Thaksin In Megabucks Spat With Emirati Lawyer

[webfact]

Thaksin in megabucks spat with Emirati lawyer

By The Nation

Former prime minister Thaksin Shinawatra is involved in a big-money legal wrangling this week as the Dubai Court of Misdemeanours hears his case against an Emirati lawyer whom he is suing for 441 million dirhams (Bt3.6 billion).

Thaksin, according to the website of the Tehran Times, has accused the lawyer of misusing funds from an escrow account that he permitted his law firm to operate.

The lawyer, who is a director and partner in the firm, is accused of usurping funds from the account, according to a report by the Emarat al-Youm newspaper.

Thaksin is demanding the defendant pay 441 million dirhams in compensation.

"The Dubai Public Prosecution has referred the accused to the court where he is charged with dishonesty, initiation of fraud and forgery of documents," the Tehran Times reported.

According to copies of documents obtained by Emarat al-Youm, Thaksin, in his capacity as owner of UK Sports Investments Limited (UKSIL), which had bought Manchester City Football Club, struck a deal with another company for ฃ150 million (Bt7.3 billion).

Both companies agreed to deposit the amount in an escrow account operated by the law firm and not to withdraw any money unless there was written consent.

The Emirati lawyer prepared a memorandum of understanding dated 2008 on the deal, stating the amount deposited in escrow was ฃ100 million, contrary to the agreed amount of ฃ150 million.

According to court documents, ฃ50 million was then taken in the name of fees.

-- The Nation 2011-03-18

[tomyummer]

Du-oh! Shoe's on the other foot now...Ha ha ha ha ha.

[FarmerJoe]

Karma?

[asiawatcher]

Love it - and now has to waste more money in court and legal wrangling as the world sits back and laughs! But 30% for legal fees - that's normal - isn't it?

[rkidlad]

It's not nice when someone steals from you. Maybe Thaksin will mend his ways now he's learnt a valuable lesson in life.

[Buchholz]

Karma?

more than Three and a Half Billion Baht... Fifty Million Pounds Sterling...

Ex-Thai PM sues UAE lawyer for Dh441m

Case, in which Thaksin Shinawatra claims misuse of escrow funds, up for hearing tomorrow

The Dubai Court of Misdemeanors will tomorrow hear a case against an Emirati lawyer who is being sued by the former prime minister of Thailand and billionaire businessman Thaksin Shinawatra for Dh441 million. Shinawatra has accused the lawyer of misusing funds from an escrow account that he permitted the firm to operate.

The lawyer, who is a director and partner in the firm is accused usurping funds from the account, according to a report in Emarat Al Youm. Shinawatra has demanded that the defendant pay Dh441 million as a compensation.

The Emirati lawyer prepared a memorandum of understanding dated 2008 on the deal, stating that the amount deposited in escrow was £100 million, contrary to the agreed amount of £150 million. According to court documents, £50 million was then taken in the name of fees.

Continues:

http://www.emirates247.com/news/ex-thai-pm-sues-uae-lawyer-for-dh441m-2011-03-16-1.369003

Emirates 24/7 News - March 16, 2011

.

[Buchholz]

Du-oh! Shoe's on the other foot now...Ha ha ha ha ha.

Dubai lawyer denies stealing millions from former Thai Prime Minister Thaksin

DUBAI, United Arab Emirates (AP) - A Dubai lawyer has appeared in court to deny charges that he stole tens of millions of dollars from former Thai prime minister Thaksin Shinawatra. The lawyer, Khaled al-Muhairy, 45, a partner at a Dubai firm, is charged with breach of trust, attempted fraud and forgery charges. He pleaded not guilty,

Prosecutors told the court Thursday that al-Muhairy took money from an escrow account his firm had been hired to manage in 2009.

The attorney is accused of taking $129 million, $97 million of that from Thaksin's sale of the Manchester City football club.

He also stole millions to buy a villa and tried to steal millions more for a plane.

Continues:

http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9M124DG1

Associated Press - March 17, 2011

[Buchholz]

UNLIKE Thaksin, no bail for the defendant...

