Finance Ministry Ready To Seize Thaksin's Assets

[rainman]

I absolutely love this article I read today in BP:

Meanwhile, the Department of Special Investigation is to investigate whether Panthongtae and Pinthongta Shinawatra have withdrawn almost Bt1 billion from their frozen bank accounts in defiance of the law.

Tharid Phengdit, director-general of the department, said he had received a letter from the Revenue Department claiming the two children of Thaksin had taken the money from the frozen accounts.

The Revenue Department wants to know whether the withdrawal is legal.

I don't even know what to say. Is this for real? The funds are 'frozen' yet they're allowed to withdraw a billion?

[kraxlhuber]

<br />

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?<br /><br />"No need to examine that, it's not a suitcase it's my wallet!" International funds transfer indeed!

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

<br /><br /><br /><font face="Calibri"><font size="3">Thief is always a thief. It is their nature, and looking only for himself, I am glad I am not in his family </font></font><br /><br /><br />

<br /><br /><br />

[kraxlhuber]

<br />

<br />

Does anyone else remember how, in the weeks following the coup, Mrs T came and went from the kingdom several times?<br /><br />&quot;No need to examine that, it's not a suitcase it's my wallet!&quot; International funds transfer indeed!

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

<br /><br /><br /><font face="Calibri"><font size="3">Thief is always a thief. It is their nature, and looking only for himself, I am glad I am not in his family </font></font><br /><br /><br />

<br /><br /><br /><br />

<br /><br /><br />

WELCOME to the family "Robbing Loot",aka. Robin Hood,

did he and the family take away from Thailand Thai Baht?

And where was the money then exchanged into real monet? Easy to find out(if you want too).

The 3 stooges should be apprehended and kept in the kuck until they confessed,(in german its called Beugehaft).

[rametindallas]

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.

Sure looks like you're right

[scorecard]

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.

Don't underestimate how frightened bank managers might be:

- From revenge from thaksin if he ever did return.

- From fear that some of their action in the past, when they blindly followed thksins orders might come back and smack them pretty hard.

- From pressure from some of the long term highly corrupt beaurocrats who were in thaksins pocket and are now working very hard to make sure their collusion is not revealed. And many of them would have no hesitation to intimidate whoever they need to.

Thai reporteres/newspapers are always very short on detail and often ambiguous in their writing, in both the Thai and the English language newspapers. And in the internet age the majority of newspapers across the world are in panic to be the first to show a new headline/story, often without any further work to get the details correct, or to substantiate the story.

Some of the reports say 'shin family money / accounts'.

I wonder whether the withdrawn 1 billion if actually from accounts held in the name of his sisters or similar?

Edited March 31, 2010 by scorecard

[SurinLA]

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

That is the price for being ego-maniac and a Psychopath. He doesn't care since most of the money were stolen from Thailand anyway.

[bendejo]

Serves as an example of his love for his country, turning all his kids into criminals and fugitives who cannot return.

[moresomekl]

Lets hope that someone dont make a typo error in transmiting or receiving the Finance Ministry bank account number LOL

[webfact]

UPDATE

SEIZURE OF THAKSIN'S ASSETS

Banks to transfer Shinawatra funds to state coffers

By THE NATION

BANGKOK: -- The Office of the Attorney-General has approved the Finance Ministry's order for commercial banks to transfer funds in various bank accounts belonging to ousted premier Thaksin Shinawatra and his family to the state coffers.

Waiwud Lortrakul, deputy chief of the OAG, yesterday said there should not be any problem in executing the Supreme Court's February 26 verdict regarding confiscation of Bt46 billion of Thaksin and his family's assets.

In a majority vote, the court ruled that the ex-premier had abused his power while in office to benefit his massive shareholdings in Shin Corp before selling those shares to Temasek Group of Singapore in 2006.

To execute the court's ruling, commercial banks in which Thaksin and his family have accounts have been asked to transfer funds totalling Bt46 billion to the Finance Ministry.

However, lawyers representing Thaksin and his family have sought a court injunction on the transfer of the funds to the state treasury.

