Finance Ministry Ready To Seize Thaksin's Assets

[webfact]

Finance Ministry ready to seize Thaksin's assets

BANGKOK (NNT) -- The Department of Comptroller General is prepared to seize 46.3 billion THB assets of former Prime Minister Thaksin Shinawatra after receiving a document from related authorities enabling the department to do so.

Comptroller General Department Director General, Pongpanu Svetarunda, said the office would progress with the assets seizure once the authorized letter was received from the National Anti Corruption Commission and the Office of the Attorney General.

Mr Pongpanu elaborated that the department was prepared to audit assets and all bank accounts of Mr Thaksin, which would be seized by the Ministry of Finance following a rumor of cash withdrawal by members of Shinawatra family.

Finance Minister Korn Chatikavanij earlier disclosed a report that Mr Thaksin’s family members had gradually withdrawn about 0.8 to 1.0 billion THB cash from their bank accounts in commercial banks.

However, there is no report of large overseas money transfers.

The Criminal Division for Holders of Political Positions of the Supreme Court on 26 January 2010 ruled to confiscate 46.3 billion THB out of 76 billion THB frozen assets of Mr Thaksin for abuse of power to facilitate his own business.

-- NNT 2010-03-30

[newsfooter][/newsfooter]

[Thai at Heart]

So I guess the gems traders in Bangkok are about to do some roaring trade.

[lazygourmet]

Go for it Khun Korn!

[ozzieman05]

On my many many many trip out of Thailand

I can not remember on any trips where my bags where checked

If remember when Thaskin took off last time every one said his wife took bags of monies and valuables out of the country

So what will the revenue dept. do if all the money is gone

Cry

[Thai at Heart]

On my many many many trip out of Thailand

I can not remember on any trips where my bags where checked

If remember when Thaskin took off last time every one said his wife took bags of monies and valuables out of the country

So what will the revenue dept. do if all the money is gone

Cry

Well wouldn't that be the heist of the century.

[Ricardo]

Donations to support the poor country-folk, on their visit to the capital, perhaps ? Or to the kind gentlemen who have helped arrange the trip for them ? Or perhaps they're doing a little shopping, on their pre-arranged entirely-coincidental trips overseas ?

[givenall]

On my many many many trip out of Thailand

I can not remember on any trips where my bags where checked

If remember when Thaskin took off last time every one said his wife took bags of monies and valuables out of the country

So what will the revenue dept. do if all the money is gone

Cry

Don’t forget most of money is in lands, building, companies. I will be amazed if they can take those too.

I am interested to know when someone will take over the building construction for a future hotel in Pechibury, right on top of the Pantunam. I am tired of looking at half finished building.

[webfact]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He said no evidence has been found that the money has been transferred overseas.

Last month, the Supreme Court ruled to seize 46 billion baht or $1.4 billion in assets held by former Prime Minister Thaksin Shinawatra in the historic assets seizure case, leaving 30 billion baht of his assets untouched.

However, Korn said Thaksin reportedly opened several companies in Dubai, to which the withdrawn money is believed to be directed.

He noted that as Thailand's central bank allows 100 million US dollars of funds to be taken out of the country in a year, it is reasonable that the fugitive ex-premier must register new companies overseas if a large amount of money is involved in transfers.

The finance minister went on to say that the son and eldest daughter of Thaksin, Panthongtae and Pinthongta, have sold a certain number of shares in companies, the reason thought to be to avoid confiscation.

Korn said the Revenue Department is looking to seize assets held by Thaksin's children, to repay their outstanding taxes worth 12 billion baht, incurred in the sale of Shin Corp shares in 2006.

However, he explained that the Revenue Department may not be able to seize all the assets held by Panthongtae and Pinthongta, since most are shares in companies, which involved investments by third parties not alleged in tax evasion.

The finance minister concluded by saying that his ministry has informed Panthongtae and Pinthongta, as well as concerned commercial banks, that selling the particular shares at this time may be in violation of the law.

-- Tan Network 2010-03-30

[newsfooter][/newsfooter]

[bendejo]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

[givenall]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He said no evidence has been found that the money has been transferred overseas.

Last month, the Supreme Court ruled to seize 46 billion baht or $1.4 billion in assets held by former Prime Minister Thaksin Shinawatra in the historic assets seizure case, leaving 30 billion baht of his assets untouched.

However, Korn said Thaksin reportedly opened several companies in Dubai, to which the withdrawn money is believed to be directed.

He noted that as Thailand's central bank allows 100 million US dollars of funds to be taken out of the country in a year, it is reasonable that the fugitive ex-premier must register new companies overseas if a large amount of money is involved in transfers.