Lawyer denies swindling Thai
 ex-PM out of Dh541 million

DUBAI — An Emirati lawyer, accused by the Dubai Public Prosecution of swindling Dh541 million from former Thai premier Thaxin Shinawatra, pleaded not guilty to the charges of breach of trust and fraud in the Court of Misdemeanours on Thursday. The court denied the lawyer bail and adjourned the hearing till next month for the defence team to prepare its 
arguments. The defence team requested the court to assign an auditor from the Financial Control Department, saying that the audited costs would be paid by their client. According to the case, the complainant, former owner of UK Sports Investment Limited that had owned Manchester City Limited, sold 90 per cent of the shares of the city firm to a company for £150 million.

The deal amount was deposited upon a mutual agreement in a security account opened in the name of a legal advocacy office, in which the defendant is the manager and partner. The other partner is his brother. However, disregarding the agreement clauses, the accused allegedly disposed of that amount and added it to his assets when he had been instructed not to dispose of the sum without written instructions from the complainant.

In Thursday’s hearing, the defence team argued in court that Shinawatra had nothing to do legally with the case since the beginning of the investigation. "He is not a party in the case in all complaints filed with the Public Prosecution. There is no document saying that he is the proprietor of UK Sports Investment Limited and he does not hold any shares." The defendant told the court that the deal was struck with the UK firm and the complainant’s name was not mentioned in the deal.

Continues:

http://www.khaleejtimes.com/DisplayArticleNew.asp?col=&section=theuae&xfile=data/theuae/2011/March/theuae_March492.xml

Khaleej Times - March 18, 2011

.

Edited March 18, 2011 by Buchholz

[Buchholz]

Man denies cheating Thaksin in club deal

Rejects embezzling £60m from ex-Thailand PM

Dubai: An Emirati lawyer denied in court yesterday the charges of embezzling £60 million (Dh355 million) from Thailand's ex-prime minister, Thaksin Shinawatra, as part of the £150 million deal to sell England's premier league club Manchester City. The 45-year-old lawyer, K.K., who owns and runs a law firm, has been charged with embezzling £60 million, which the latter had deposited in the firm's bank account on the basis of trust while the Manchester City deal was taking place. The £150 million was deposited in the law firm's bank account as an entrustment.

Investigations were conducted by Senior Prosecutor Salem Bin Khadim, of the Public Funds Prosecution, who also arraigned K.K. with embezzling Shinawatra's $25.45 million (Dh94 million) which the latter transferred to the lawyer's bank account. When the lawyer appeared before the Dubai Misdemeanor Court's Presiding Judge Zakaria Abdul Aziz Othman, he denied three embezzlement counts, forgery and attempts to defraud a Global XRS private worth $48 million.

"I am not guilty," argued K.K. According to the charges sheet, Bin Khadim accused K.K. of embezzling $25.45 million from Shinawatra after the latter asked the lawyer to receive a bank transfer from a company in Switzerland. Prosecution records said Shinawatra asked K.K. to open a bank account in Montenegro Republic so he could collect the money. The lawyer had convinced the claimant to open an account in his [K.K.'s] name and transfer the money to avoid it from being seized by the European authorities due to the political tensions that Shinawatra was facing in Thailand. The ex-premier did so after agreeing to be commissioned to run the account, but K.K. allegedly embezzled the money that was deposited in his personal account. The lawyer was additionally charged with embezzling Dh39.5 million after Shinawatra asked K.K. to buy for him a villa. Records said K.K. bought a villa worth Dh38 million in Emirates Hills and registered it in his name. Bin Khadim further charged K.K. with forging two documents in an attempt to own a jet.

K.K. argued: "Sir I did not breach anyone's trust... Shinawatra was convicted in his country and sentenced over fraud and corruption... He was not part of any deal. He didn't even show up."

Continues:

http://gulfnews.com/news/gulf/uae/crime/man-denies-cheating-thaksin-in-club-deal-1.778837

Gulf News - March 18, 2011

[Buchholz]

Thaksin's long history of always seeking to hide and shield his money with bank accounts in other people's names gets burned...

