verdict is read. If the court rules that the entire Bt76 billion be confiscated, the amount would go into the national vault," Korn said.

Korn said the ruling should not affect the liquidity of the country's financial system, as liquidity was still high at Bt1.7 trillion.

As for the stock market, he said the ruling, whatever it may be, should not have a significant impact because investors had already factored it in.

"Investors should consider the economy's fundamentals and listed companies' results rather than the political situation," suggested Korn, adding that the economy was recovering and a number of listed companies had posted good performances.

Meanwhile, Sathit Limpongpan, permanent secretary of the Finance Ministry, yesterday said he had reported to Korn about the Revenue Department's procedure for freezing the Bt12 billion. "The freezing of the amount will remain in effect, even if the court rules not to confiscate the assets, until the tax due is paid," he said.

"The department will closely monitor the freezing of the Bt12 billion as deposited at Siam Commercial Bank, so as to prevent any possible error in the event the assets are not confiscated and the asset-owners want to withdraw their money before any tax has been paid," said Deputy Finance Minister Pradit Pataraprasit.

Pradit is responsible for the Revenue Department.

-- The Nation 2010-02-26

[newsfooter][/newsfooter]

[george]

Update:

Now, it has come to the charges over other Cabinet decisions that allegedly benefited Shin Corp and put its competitors at disadvantage.

-- The Nation

[george]

Update:

Now, it has come to the charges over other Cabinet decisions that allegedly benefited Shin Corp and put its competitors at disadvantage. In addition to causing the state to lose concession revenues. The next issue is the conversion of telecom concession fees into excise charges to favour the family-controlled Shin Corp.

-- The Nation

[WillArzonia]

Here! Here!

Thaksin is the victim/loser caught in a politcal struggle. He might be a spent force but lets hope what he start carries on

Yes, megalomania and corruption. THAT's what Thailand needs.

[brahmburgers]

Hasn't Thaksin frequently said that he wants to eradicate poverty, help the poor and stimulate the economy? Here is how he could achieve his goal indirectly:

Should his assets be seized why not divide them equally among all Thais who earn less than 100K a year?

It's not up to T to decide how his ill-begotten gains be spent - if the dough is commandeered by the government. ...Just like it's not up to a bank robber to choose how his fine gets spent.

A red shirt causing violence may not even be a red shirt. It's only the way it looks. Something the media and politicians know lots about.

A Thai with a red shirt causing violence is probably a red shirt causing violence. Granted there may be a rare exception, but if it quacks like a duck, and looks and walks like a duck, .....it's probably a duck.

Edited February 26, 2010 by brahmburgers

[moskito]

Remember he started Shin Corp. Do you hate all people who became wealthy. Do you feel the same animus for Bill Gates and Warren Buffet. What about Sam Walton? Do you hate him also?

Get over it man! If you have the ambition and drive of those people you wouldn't feel so inferior.

[YORKSHIREPUD]

Any one have any idea on when the ruling is likely to be made?

Quiksilva, Tha not so quick at allYou didn't read the first report or you wouldn't need to ask that dumb question mate!!!!

[mxyz250newb]

Just curious, but is Shincorp related to Shin-Ra Electric Power Company?

[khunjamespittman]

Remember he started Shin Corp. Do you hate all people who became wealthy. Do you feel the same animus for Bill Gates and Warren Buffet. What about Sam Walton? Do you hate him also?

Get over it man! If you have the ambition and drive of those people you wouldn't feel so inferior.

Your all bones, no skin, no muscle, no fat. Am I to imply that you haven't been successful in catching any rich to eat?

LOL

[george]

Update:

BANGKOK: -- (AFP) - Thailand's top court began Friday to deliver a critical verdict on the 2.3-billion-dollar fortune of fugitive ex-premier Thaksin Shinawatra amid fears of a violent reaction by his supporters.

Dubbed "Judgement Day" by local media, the ruling has prompted the government to deploy thousands of troops and police and threatens to fuel the turmoil that has riven the kingdom since the 2006 coup that toppled Thaksin.

