Thaksin Sells Shin Corp Stake For Bt80 Billion

[george]

SHIN DEAL CONTROVERSY:

Watchdog circles PM’s children

BANGKOK: -- Panthongtae and Pinthongta ordered to submit all official documents pertaining to Ample Rich Investments to the Securities and Exchange Commission. Prime Minister Thaksin Shinawatra’s children – Panthong-tae and Pinthongta – must submit all official documents to the Securities and Exchange Commission (SEC) regarding the share purchase, company transactions and shareholding changes in Ample Rich Investment Co Ltd.

SEC senior assistant secretary-general Chalee Chanthanayingyong said that if both cannot do so, the SEC would directly contact regulators in British Virgin Islands tax haven where Ample Rich is registered.

“Primarily, we’ll press for the information from the two persons who are the major shareholders [of Ample Rich]. We believe that they will cooperate like in the past when they have always submitted required information to us,” Chalee said.

The SEC yesterday called for an urgent press conference at 2pm, two hours after the Shinawatra family’s legal counsellor Dr Suvarn Valaisa-thien wrapped up the explanation on Thaksin’s children’s connections with Ample Rich. Suvarn came up with a two-page statement to explain how Thaksin sold 100 per cent of the shares in Ample Rich to Panthongtae in December 1, 2000, before the general election in January 2001.

Suvarn said the SEC asked Thaksin about Ample Rich on July 11, 2001, and Ample Rich confirmed the sale in July 25, 2001. Yet he did not provide any transaction documents to support the claim.

But Chalee said there is no record that the SEC was notified about the transfers of 100 per cent shares in Ample Rich from Thaksin to Panthongtae in December 2000, as Suvarn cited. However, he noted that it might be possible that the SEC’s legal department could have obtained the classified report when Thaksin faced his asset-concealment trial.

Chalee noted that Panthongtae and Pinthongta have submitted some information to clarify their dealings with Ample Rich to the SEC, but most of the information is similar to what Suvarn presented to the press in the morning.

“We do not 100 per cent believe the information as we have to further investigate if there are legal papers supporting it.”

He also said the SEC had no knowledge that Ample Rich was related to the Shinawatra family, as there is no report of cross-shareholding, until Panthongtae and Pinthongta corrected the Form 246-2 to show that they are recognised as a single party under the SEC Act’s Article 258.

Under the Article, individuals and corporations in which they own over 30 per cent are considered a single party.

“During the shareholding changes, on advice from their legal counsellor, they did not see the need to report the changes,” Chalee said.

He admitted that under Article 246 both would be fined for failing to notify the SEC of acquisitions of shares in Shin Corp from Ample Rich on January 20.

However, under Article 247, he said the SEC could not force Panthongtae to tender for Shin shares even if documents prove that in 2001 he and Ample Rich were a single party whose combined stake in Shin exceeded 25 per cent. “That happened in 2001 and Shin share prices have changed dramatically. We can only fine him,” he said.

Breaching both articles, the violators would be subject to two years imprisonment and Bt500,000 in penalties, plus an additional Bt10,000 per day. So far, no individual has ever been imprisoned for breaching the articles.

--The Nation 2006-02-02

It’s normal people don’t want to pay tax: Thanong

BANGKOK: -- The Shinawatra family’s legal counsellor, Suvarn Valaisathien, has been quite clear in explaining the relationship between Ample Rich Investment Co Ltd and Prime Minister Thaksin Shinawatra’s children, Panthongtae and Pinthongta, Finance Minister Thanong Bidaya said yesterday.

But whether his clarification will restore confidence will depend on the Thai people, he conceded.

“I admit that everyone must pay tax according to the law, but in practice they want to pay as little as possible. It is the ministry’s responsibility to collect tax, but we cannot charge them more if they do not breach any rules,” Thanong said.

Commenting on calls for an abolition of the waiver on capital gains tax, the finance minister said if that happened, Thailand’s stock market would not be viable because it would lag behind other markets.

“The [capital gains tax waiver] is the international standard,” he said.

Finance Permanent Secretary Suparut Kawatkul said the Revenue Department will explain to the public today about the tax issues involved in the sale of Shin shares to Temasek Holdings. A press conference will be chaired by the department’s director-general, Sirote Swasdipanich. Earlier, the department said none of the five sellers is obliged to pay taxes on the Bt73.2-billion sale.