Meanwhile, the Department of Special Investigation has asked five commercial banks to report the detailed transactions of deposit accounts from which money was withdrawn by two of Thaksin's children since the Revenue Department issued an asset-freeze order.

DSI director-general Tarit Pengdit said letters had been sent yesterday to Bangkok Bank, Siam Commercial Bank, Bank of Ayudhya, Thanachart Bank and the Government Housing Bank.

The financial institutions have been instructed to submit the reports as soon as possible.

Tarit said the DSI had acted upon a Revenue Department request. It does not necessarily indicate any wrongdoing in Panthongtae and Pinthongta Shinawatra's withdrawals from the deposit accounts.

The DSI's investigation will establish whether such withdrawals are damaging the companies that own the accounts.

Tarit added that the DSI was not taking the side of any party. The investigation has been launched to prevent damage to government agencies.

-- The Nation 2010-04-02

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[Publicus]

Talk about closing the barn doors after..............

These people are a day late and a dollar short every time.

They couldn't have done it better if it had been planned.........hmmm

[thaihome]

Talk about closing the barn doors after..............

These people are a day late and a dollar short every time.

They couldn't have done it better if it had been planned.........hmmm

You might want to read post #30.

TH

[webfact]

UPDATE

Shinawatras' billions to be transferred to treasury 'in the next week'

By Wichit Chaitrong,

Siriporn Chanjindamanee

The Nation

BANGKOK: -- The Finance Ministry expects money transfers from the Shinawatra family's bank accounts to the treasury to be completed within the next week.

Finance Minister Korn Chatikavanij yesterday said delays so far involved the authorisations from the National Anti-Corruption Commission and the Office of the Attorney-General to the ministry for the transfers.

"I instructed the director-general of the Comptroller-General's Office not to handle this under pressure. It should be completed next week," he said.

Comptroller-general Pongpanu Savetarun said the directives to six banks that hold 31 bank accounts worth Bt46 billion should be signed on Monday. The transfers could then be electronically activated.

The money will be deposited at the Bank of Thailand as non-tax government income. It is up to the government to decide whether the money is to be spent on state projects.

"Most of the foreclosed assets are cash, as only Bt170 million is in the form of shares and other securities.

The securities will not be sold soon, and they will be under the State Enterprise Policy Committee's care. The sale should not take place if the current value of the securities is lower than the original value," Pongpanu said.

Siam Commercial Bank (SCB) executive chairman Vichit Surapongchai said the bank was waiting for the Finance Ministry's directive, to know from which accounts the money should be transferred.

He said the bank held the right to discuss the matter with the ministry if the directive was unclear, adding that it would act only in compliance with authorised agencies.

Earlier, the Department of Special Investigation asked the six banks, including SCB, to submit statements of the accounts from which two of ex-premier Thaksin Shinawatra's children had recently withdrawn money.

SCB president Kannikar Chalitaporn said that if the request came from the Bank of Thailand, the statements would be submitted promptly.

However, the bank's legal team is investigating whether DSI has the legal right to request such information, she added.

In another development, the Information and Communications Technology Ministry's fact-finding committee has concluded that state telecom agencies were affected by the satellite and mobile-phone service concession amendments in the cases highlighted in the Supreme Court's ruling to seize some of the assets of Thaksin and his family.

Police General Suchart Wonganantachai, the ministry's inspector-general and chairman of the fact-finding committee, said the panel would submit its findings to the ministry early next week, though it is still waiting for TOT's loss figures.

TOT is expected to submit the details within 15 days.

CAT Telecom informed the committee that it had suffered losses from the deduction in telecom excise to private telecom operators.

It has already sought arbitration over the financial damage, claiming compensation of Bt21 billion from Total Access Communication, Bt8 billion from True Move and Bt3 billion from Digital Phone Co.

Suchart added that the committee had not looked at the agencies' losses from one angle but from all aspects, or it would be criticised for conducting an unfair probe.

-- The Nation 2010-04-03

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