Thai authorities want to seize the proceeds from the sale of his family's telecoms company, which has been frozen in various bank accounts since the coup due to accusations that he used his position to enrich his family.

The nine Supreme Court judges arrived in bulletproof cars and started reading out their findings at 1:30 pm (0630 GMT), but were expected to take at least three hours to complete the verdict, finishing after Thai markets close.

They initially read out the attorney general's petition that Thaksin illegally distributed his own shares in his firm to other people and that the profits were "obtained from conflict of interest and abuse of his power."

Thaksin was ousted after months of protests over the January 2006 sale by his family of nearly 50 percent of shares in his Shin Corp telecoms giant to Singapore's Temasek Holdings.

Around 450 police in riot gear guarded the court but there were only around a dozen protesters from his so-called "Red Shirt" movement outside, and less than 100 at another protest site in the capital.

Thailand's media has whipped up a frenzy ahead of the verdict, counting down to the day and reporting rumours of a possible coup against Prime Minister Abhisit Vejjajiva if the situation gets out of control.

The government says up to 35,000 police and soldiers are on alert across the country. Security was also tight around Abhisit's office and the government said it had prepared several safe houses for him.

Twice-elected Thaksin, who is living in Dubai to avoid a two-year jail term for corruption, denied the accusations against him.

"I want to reaffirm that I and my family earned all of the money with our hard work, brains, and sweat. We have never been corrupt as accused," he said on Twitter early Friday.

He later gave a videolink speech to hundreds of Red Shirts at the headquarters of the Puea Thai opposition party, saying: "My morale is high now."

"Today is a very significant day and a turning point, not only for my family but for Thailand's judicial and political history," he said.

No members of his family were at court, where they were instead represented by three lawyers.

The judges have various options, such as ruling that the government should confiscate all or none of Thaksin's wealth, or that it should take only part of the money, for example the portion he earned after taking power.

The case goes to the heart of the rifts that have opened up in Thai society since the coup.

The Red Shirts, largely from his stronghold in Thailand's impoverished north and northeast, loved his populist policies and accuse the current government of being an unelected elite that has hijacked their democratic rights.

The tycoon's opponents in the Bangkok-based circles around the palace, military and bureaucracy accuse Thaksin of being corrupt, dictatorial and of threatening Thailand's widely revered monarchy.

"Thailand is dreading the Supreme Court's verdict..." analyst Thitinan Pongsudhirak wrote in the Wall Street Journal.

"No matter how his wealth is disposed, given Thailand's political polarisation the only certainty is that no one will be satisfied."

The main Red Shirt movement says it hold off mass protests until mid-March. Red Shirt riots at an Asian summit and in Bangkok in April 2009 left two people dead and scores injured.

-- ©Copyright AFP 2010-02-26

Published with written approval from AFP.

[newsfooter][/newsfooter]

[Colabamumbai]

Am I the only one waiting for the baht to take a whacking great hit against the pound so I can transfer some money at more than 50 bhat to the pound.

Pound and Euro have been tanking since late last year. Lets hope a little "hiccup" is in the wind!

When we see our reserves reduced by 30 percent in the last 2 years we all cry, I agree. The future though is even bleaker as the pundits forecast 31.50 Baht to $ by the end of the year, and the way the lovely quid is performing against the dollar right now I am afraid that we will be looking at THB 45 to the Pound before long. maybe the exit of the labour party in May will help, but a lot of damage as been done. I will get off my political soap box but we are in for a rough ride I think

The Dollar is nearly at 31.50 vs. the baht right now! The very real danger in holding the Euro or the Pound right now is that it is not out of the relm of possibility that the Euro, Pound and Dollar will all be on par by the end of the year The Yen might be your best bet to hold for your funds offshore for the remainder of this year, the Dollar will be OK but only by default due to the Pound and Euro troubles.

