Thaksin Asset Case: Bt46 Billion Will Be Seized Along With Interests

[george]

Thai court seizes more than half of Thaksin's fortune

Thai court seizes 1.4 billion dollars from Thaksin

by Thanaporn Promyamyai

BANGKOK, February 26, 2010 (AFP) - Thailand's top court Friday stripped Thaksin Shinawatra of more than half his 2.3-billion-dollar fortune after ruling that the fugitive former premier had abused his power for personal gain.

The verdict was an apparent compromise aimed at avoiding violence by the tycoon's supporters, but it left many of them in tears and a pro-Thaksin protest movement said it would push ahead with mass rallies in March.

After reading out a seven-hour verdict, judges said the Supreme Court would seize 46 billion baht (1.4 billion dollars) of the assets from the sale of Thaksin's telecoms firm, which were frozen after the 2006 coup that ousted him.

But they said the twice-elected former leader could hold on to the wealth he had already accumulated before taking office in 2001.

"The majority of the judges rule that the wealth of Thaksin to be confiscated, from share dividends and part of the share sales... is altogether 46.37 billion baht," the judges said in their verdict.

Thaksin, who lives abroad to avoid a two-year jail term for corruption at home, said in a video speech from exile in Dubai that he was the "political martyr" of a conspiracy to remove him from politics.

"This case is very political... The ruling will be a joke for the world," said Thaksin, who is widely known outside Thailand for being the former owner of Manchester City football club.

Thousands of troops and police had been deployed across the country for what the local media had dubbed "Judgement Day" but there were no outbreaks of violence by his backers, known as the "Red Shirts", after the ruling.

Dozens of supporters gathered at the headquarters of Thailand's main opposition party where some wept and others shouted slogans. Hundreds of others gathered at a central Bangkok park burned an effigy of the courtroom.

Jatuporn Prompan, a core Red Shirt leader, vowed to go ahead with their planned rallies beginning March 12 in Bangkok and rejected the ruling as "totally unfair" to Thaksin.

"Our fight for democracy will continue. We choose to rally in order that people may digest the ruling and see whether it is fair to Thaksin," he said.

Red Shirt riots at an Asian summit and in Bangkok in April 2009 left two people dead and scores injured.

The Supreme Court judges would spend the night at safe houses but there were "no reports of possible violence", said senior police officer Wichai Sungprapai.

The government had applied for the seizure of the proceeds from the sale of shares owned by Thaksin and his family to Singapore-based Temasek holdings in January 2006.

The judges said in the ruling read out on national television and radio that Thaksin had "used his power in favour of Shin Corp" and that the profit from the sale "is wealth acquired through inappropriate means," they said.

The court ruled that Thaksin illegally hid his ownership of shares in Shin Corp during his two terms as prime minister, despite saying that he had transferred them to his family.

Thaksin had also issued a cabinet resolution in favour of the mobile telephone arm of his empire, set satellite policies that benefited Shin Corp, and gave a loan to Myanmar in exchange for it doing deals with his firm.

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 Prime Minister Abhisit Vejjajiva of being an unelected elite.

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.

Thitinan Pongsudhirak, a political analyst at Bangkok's Chulalongkorn University, said the ruling could help to find a solution to Thailand's intractable political divide but was not enough by itself.

"Certainly it's a political verdict, it has been all along. And not taking everything (from Thaksin) is a step in the direction towards a way out of this mess," Thitinan said.

"Taking everything would have been seen as unfair by many involved," he added.

-- ©Copyright AFP 2010-02-26

Published with written approval from AFP.

[newsfooter][/newsfooter]

[webfact]

Thaksin's Bt46 billion seized

BANGKOK: -- The high court rules Thaksin's wealth was ill-gotten gains. The earnings from the Shin Corp deal to Temasek of Singapore was ill-gotten, hence can be confiscated by the state.

The high court then addresses the ground on asset seizure related to the wealth held by Thaksin's ex-wife.

The judges ruled ill-gotten gains in the name of the spouse can be seized.

The judges outline two grounds to seize assets - unusual increase in wealth and abuse of office to beget the wealth.

The judges moved to address that the dividend payments can be seized.

The judges said the original stakes owned by Thaksin before assuming office can not be seized.

By a majority decision, the seizable assets confined to dividend payment worth Bt6 billion and the capital gains worth Bt39 billion. The total seizure is Bt46 billion.

-- The Nation 2010-02-26

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2010-02-26

[eurasianthai]

I think the interests should be paid by the banks.

Aren't they the ones that got them?

Edited February 26, 2010 by eurasianthai

[Mario2008]

Lets not forget the interest, which will also be seized and will also be a large portion. Wonder how much that will be amount to, could also be a large sum.

[yoshiwara]

There is a tax claim to follow, claiming illegal tax evasion.

[Puccini]

Respect and compliments to the members of the court who had to work through mountains of documents to arrive at a correct decision.

[frodo]

The rest of the money will remain frozen pending calculations of interests, dividens, and settling of claims and all.

-The Nation-

Edited February 26, 2010 by frodo

[elcent]

Lets not forget the interest, which will also be seized and will also be a large portion. Wonder how much that will be amount to, could also be a large sum.