The finance minister went on to say that the son and eldest daughter of Thaksin, Panthongtae and Pinthongta, have sold a certain number of shares in companies, the reason thought to be to avoid confiscation.

Korn said the Revenue Department is looking to seize assets held by Thaksin's children, to repay their outstanding taxes worth 12 billion baht, incurred in the sale of Shin Corp shares in 2006.

However, he explained that the Revenue Department may not be able to seize all the assets held by Panthongtae and Pinthongta, since most are shares in companies, which involved investments by third parties not alleged in tax evasion.

The finance minister concluded by saying that his ministry has informed Panthongtae and Pinthongta, as well as concerned commercial banks, that selling the particular shares at this time may be in violation of the law.

-- Tan Network 2010-03-30

[newsfooter][/newsfooter]

60,000 x 500 bth per day = 30,000,000 bth per day

1,000,000,000 bth / 30,000,000 bth = 33 days

I guess the Red shirt payroll was already in place. Looks like the Red shirt are her for at least another 20days or so

What a waste

[elcent]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

the first time he left with 2 airplanes full of suspicious bags and that was long before his troubles started.

[givenall]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

the first time he left with 2 airplanes full of suspicious bags and that was long before his troubles started.

Thief is always a thief. It is their nature, and looking only for himself, I am glad I am not in his family

[tomyummer]

Let's see, I believe the former PM was allowed to go the the Olympics and shuttle out tons of baggage last time. Funny thing is, shouldn't the enterprises such as Thai Airways (I believe he flew out on this airline), immigration department, and other related authorities be on alert, especially when the man is right under their noses? It seems so conveniently easy to slip through the gates.

I think that all commercial banks should have a government issued injunction on allowing the 'family' to make these withdrawals. Again, so conveniently easy to do things in this country under the radar. Maybe the government should just confiscate and tax the wealth from his cronies and close associates. It's so obvious that they especially benefitted from his existence of being PM. If not worse than the former PM himself.

[ManilaLover]

And the rest of his fortune to be returned not before he served his jail sentence !

A country that returns properties to a criminal on the run is not serious.

[basjke]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

Do I understand this correct?The government has a court case going on for years to seizure 76 billion Baht from the Thaksins.In the mean time the family is still able to use the accounts and withdraw money from those accounts.

Am I missing something?

Those account were not blocked or anything?Did they expect that the criminals would hand over the money in good faith once the verdict was reached.

You cant be that dumb can you.

[tomyummer]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

Do I understand this correct?The government has a court case going on for years to seizure 76 billion Baht from the Thaksins.In the mean time the family is still able to use the accounts and withdraw money from those accounts.

Am I missing something?

Those account were not blocked or anything?Did they expect that the criminals would hand over the money in good faith once the verdict was reached.

You cant be that dumb can you.

Apparently you can in this great country. The list goes on my friend.

[givenall]

As I have said and suspected, the rule of law is not a certainly in Thailand if you are rich

[LuckyLew]

What am I missing

The seized some 76 billion worth of assets

Did they not put a hold on all the bank accounts?

If they did, why would they have then removed

the hold until they calculated how how the seized total

value will be collected?

Left hand please meet the right hand ..

[Thai at Heart]

What am I missing

The seized some 76 billion worth of assets

Did they not put a hold on all the bank accounts?

If they did, why would they have then removed

the hold until they calculated how how the seized total

value will be collected?

Left hand please meet the right hand ..

If Korn has any hair left after his time in office I will be amazed.

Old Mother Hubbard must have been Thai.

Edited March 30, 2010 by Thai at Heart

[webfact]

UPDATE

Finance Minister: Thaksin's Assets Could Be Seized Despite Appeal

BANGKOK: -- The finance minister has announced that the National Anti-Corruption Commission and the Office of the Attorney General have submitted letters to the finance minister to inform that former Prime Minister Thaksin Shinawatra's assets could be seized despite the pending appeal.

Finance Minister Korn Chatikavanij announced that he has received letters from the National Anti-Corruption Commission and the Office of the Attorney General, informing the Finance Ministry that 46.3 billion baht or, 1.7 million US dollars, in assets belonging to former Prime Minister Thaksin Shinawatra and family could be seized as ruled by the Supreme Court, despite the pending appeal.

Korn said he will assign the Comptroller's General Department to proceed with the seizure and has pointed out that the seized assets could be returned if the court's verdict is reversed.

Korn also expressed concerns regarding assets being withdrawn from accounts in various commercial banks.