When the dollar goes down gold goes up. If you think the gold market won't crash and go up further as it will but may take 2 years or so, put your money in 24 karat.

[OM3N]

Just curious, but is Shincorp related to Shin-Ra Electric Power Company?

I doubt many will get your joke, but I certainly did! hehe.

[YanTree]

Its sure to be a fizzer people, the court decision will come and go and that will be it, except for more threats and properganda.

Isn't that a good thing?

I'm watching intently today but my greatest hope is that this is all a boring 'much ado about nothing' event.

[Colabamumbai]

Update:

The court is going through the backgrounds. How shares were transferred to the children and so on.

-- The Nation

Its like Political Foreplay!!

I just want to shout "Get on with it"!!

Turn you TV's on now, your Thai listening skills are probably better now, but they are talking about the amounts.

[Colabamumbai]

Update:

The court is going through the backgrounds. How shares were transferred to the children and so on.

-- The Nation

Its like Political Foreplay!!

I just want to shout "Get on with it"!!

Turn you TV's on now, your Thai listening skills are probably better now, but they are talking about the amounts. I meant to say listening skills better than mine.

[Caliguy]

Anyone else see the cop guarding the door using one of the red shirt foot clappers?

[george]

Timeline update:

The Thaksin verdict reading is going faster than expected, or so it seems. Now the court is touching on Exim loan scandal in prosecution charges. Source: The Nation

Supreme Court concludes portion on prosecution's allegations; has moved onto defendants' testimonies. Source: TAN Network

Chat Thai Pattana Party has warned that civil war remains possible. The Democrats have huddled in their "war room" to monitor the verdict. Source: The Nation

[george]

Update: The defence arguement is being read. It seems things are moving fast

-- The Nation

[george]

Update:

The defence seeks to undermine legitimacy of the investigators & defends Thaksin govt action as having nothing to do w/Shin Corp businesses.

-- The nation

[ianf]

Its sure to be a fizzer people, the court decision will come and go and that will be it, except for more threats and properganda.

Isn't that a good thing?

I'm watching intently today but my greatest hope is that this is all a boring 'much ado about nothing' event.

Many questions to be asked about how Takskin managed to acquire so vast a wealth. Someone earlier made a comparison with the wealth acquired by great entrepreneurs such as Gates and Walton. With both of these you can see their contribution and how their luck, skill, vision or whatever brought them enormous wealth. With Taskin it is difficult to see how this was acquired especially as it all comes from the period when he was otherwise engaged - ie as a politician. Those few people here who make comments in support of him could do well to look no further than people like the Marcos, Shah of Iran, Idi Ami and so on. All gained huge wealth by manipulating national assets, manipulating the rule of law and so on. And all ignored the rights of others. Here we have a man and a family who were so greedy that they considered all their actions to be above the law. They have no shame, no face.

When people steal the wealth of a country in this way, they trample on the human rights of those people at the bottom of the greasy pole - yes those people who grow the rice, kill the chickens and do the work that enables the rest of us to eat and live. Is it really OK to acquire the wealth of a small nation while looking people in the eye and telling them that you are on their side? The poor of the villages - who support T because they once received 500 baht - do themselves a disservice by believing that the return of Thaksin, with his ill-gotten gains would equate to more riches (500b) and democracy. There is nothing more undemocratic than buying votes or ignoring the rule of law or running the nation as if it was your personal fiefdom.

Thaksin has performed a simple sleight of hand with a gullible population believing that the tricks were real - ie that Thanksin really cared about them. It is clear that all he cared about was himself and now he has - unbelievably - created the greatest con trick of all time by making people fight for 'his' wealth that he stole in the first place! Is this Robin Hood in reverse?

He has used every trick in the book to try to gain the hearts and minds of the population. Can you imagine a western politician saying some of the things that Thaksin has said? They would be too embarrased. But this man appears to have no shame at all. He really is the original snake oil salesman with no morals, no shame and, I must say, very little intellect.

Edited February 26, 2010 by ianf