Dhs441 million fraud case postponed

THE Dubai Criminal Court postponed the hearing session of a case in which a lawyer, known as KMA, has been charged for attempting to embezzle Dhs441 million from the former prime minister of Thailand. The hearing session has been postponed to April 7 to allow the prosecutor to review the submitted documents and memorandums. The lawyer, who is a manager and partner of the firm, had full authority over former Prime Minister Thaksin Shinawatra’s funds. He has been accused of six charges altogether. The lawyer has been charged for embezzling £60 million, which was paid to him as part of a deal for selling Manchester City Club that reached £150 million.

The lawyer rejected the public prosecution’s accusation of embezzling €15 million from the former prime minister and claimed that Shinawatra requested him to receive a bank transfer from the bank account.

The former prime minister asked the lawyer to open a bank account in Montenegro Republic. However, the lawyer convinced him to open a new bank account under the suspects’ name, claiming that the European Authorities might seize the amount in case of political pressure.

Continues:

http://gulftoday.ae/portal/12d34854-38e5-419e-ba36-4edec1b58d8c.aspx

Gulf Today - March 18, 2011

Edited March 18, 2011 by Buchholz

[sirchai]

Karma?

Great news.........................

[Oberkommando]

This one will draw out the obsessives.

[whybother]

This one will draw out the obsessives.

Yep ... you've turned up.

[Oberkommando]

Right on cue.

[Mobi]

The irony of this case is pretty stunning.

You can hear and read about farangs in getting ripped off in similar ways in Thailand almost every day by unscrupulous Thais - many if them lawyers, who the unsuspecting farangs think they can trust. More often than not, the farang never succeeds in gaining redress, as even if he goes to court they are stacked against him.

Yet here we have Mr Thaksin, who has been guilty of many shady deals in Thailand, (including one very high profile case brought by his former American business partner, but inevitably failed due to the ridiculous Thai statute of limitations) getting caught in the very same sort of Thai trap (trusting a lawyer!!!) and getting done for millions.

It just shows that people like Thaksin have only been successful businessman because they are prepared to lie and cheat their way in business, using the malleable Thai laws to their own advantage, especially when dealing with naive foreigners who, unlike many thais, happen to have a few business ethics.

Now the boot is ion the other foot, he doesn't appear so smart after all, does he? he must have assumed that outside of Thailand, everyone was stupid and honest....

It will be very interesting to see how this case develops. It wouldn't surprise me if the courts are stacked against Thaksin and that he gets nowhere.

The old saying: 'Reap what you sow' seems to come to mind - can't think why....

[cardholder]

Som nom nar comes to mind

[brahmburgers]

Some Thaksin apologists are always saying what a savvy genius businessman he is. Well, how savvy do you have to be to put a big load of money in someone else's lap? Thaksin, the poster boy for hiding assets, by putting money in other people's accounts, got stung big time. Boo Hoo Hoo.

It's not nice when someone steals from you. Maybe Thaksin will mend his ways now he's learnt a valuable lesson in life.

That's the nicest way to put it. It's also not nice to direct people kill innocent others. That's what T did while PM - at Tak Bai, and in his 'war on drugs.'

[renaissanc]

It's not nice when someone steals from you. Maybe Thaksin will mend his ways now he's learnt a valuable lesson in life.

I would love to think that Thaksin will learn a lesson, but I doubt it. Maybe he will change after intense suffering. In the meantime, I think he's getting his "what goes around comes around" karma, which I think will keep on coming. I'm sure he'll loose the upcoming elections as part of his karma.

[random]

I am sure Thaksin is really stressed by this

he is probably scrabbling down the back of the couch now trying to find a few coins for his dinner

The fact is he probably richer than the whole of this forum put together, maybe that is why there are the usual snide jealous remarks from the usual snide jealous posters

[Thaddeus]

I am sure Thaksin is really stressed by this

he is probably scrabbling down the back of the couch now trying to find a few coins for his dinner

The fact is he probably richer than the whole of this forum put together, maybe that is why there are the usual snide jealous remarks from the usual snide jealous posters

That's the best defense you can come up with.

And no, I don't think that is the reason at all.