When Thaksin arrived at Government House yesterday morning he looked tense, and refused to comment on the controversy, saying: “Wait for Suvarn’s press conference.”

Later, after Suvarn’s explanation, he appeared to be in good spirits as he left Government House. Still, he declined to comment, saying: “I’m hungry, I’m hungry.”

Meanwhile, Thai Rak Thai MPs and members received an e-mail from the party yesterday listing details of the Shin share sale and asking recipients to disseminate the facts to the public. The party has also prepared a list of the six most-frequently-asked questions – and answers to them – about Ample Rich, such as why the firm sold its shares to Panthongtae and Pinthongta on January 20 this year.

On Tuesday, Mathichon newspaper published a classified letter from Finance Permanent Secretary Suparut to the National Counter Corruption Commission, dated in 2000, when Thaksin was on trial on asset-concealment charges. Suparut suggested that share transactions among the Shinawatra clan should be taxed, including the transfer of Ample Rich shares from Thaksin to his children.

In 2002, after Thaksin became prime minister, Vichai Jungrakkiat, then deputy director-general of the Revenue Department, said no tax could be collected as the receivers did not realise gains from the shares. Vichai is now a director-general of the Office of State Enterprise Policy Committee.

Medhi Krongkaew, a tax expert at the National Institute of Development Administration, said Vichai’s opinion is acceptable because individuals should not be forced by the Revenue Department to sell part of their assets in order to pay tax for assets received at below-market prices.

Some critics have pointed out that in insisting recently that the Bt73.2-billion sale of Shin Corp shares is not taxable, the department could come under political pressure.

Suvarn also said yesterday that the share transactions from Ample Rich to Thaksin’s children were tax-free because Ample Rich did not realise any gain when it sold the 329.2 million shares at Bt1 apiece.

The Shin deal has also been criticised as representing the delivery of Thai national assets – mobile phones, satellites and TV signals – to foreigners.

Thanong said there is no such threat.

Asked about the possibility of espionage by Singapore, Thanong said the city-state has a lot of information about Thailand without having to spy through mobile-phone and satellite networks. He did not think Temasek would use iTV to protect its interests in Thailand, either.

“It [the mobile-phone and satellite networks] is a concession from the government,” Thanong said. “If we see [singapore] making threats to our security, we can make changes to the concession.”

--The Nation 2006-02-02

[sriracha john]

SHIN EXPLANATION: Critics demand proof

Published on February 02, 2006

Family lawyer offers no documents to back up claims; SEC has no record of share transfer.

The Securities and Exchange Commission, the Democrat Party and academics yesterday demanded that Prime Minister Thaksin Shinawatra and his children produce records of the money trail and other legal documents to support their claim that transactions between them and the tax-haven Ample Rich Investments Ltd were properly and legally executed.

This followed lawyer Suvarn Valaisathien’s high-profile news conference yesterday at which he defended all the transactions between the prime minister, his son Panthongtae, daughter Pinthongta and Ample Rich between 1999 and 2006 as having been within the boundaries of the laws and financial regulations.

Suvarn stuck closely to a two-page statement in which he explained how Thaksin set up Ample Rich, Thaksin’s transfer of Ample Rich to Panthongtae, Pinthongtae’s becoming a shareholder of Ample Rich and Ample Rich’s sale of 329.2 million shares of Shin Corp to Panthongtae and Pinthongta.

However, Suvarn did not provide any hard evidence in the form of financial records or company documents to support the defence contained in the two-page statement.

Kiat Sitthee-amorn, a party-list MP of the opposition Democrat Party, said Suvarn’s explanation, which was broadcast live on several TV stations, lacked the sort of hard evidence needed to convince the Thai public that the transactions were made in a straightforward manner.

“It was just a statement made by one person in defence of the premier and his family in the Ample Rich case. Khun Suvarn did not produce any legal documents, or a money trail, to back up his words,” Kiat said.

Kiat said it was not necessary to set up a foreign entity such as Ample Rich Investments to list Shin Corp’s shares on the US Nasdaq stock market, as claimed by Suvarn.

“Shin Corp could directly list its shares on the Nasdaq. Foreign entities that register in the British Virgin Islands are known to do so for tax-avoidance and money-laundering purposes,” Kiat said.

The Securities and Exchange Commission (SEC) yesterday asked Panthongtae and Pinthongta to submit all official documents relating to their involvement in Ample Rich.