Not sure, but Thaksin can also claim interest, but for far more less. I think he can claim interest for about 15 billions only, while the State can claim for the 40+ billions. At the end he won't see much of it at all.

[Puccini]

I think the interests should be paid by the banks.

Aren't they the ones that got them?

When your bank account gets frozen the bank will of course continue to credit the account with accrued interests.

[venturalaw]

Lets not forget the interest, which will also be seized and will also be a large portion. Wonder how much that will be amount to, could also be a large sum.

Any idea when the criminal prosecutions will commence?

[landofthefree]

Respect and compliments to the members of the court who had to work through mountains of documents to arrive at a correct decision.

I really hope that this now leads to peace in the Kingdom however I have my doubts

[phazey]

My question is - where does this cash go now? I sort of said it'll go to infrastructure, healthcare etc - and got shot down bigtime - for posting rules i can't say why

[jerseyjim]

I really hope that the government finds a way to distribute these funds back to the people they were taken from. It would go a long way to help the cause of staying in power

[Mario2008]

I think the interests should be paid by the banks.

Aren't they the ones that got them?

The problem is we don't have the court decision in English, not even completely in Thai yet I think. The courts reasoning might be that the 46 billion belonged to the state and were illegally taken. Thus the state missed out on the interest over the 46 billion, so Thaksin has to pay that as well. Also Thaksin himself received interest on his ill gotten gains, it would not be fair to let him keep that.

[elcent]

I think the interests should be paid by the banks.

Aren't they the ones that got them?

When your bank account gets frozen the bank will of course continue to credit the account with accrued interests.

There's a huge difference in the interest rates. While the banks may pay something like 5%, in a court case 17% plus can be charged. Look at credit card interest rates to get you a clue.

[webfact]

Thaksin's Bt46 billion seized

BANGKOK: -- The high court rules Thaksin's wealth was ill-gotten gains. The earnings from the Shin Corp deal to Temasek of Singapore was ill-gotten, hence can be confiscated by the state.

The high court then addresses the ground on asset seizure related to the wealth held by Thaksin's ex-wife.

The judges ruled ill-gotten gains in the name of the spouse can be seized.

The judges outline two grounds to seize assets - unusual increase in wealth and abuse of office to beget the wealth.

The judges moved to address that the dividend payments can be seized.

The judges said the original stakes owned by Thaksin before assuming office can not be seized.

By a majority decision, the seizable assets confined to dividend payment worth Bt6 billion and the capital gains worth Bt39 billion. The total seizure is Bt46 billion.

-- The Nation 2010-02-26

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[hunglikea]

Any fireworks going off anywhere?

Celebratory of course. :D :D :D

[eurasianthai]

When your bank account gets frozen the bank will of course continue to credit the account with accrued interests.

So the billions 76+ is including the accrued interests?

Edited February 26, 2010 by eurasianthai

[A_Traveller]

Lets not forget the interest, which will also be seized and will also be a large portion. Wonder how much that will be amount to, could also be a large sum.

Any idea when the criminal prosecutions will commence?

There is the issue of the defendant not being in Thailand, which is an impediment to a number of legal challenges, though it is possible to ask for special judicial approval for the case to commence.

Regards

[culicine]

46 billion surely isn't half of his fortune. How much of his money is overseas? Anyone can give a guesstimate?

[ROMANOBA]

The verdict proves that Thailand is de facto more democratic than my country, Italy. where the prime minister, Berlusconi, acted in a more outlawish way than Thaksin, but was never convicted...

[fredob43]

Why did they only take 46.363 bill. Because the tax man want's his bit + he has more court case's in the pipe line. By the time they have finished with him, and his family, they will get the lot. Might take a year or two but mark my word's.

[JohnHLewis]

"Compensation" or "reparation" however a convicted criminal and fugitive remains unfettered outside of a Thai prison cell.

Whatever your political persuasion, Taksin Shinawatra's actions are a breach of the Rule of Law.

[Wolfie]

I hope Thaksin can accept this, as he said he would before the final verdict was announced, and let Thailand move forward.

[Tanaka]

It was said that 76 billion were seized. Now 46 are to be retained. What happens to the remaining 30 billion? Are they to be returned to the man who took them from the thai people?

[ballpoint]

The court seemed to give a fairly detailed listing of just how much money each of his actions cost the government of the time. I wonder if the present government would be able to sue him for those amounts on behalf of all taxpayers?

[jdinasia]

Lets not forget the interest, which will also be seized and will also be a large portion. Wonder how much that will be amount to, could also be a large sum.

Any idea when the criminal prosecutions will commence?

I THINK that right now all the charges Thaksin has answered have finished in court. That means most if not all of the rest will be stalled until they have Thaksin in a Thai court. I would not expect to see them proceed for a LONG time.

[Donnyboy]

I hope Thaksin can accept this, as he said he would before the final verdict was announced, and let Thailand move forward.

agreed

[Chiang2000]

Thanks for a full and very helpful coverage!!!

[LannaRed]

I truly do not understand the headline " Guilty !" --- this was not a criminal trial ! Is this headline from the Nation? It is a misleading and inflammatory headline.

Now we must read the verdicts to understand the reasoning !

Edited February 26, 2010 by LannaRed