[Buchholz]

The irony of this case is pretty stunning.

Now the boot is ion the other foot, he doesn't appear so smart after all, does he? he must have assumed that outside of Thailand, everyone was stupid and honest....

It will be very interesting to see how this case develops. It wouldn't surprise me if the courts are stacked against Thaksin and that he gets nowhere.

you're on to something (as usual), especially when they start referring to a "local" accused by a foreigner...

Local accused of defrauding former Thai PM

The court was told that the defendant took the money from an escrow account that the firm had been hired to manage in 2008. The crimes are alleged to have occurred between September and October 2009. The official records said that the defendant was the legal representative for Thaksin during a deal to sell his shares in the British football club Manchester City. Thaksin sold his stake for £150 million (Dhs890 million) but the lawyer is accused of taking £60 million (Dhs355 million) for himself.

Dubai Public Prosecution have also accused the defendant of embezzling 15 million Euros (Dhs77 million) from Thaksin after he asked the lawyer to receive a money transfer on his behalf and deposit it into Thaksin’s bank account in Montenegro. The court heard that the defendant convinced Thaksin to keep the money in the firm’s account instead for political reasons and then later transferred it to his own account. He is also accused of taking nearly Dhs40 million from Thaksin’s accounts to buy a villa in Emirates Hills. The defendant also faces a forgery charge as he is accused of fabricating documents in a bid to get his hands on a $48 million private aeroplane.

However, the defendant denies any wrongdoing, and told the court: “I kept the money safe and didn’t breach trust. I’m not guilty. I want the court to assign an expert from the Financial Department of the Dubai government to study the case and I will pay any amount of money that the financial expert asks.” The trial has been adjourned until April 7 and the defendant will remain under custody. Thaksin was toppled in a coup in 2006 after months of protests alleging he was corrupt and had treated the country's esteemed King Bhumibol Adulyadej with disrespect. He has been living in exile ever since in a number of countries, including in the United Arab Emirates.

Continues:

http://www.thailandnews.net/story.php?rid=43862693

7 Days (Dubai) - March 17, 2011

[tragickingdom]

Given the fact that there are warm relations between Teheran and the Emirates (or not really?) one would rather wait to see the papers for himself. Luckily for Thaksin the rulers themselves are involved in the Manchester City deal and therefore they will probably force the lawyer to return a big chunk of the money, if this is true at all. But look at it from the bright side, now it is in the courts he easily could have paid all the money to Ladbroke to help some people with their gambling losses.

[ableguy]

It's not nice when someone steals from you. Maybe Thaksin will mend his ways now he's learnt a valuable lesson in life.

Not a cat in hells chance but nice thought.

[MaiChai]

When you work with criminals what do you expect?

Also high return investments inverably have high risks. Like diamond/gold mines in African countries with not so good legal systems?

[jimbeam1]

I agree with you all. But. It aint over till It's over.

jb1

[animatic]

Only one thing to say to that Kuhn T. :

555555555555555

[random]

I am sure Thaksin is really stressed by this

he is probably scrabbling down the back of the couch now trying to find a few coins for his dinner

The fact is he probably richer than the whole of this forum put together, maybe that is why there are the usual snide jealous remarks from the usual snide jealous posters

That's the best defense you can come up with.

And no, I don't think that is the reason at all.

Defence?

why do I need to defend him, I am just mocking the posters on here that think by mocking him on an anonymous forum Thaksin will actually give a shit, like I said, this to him is small change and i am sure he will not be losing any sleep over it, lets be honest, he won't be worrying about where the money is coming from his next Leo

[Buchholz]

That's the best defense you can come up with.

Thaksin defender love song:

[animatic]

Thaksin has his PR minions work pretty hard to manipulate this and other forums, so he obviously does notice and his lackies react to our postings. Besides it's like black humor, we do it because it makes his threat to the country we love look a little less stressful.

Not to mention it's human nature to enjoy seeing the big dog get bit by the pack when he wanders into the wrong neighborhood.

Edited March 18, 2011 by animatic

[Insight]

Thaksin should get over it; we've all lost a few socks in the washing machine.