The SEC’s senior assistant secretary-general, Chalee Chanthanayingyong, said that if they could not do so, the SEC would directly contact regulators in the British Virgin Islands tax haven, where Ample Rich is registered.

“We do not 100-per-cent believe the information [provided by Suvarn] – we need to conduct further investigations to see if there are legal papers supporting it,” he said.

“Primarily, we’ll press for information from the two persons who are the major shareholders [of Ample Rich]. We believe they will continue to cooperate, as in the past they have always submitted the required information to us,” Chalee said.

Suvarn said the SEC asked Thaksin about Ample Rich on July 11, 2001. On July 25, 2001, Suvarn said, Ample Rich confirmed that 100 per cent of the shares in Ample Rich had been transferred from Thaksin to Panthongtae in December 2000.

But Chalee said there is no record of the SEC having been notified about the transfer of 100 per cent of Ample Rich from Thaksin to Panthongtae in December 2000, as Suvarn claimed. However, he said it might be possible the SEC’s legal department obtained a classified report when Thaksin stood trial on asset-concealment charges.

Sangsit Piriyarangsan, director of Chandrakasem Rajabhat University’s Good Governance Research Centre, said he was not sure if Suvarn, a tax expert, had seen any legal documents relating to Ample Rich before defending the premier and his family.

“Perhaps Khun Suvarn was verbally informed [of the situation] by the premier. After listening to him, it’s clear that there is no evidence at all that the premier really transferred the Shin Corp shares (held by Ample Rich) to his children,” Sangsit said.

Thaksin could be impeached if it is proven that he did not properly report his ownership of Ample Rich, incorporated in the British Virgin Islands, to the National Counter Corruption Commission.

The premier should not have set up Ample Rich in the British Virgin Islands in the first place, Sangsit said, because it is a well-known tax haven and money-laundering centre.

“By law, the premier should also have stated in his asset declaration filed with the National Counter Corruption Commission back in 2001 that he had transferred his 100-per-cent stake in Ample Rich to his son,” Sangsit said.

“I’m also wondering who paid for these shares or if there was a loan for Panthongtae, whose financial records at the time should be examined to substantiate the share transfer,” he said.

Democrat Party and Opposition Leader Abhisit Vejjajiva said only legal documents could clarify the Ample Rich case since the public still did not know exactly when all the transactions mentioned by Suvarn actually took place.

“Even the last two filings with the Securities and Exchange Commission by Panthongtae and Pinthongta Shinawatra were self-contradictory. These filings also contradicted Khun Suvarn’s clarification. In short, he did not answer the question of whether the premier and his family fully complied with the law,” Abhisit said.

Thanabul Jiranuwat of Rangsit University’s Law Faculty said the public was still no better informed about the Ample Rich case because Suvarn had not told the whole truth.

Kobsak Sabhavasu, executive director of the Democrat Party, said Suvarn’s explanation was not sufficient to have made all the dealings in the Ample Rich case transparent.

[thailien8]

"However, despite his behavior, I remain confident in him as prime minister, because this deal will give him the ability to help the country progress"

Pansak Puripan, 29, engineer.

From The Nation, paper edition.

This is the kind of blind faith that Toxin is counting on from his loyal subjects. It didn't hurt that they just watched him on TV for five days, handing out 1000 baht notes to a lucky few. Now the complexity of his financial shenanigans will have them dazed and confused. And of course his well-bought coterie of money-sucking ministers and experts will run interference for him all the way to their banks.

[Heng]

In the past 22 years, he said, the Shin Corp group had paid around 50 billion baht of taxes to the state and the Shinawatra and Dhamanpong families around 3 billion baht.

Bravo!

and so what is the value of all the tax concessions granted to Shin and its

subsidiaries over the last 5 years? just because "some" tax was paid over

the last 22 years (no clarification here isn't really of use either), doesn't

relinquish Taksin and his family of at least following the rules and not

have the government scrambling around to find loopholes that justify

this transaction (instead of properly investigating it).

nice little red herring, but not biting.

--dan

And you shouldn't be biting. lolz. The applause is for them paying that much at all, well over in both amount and proportion for the country's business class.... but that's what one gets for being stupid enough (or clever enough depending on one's point of view) to make one's main family company publicly listed.

[Butterfly]

And how come everyone claims that a stronger baht will be good for Thai business ? It will surely hit the tourist & export trades, no ?