The finance minister said that this could devalue the shares seized by the Revenue Department, and, as a result, the value of the seized assets could be insufficient to pay taxes and fines.

The Finance Ministry, as the creditor, is currently looking for legal means to address the issue.

Director-General of the Controller's General Department, Pongpanu Savetarun, said the department has already collected data of the accounts at various commercial banks, in preparation for the execution of the seizure.

He has also pointed out that Thaksin's children still have 12 billion baht in outstanding tax debts, and that he is concerned by the cash withdrawal.

Pongpanu announced that the department is planning a civil lawsuit for monetary damages incurred to the state.

Earlier, the Finance Ministry discovered that a total of about one billion baht in cash has been withdrawn from several commercial bank accounts belonging to Thaksin, but is still circulating within the country.

-- Tan Network 2010-03-30

[newsfooter][/newsfooter]

[virtualtraveller]

It's the govt getting their hands on it as fast as they can before a THaksin-friendly govt comes to power and somehow puts the brakes on 'taking the money away', this is Thailand afterall!

[timejester]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

the first time he left with 2 airplanes full of suspicious bags and that was long before his troubles started.

Thief is always a thief. It is their nature, and looking only for himself, I am glad I am not in his family

My (Thai) wife just sent me this, good for a laugh !!!

The bedtime story

Pinocchio, Snow White, and Superman are out for a stroll in town one day.

As they walked, they come across a sign:

"Beauty contest for the most beautiful woman in the world."

"I am entering!" said Snow White.

After half an hour she comes out and they ask her, "Well, how'd ya do?"

"First Place!," said Snow White.

They continue walking and they see a sign:

"Contest for the strongest man in the world."

"I'm entering," says Superman.

After half an hour, he returns and they ask him, "How did you make out?"

"First Place," answers Superman. "Did you ever doubt?"

They continue walking when they see a sign:

"Contest! Who is the greatest liar in the world?"

Pinocchio enters.

After half an hour he returns with tears in his eyes.

"What happened?" they asked.

"Who the hel_l is Thaksin?" asked Pinocchio.

[Publicus]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

Do I understand this correct?The government has a court case going on for years to seizure 76 billion Baht from the Thaksins.In the mean time the family is still able to use the accounts and withdraw money from those accounts.

Am I missing something?

Those account were not blocked or anything?Did they expect that the criminals would hand over the money in good faith once the verdict was reached.

You cant be that dumb can you.

Apparently you can in this great country. The list goes on my friend.

Now it turns out Thaksin's assets were frozen cryogenicaly and just very recently recussitated/resurected by electronic or other Frankenstein means, such as being carried out in brown paper bags. As TiT, it's all in what the word "frozen" means. I suppose dry ice is frozen too, but you can't touch it directly so is it really ice? Is the money really on ice?

The fact is Thaksin has been getting his loot all along and laffing his arse off doing it while the elites of Bangkok, Red, Yellow and Blue have been winking and looking the other way.

So what's the present Red fuss about if not entirely to get Thaksin back to Thailand and in power once again so he can distribute more taxpayer loot and resume garnerning yet more for himself. All this while Thaksin awaits the 'new shinning future' he expects to dawn on the country/himself.

TiT.

Edited March 30, 2010 by Publicus

[bhoydy]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

the first time he left with 2 airplanes full of suspicious bags and that was long before his troubles started.

Thief is always a thief. It is their nature, and looking only for himself, I am glad I am not in his family

It's so nice to see that your willing to give anyone who has done something wrong a second chance. Can i join your family, PLLEEAASSEE?

[thaihome]

Would seem that the good Minister Korn is misinformed or is putting out a red herring for some reason. Some 52 billion baht in cash has been in some 28 bank accounts, primarily at SCB and Bangkok Bank since June 2007 when it was frozen by order of the Assets Scrutiny Committee (ASC).

TH

[gemini81]

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?

"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

the first time he left with 2 airplanes full of suspicious bags and that was long before his troubles started.

and on the instance, they failed to do anything about it too. once again, he'll have it all magically disappear, because they just sit back and enable him to go about all this.

[Nuchanart]

Let's see, I believe the former PM was allowed to go the the Olympics and shuttle out tons of baggage last time. Funny thing is, shouldn't the enterprises such as Thai Airways (I believe he flew out on this airline), immigration department, and other related authorities be on alert, especially when the man is right under their noses? It seems so conveniently easy to slip through the gates.

I think that all commercial banks should have a government issued injunction on allowing the 'family' to make these withdrawals. Again, so conveniently easy to do things in this country under the radar. Maybe the government should just confiscate and tax the wealth from his cronies and close associates. It's so obvious that they especially benefitted from his existence of being PM. If not worse than the former PM himself.