Everything about that deal is not clear, and this stronger baht is going to hurt Q1 earnings for 2006, but again those Thai experts have no idea and totally clueless and are just there to throw nice little red herring

The more confusing and the more illogicial it gets with those kind of silly government statements, the better it gets for Thaksin.

Edited February 2, 2006 by Butterfly

[dan10400]

In the past 22 years, he said, the Shin Corp group had paid around 50 billion baht of taxes to the state and the Shinawatra and Dhamanpong families around 3 billion baht.

Bravo!

and so what is the value of all the tax concessions granted to Shin and its

subsidiaries over the last 5 years? just because "some" tax was paid over

the last 22 years (no clarification here isn't really of use either), doesn't

relinquish Taksin and his family of at least following the rules and not

have the government scrambling around to find loopholes that justify

this transaction (instead of properly investigating it).

nice little red herring, but not biting.

--dan

And you shouldn't be biting. lolz. The applause is for them paying that much at all, well over in both amount and proportion for the country's business class.... but that's what one gets for being stupid enough (or clever enough depending on one's point of view) to make one's main family company publicly listed.

paying that much at all in comparision to what? the current financial statement

on set.or.th shows they paid about 6% of profits on taxes (profits of 8B over last

9 months). considering that the top marginal rate is around 30%, seems to be a

bit of something worth investigating. but not sure how many other posters have

discussed the tax shelters granted to shin and subsidiaries over the years (among

other things).

so it is not just the legal loopholes that were conveniently in place to sell tax free

in the stock market (had he done it correctly), legislative maneourving that at

first prevented competition in the telecom market (limiting foreign ownership)

and providing shin a near monopoly raising prices for thai consumers, later to

which ownership limitiations relaxed in order to actually sell the company,

purportedly throwing in a 3G license that was supposed to have been sold to

highest bidders, but also short-changing on taxes paid by Shin over the life of

the company.

but no bother, as far as you are concerned it is just an asian family thing...

--dan

[Golf]

The Pandora Box is opened...all hel_l will break loss this Friday... I wish there will be no bloodshed... There is no hope for Thailand and Thai people if Toxin is still in power. HE MUST GO...

Golf

[Jai Dee]

The Pandora Box is opened...all hel_l will break loss this Friday... I wish there will be no bloodshed... There is no hope for Thailand and Thai people if Toxin is still in power. HE MUST GO...

Golf

Although you're out of country at the moment Golf, you do have a very good and usually accurate perspective of Thai politics.

Have you kept in touch with your friends and family in Thailand?

What do they think will be the outcome?

[sierra01]

The papers are saying that Mr T is blaming his son, and he (the son) will/might be fined 20 million bt. What I know of all the in's and out's of all of this can be written on a stamp, but is this Mr T trying to get himself out of all the controversy and pay a token 20 mil instead of the many billions that have been mentioned?

[Golf]

The Pandora Box is opened...all hel_l will break loss this Friday... I wish there will be no bloodshed... There is no hope for Thailand and Thai people if Toxin is still in power. HE MUST GO...

Golf

Although you're out of country at the moment Golf, you do have a very good and usually accurate perspective of Thai politics.

Have you kept in touch with your friends and family in Thailand?

What do they think will be the outcome?

I usually call my family once a week. They're aware of what is about to take place. Fortunately, all of my family members are not that "interested" in politices. Many of my friends are Toxin supporters, but not me.

To be honest with you, the outcome is unknown. there is one thing I wish it to happen...a startover of a new era where we have our dignity, as Thai people, once again.

Golf

Edited February 2, 2006 by Golf

[Jai Dee]

there is one thing I wish it to happen...a startover of a new era where we have our dignity, as Thai people, once again.

And do you think that Thaksin has undermined that dignity? In whose eyes? Are Thai people ashamed of what he's done and doing? Do they think that the rest of the world will view all Thai people the same?

And who would you recommend as a replacement?

Please don't misunderstand me... I have an active interest in this subject, and would value an opinion from an educated and intelligent Thai person who obviously feels strongly about the issue.

[Golf]

there is one thing I wish it to happen...a startover of a new era where we have our dignity, as Thai people, once again.

And do you think that Thaksin has undermined that dignity? In whose eyes? Are Thai people ashamed of what he's done and doing? Do they think that the rest of the world will view all Thai people the same?

And who would you recommend as a replacement?

Please don't misunderstand me... I have an active interest in this subject, and would value an opinion from an educated and intelligent Thai person who obviously feels strongly about the issue.

No problem at all. It's hard to answer and explain everything here, but here they are:

1. He used his advatages of being a CEO of Shin Corps and a Prime Minister to cartel Thai telecommunication market. His Shin Corps. got a government contracts with no tax for 30 years, blocking other competitors from entering the market emtirely.

2. He replaced Army with police forces in the South, destroyed everything the Army had built in the last 20 years. The police forces then kidnapped and killed many Muslim leaders. The South becomes hel_l on Eearth ever since. Whoever offers any ideas different from him, will be asked, "Are you Thai?", branded as a traitor.

3. He urges that all Thais must be patriots, using Thai products, traveling in Thailand. He himself went to other countries to relax, recharge, or whatever reason. Every country he visited, he would make a deal that would give him benefits, not to Thailand.

4. Toxin said he believes in Democracy, but all he does is blocking and rejecting others ideas. He is the smartest man on Earth. He creates a "Nepotism" system that allows everyone in his family and circle make profits from us, Thai people.

5. He sold his Shin stocks for $2 Billions, but pay no taxes, while others will have to pay by laws.

6. Once sold, Shin Corps is owned by Singapore. They can use ThaiCom Sattelite to spy on every spot in Thailand. This puts a nation at risk. ITV, which was found based on the Dark May heroes to have a real independent tv channel, is now in Singapore hands.

These are just some of all reasons we want our dignity back.

Golf

Edited February 2, 2006 by Golf

[sierra01]

there is one thing I wish it to happen...a startover of a new era where we have our dignity, as Thai people, once again.

And do you think that Thaksin has undermined that dignity? In whose eyes? Are Thai people ashamed of what he's done and doing? Do they think that the rest of the world will view all Thai people the same?

And who would you recommend as a replacement?

Please don't misunderstand me... I have an active interest in this subject, and would value an opinion from an educated and intelligent Thai person who obviously feels strongly about the issue.

No problem at all. It's hard to answer and explain everything here, but here they are:

1. He used his advatages of being a CEO of Shin Corps and a Prime Minister to cartel Thai telecommunication market. His Shin Corps. got a government contracts with no tax for 30 years, blocking other competitors from entering the market emtirely.

2. He replaced Army with police forces in the South, destroyed everything the Army had built in the last 20 years. The police forces then kidnapped and killed many Muslim leaders. The South becomes hel_l on Eearth ever since. Whoever offers any ideas different from him, will be asked, "Are you Thai?", branded as a traitor.

3. He urges that all Thais must be patriots, using Thai products, traveling in Thailand. He himself went to other countries to relax, recharge, or whatever reason. Every country he visited, he would make a deal that would give him benefits, not to Thailand.

4. Toxin said he believes in Democracy, but all he does is blocking and rejecting others ideas. He is the smartest man on Earth. He creates a "Nepotism" system that allows everyone in his family and circle make profits from us, Thai people.

5. He sold his Shin stocks for $2 Billions, but pay no taxes, while others will have to pay by laws.

Golf

Is he any different from the rest of the ho so's here?

[Jai Dee]

So in a nutshell... he is using his political power to rob Thailand of what should rightfully belong to the people?

Sorry, I know it's slightly off-topic, but what do you think are his motives for creating/escalating the situation in the restive South?

What does he hope to gain or benefit?

Or is it just a smokescreen to keep prying eyes away from his other dealings?

[Golf]

Or is it just a smokescreen to keep prying eyes away from his other dealings?

You've got yourself an answer!

Golf

[Plus]

His Shin Corps. got a government contracts with no tax for 30 years, blocking other competitors from entering the market emtirely.

That's true only for satellites, and they are not very big part of his empire, unlike AIS, and AIS wasn't the first telecom here.

They were behind Ucom's TAC until 1997 currency crash when UCOM was saddled with huge debts but AIS got out scott free, perhaps thanks to Taksin's inside knowledge of devaluation. Democrats accused him of actually making money from the country's crash.

None of it botherer Thai people when they went to vote for him. Will they more attention to it now?

[Jai Dee]

SET finds nothing wrong in the sale of Shin Corp's shares

The Stock Exchange of Thailand (SET)’s President Kittirat Na Ranong (กิตติรัตน์ ณ ระนอง) has revealed the result of the recent probe that SET had found no guilt in the trading of Shin Corporation Public Company Limited’s shares to Temasek Holdings Co of Singapore as a big lot with the amount of 73 billion baht.