You still don't get it. Thai govt let him go on purpose.

[brahmburgers]

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

BANGKOK: -- Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family.

Do I understand this correct?The government has a court case going on for years to seizure 76 billion Baht from the Thaksins.In the mean time the family is still able to use the accounts and withdraw money from those accounts.

Am I missing something?

Those account were not blocked or anything?Did they expect that the criminals would hand over the money in good faith once the verdict was reached.

You cant be that dumb can you.

What am I missing

The seized some 76 billion worth of assets

Did they not put a hold on all the bank accounts?

If they did, why would they have then removed

the hold until they calculated how how the seized total

value will be collected?

Left hand please meet the right hand ..

Would seem that the good Minister Korn is misinformed or is putting out a red herring for some reason. Some 52 billion baht in cash has been in some 28 bank accounts, primarily at SCB and Bangkok Bank since June 2007 when it was frozen by order of the Assets Scrutiny Committee (ASC).

TH

That was my understanding. We've been hearing for years that Thaksin's money left in Thailand was frozen - though the authorities didn't get around to freezing it until many moons after the coup - enough time to portage and transfer a whole heck of a lot of dough.

Now were hearing that, even after the recent court case, that 1 billion baht has been taken out. Amazing, but perhaps not so much. T could write a check for 50 million baht, give it to one of his family and tell them to go to such and such bank and cash it - making sure to speak with the bank president privately while doing the transaction.

I also find it amazing that it's claimed the money doesn't appear to have made its way out of the country.

Everything reasonable is turned on its head in these matters. Even years after his ouster, big shots like bank managers and politicians cannot help but blindly do Thaksin's bidding - as if in a trance. He could send them each a note to go eat congealed pigs blood until their eyes pop out, and they'd do it.

Edited March 30, 2010 by brahmburgers

[jts-khorat]

Korn also expressed concerns regarding assets being withdrawn from accounts in various commercial banks.

I am assuming, as those accounts were surely frozen, that those commercial entities will have to pay for 'lost' moneys from their own capital.

I would not be a happy owner of Bangkok bank shares right now, if there is anything of substance to this story.

[slimdog]

What am I missing

The seized some 76 billion worth of assets

Did they not put a hold on all the bank accounts?

If they did, why would they have then removed

the hold until they calculated how how the seized total

value will be collected?

The first thing to remember is that not all bank accounts were frozen. The Asset Examination Committee (AEC) only had authority to seize assets which were directly linked to the Shin Corp sale (approx 73 billion baht*). Accounts which had no connection with the sale were left untouched.

As there was a long period of time between the sale and the asset being frozen, money from the sale was diverted to a number of different companies, individuals, charities and lawyers. Some of the money went directly into bank accounts, some into stocks, some into unit trusts and some into land.

By the time the money was frozen only about 71 billion baht was still in Thailand, as 2 billion baht had been legally transfered to the U.K**

This 70,986,126,023.48 baht was split between 23 separate entities and involved in excess of 100 bank accounts. (+ Cashier cheques, land deeds, unit trusts and stocks). All were frozen.

When the Supreme Court issued its ruling to seize 48,315,995,897.23 baht it specified 35 accounts which would be seized.

The accounts were in the names of:

Pangthongthae Shinawatra: 23,529,837,029.08 baht (7 accounts seized)

Pingthongtha Shinawatra: 17,132,675,411.57 baht (7 accounts seized)

Pojaman Shinawatra: 1,451,479,330.78 baht (11 accounts seized)

Thaksin Shinawatra: 548,480,533.78 baht (2 accounts seized)

Yingluk Shinawatra: 133,502,451.00 baht (2 accounts seized)

Bhannawat Damapong: 5,520,021,142.02 baht (6 accounts seized)

The problem for the Finance Minister is that nearly all of the proceeds from the Shin Corp sale in the names of Pangthongthae and Pingthongtha have been seized. (Pangthongthae Shinawatra was left approx 84 million baht in various assets). As a result of this, they probably have insufficient funds to pay the 12 billion baht tax bill from the sale (currently under appeal).

What appears to be happening, is that accounts which were never frozen, (They had nothing to do with the shin corp sale) are now being drained, and the money is going into purchasing various stocks & shares. Unless the revenue department freezes these accounts, then it is totally legal.

* The asset seizure case involved the total amount from the Shin Corp sale + all dividends received between 2001 - 2006

** If memory serves me correctly, 2 billion baht was transfered to "Shinawatra family assets Ltd" which is registered in the U.K.