Mr. Kittirat said that the Stock Exchange of Thailand did not receive any information on such deals from the company since there is no need for the company to inform the detail to the Stock Exchange as the trading was done on a big-lot system.

As for the news which spreaded before the trading took place, Mr. Kittirat commented that the SET had previously contacted the company 5 times but the company did not respond, however he said that the SET does not have the responsibility to make direct contact with the share holders.

Mr. Kittirat said that SET will work with Securities and Exchange Commission (SEC) to do further investigation on the matter.

Source: Thai National News Bureau Public Relations Department - 02 Febuary 2006

[Jai Dee]

I nearly spat my coffee all over the computer when I read this latest bulletin...

The sales of Shin Corp’s shares has made Thai people to be interested in share trading: Govt Spokesman

Government spokesperson Surapong Suebwonglee (สุรพงษ์ สืบวงศ์ลี) said that the sales of Shin Corporation Public Company Limited’s shares has created interest for Thai people in the share trading.

Mr. Surapong said that the premier has expressed his wish for the trading to be transparent and able to be investigated.

He added that it is the responsibility of Prime Minister Thaksin Shinawatra’s children and concerned agencies to clarify the matter before related officials will decide if the information is accurate.

As for the concerned made by many parties about moral issues, Mr. Surapong said it’s deemed useful since it could urge the politicians to sacrifice more.

Moreover, the premier has established a foundation to solve poverty issue which can prove that PM Thaksin has sacrificed for the people.

Source: Thai National News Bureau Public Relations Department - 02 Febuary 2006

[Butterfly]

It almost looks as surreal as the Burmese newspapers

Did anyone get a chance to read one ? those press releases on crackdown and hubs have the same tone as the propaganda published in the local newspaper form the Burmese government.

[Jai Dee]

From todays Nation:

[Heng]

In the past 22 years, he said, the Shin Corp group had paid around 50 billion baht of taxes to the state and the Shinawatra and Dhamanpong families around 3 billion baht.

Bravo!

and so what is the value of all the tax concessions granted to Shin and its

subsidiaries over the last 5 years? just because "some" tax was paid over

the last 22 years (no clarification here isn't really of use either), doesn't

relinquish Taksin and his family of at least following the rules and not

have the government scrambling around to find loopholes that justify

this transaction (instead of properly investigating it).

nice little red herring, but not biting.

--dan

And you shouldn't be biting. lolz. The applause is for them paying that much at all, well over in both amount and proportion for the country's business class.... but that's what one gets for being stupid enough (or clever enough depending on one's point of view) to make one's main family company publicly listed.

paying that much at all in comparision to what? the current financial statement

on set.or.th shows they paid about 6% of profits on taxes (profits of 8B over last

9 months). considering that the top marginal rate is around 30%, seems to be a

bit of something worth investigating. but not sure how many other posters have

discussed the tax shelters granted to shin and subsidiaries over the years (among

other things).

so it is not just the legal loopholes that were conveniently in place to sell tax free

in the stock market (had he done it correctly), legislative maneourving that at

first prevented competition in the telecom market (limiting foreign ownership)

and providing shin a near monopoly raising prices for thai consumers, later to

which ownership limitiations relaxed in order to actually sell the company,

purportedly throwing in a 3G license that was supposed to have been sold to

highest bidders, but also short-changing on taxes paid by Shin over the life of

the company.

but no bother, as far as you are concerned it is just an asian family thing...

--dan

In comparison to those not in the spotlight and paying far less in taxes.

No bother indeed.

[Plus]

Has anyone seen this:

SHIN TAKEOVER: Thaksin tables new tax breaks

http://nationmultimedia.com/2006/02/02/bus...s_19811525.html

Taksin is thinking about asking the parlament to amend the law increasing deductbale amount to 200% of money given to charities, espcially to poverty fighting organisations, like Thaicom he wants to give 1 bil from his sale of Shin. Current deductablt amount is 100% - par value.

Has he got no shame? What is happening to this country?

[LaoPo]

there is one thing I wish it to happen...a startover of a new era where we have our dignity, as Thai people, once again.

And do you think that Thaksin has undermined that dignity? In whose eyes? Are Thai people ashamed of what he's done and doing? Do they think that the rest of the world will view all Thai people the same?

And who would you recommend as a replacement?

Please don't misunderstand me... I have an active interest in this subject, and would value an opinion from an educated and intelligent Thai person who obviously feels strongly about the issue.

No problem at all. It's hard to answer and explain everything here, but here they are:

1. He used his advatages of being a CEO of Shin Corps and a Prime Minister to cartel Thai telecommunication market. His Shin Corps. got a government contracts with no tax for 30 years, blocking other competitors from entering the market emtirely.

2. He replaced Army with police forces in the South, destroyed everything the Army had built in the last 20 years. The police forces then kidnapped and killed many Muslim leaders. The South becomes hel_l on Eearth ever since. Whoever offers any ideas different from him, will be asked, "Are you Thai?", branded as a traitor.

3. He urges that all Thais must be patriots, using Thai products, traveling in Thailand. He himself went to other countries to relax, recharge, or whatever reason. Every country he visited, he would make a deal that would give him benefits, not to Thailand.

4. Toxin said he believes in Democracy, but all he does is blocking and rejecting others ideas. He is the smartest man on Earth. He creates a "Nepotism" system that allows everyone in his family and circle make profits from us, Thai people.

5. He sold his Shin stocks for $2 Billions, but pay no taxes, while others will have to pay by laws.

6. Once sold, Shin Corps is owned by Singapore. They can use ThaiCom Sattelite to spy on every spot in Thailand. This puts a nation at risk. ITV, which was found based on the Dark May heroes to have a real independent tv channel, is now in Singapore hands.

These are just some of all reasons we want our dignity back.

Golf

Jai Dee & Golf: Thank you for the intelligent questions AND answers (from Golf) into the, hard-to-understand (for Farang) Thai politics in general, and the view into the 'soul' of the PM, business- and private-wise, in particular.

Very eye-opening indeed....and: scary

Wouldn't surprise me at all when, in the future, a 'raged' Thai male/female will take justice into his/her own hands

Like Napoleon said: l'Histoire se repete - History repeats itself (always)

LaoPo

Edited February 2, 2006 by LaoPo

[sriracha john]

The Pandora Box is opened...all hel_l will break loss this Friday... I wish there will be no bloodshed... There is no hope for Thailand and Thai people if Toxin is still in power. HE MUST GO...

Golf

Although you're out of country at the moment Golf, you do have a very good and usually accurate perspective of Thai politics.

Have you kept in touch with your friends and family in Thailand?

What do they think will be the outcome?

Good to see you posting again, Golf... You've been missed.

I echo Jai Dee's comments completely...

I'll carry your sentiments with me on the trip to BKK... just trying to get my hands on a good helmet.

[Golf]

Has anyone seen this:

SHIN TAKEOVER: Thaksin tables new tax breaks

http://nationmultimedia.com/2006/02/02/bus...s_19811525.html

Taksin is thinking about asking the parlament to amend the law increasing deductbale amount to 200% of money given to charities, espcially to poverty fighting organisations, like Thaicom he wants to give 1 bil from his sale of Shin. Current deductablt amount is 100% - par value.

Has he got no shame? What is happening to this country?

Just to make matters even worse, ThaiCom Charity Organization is owned and ran by Toxin himself. So in the process, he is giving away his money to himself! Nice work, hummm?

Of course, he has no shame...what shame? I can't spell it!

What's going on in this country? Well, you will know the result on Feb 4, 2006.

Golf

Edited February 2, 2006 by Golf

[Golf]

Good to see you posting again, Golf... You've been missed.

I echo Jai Dee's comments completely...

I'll carry your sentiments with me on the trip to BKK... just trying to get my hands on a good helmet.

Thanks! I'm watching this historical event closely and boy, I cannot tell the outcome. Wish every demostrator go home alive...

Golf

[dr_Pat_Pong]

Stay away is my advice. Too dangerous by half.

[penzman]

Definitely an area to avoid and not tomorrow only, today as well!

Friday morning news are showing people were setting up already last night.

Unless you're an observer from some international organisation, no foreigners ( Thaksin family included ) should be in the area.

[sriracha john]

Has anyone seen this:

SHIN TAKEOVER: Thaksin tables new tax breaks

http://nationmultimedia.com/2006/02/02/bus...s_19811525.html

Taksin is thinking about asking the parlament to amend the law increasing deductbale amount to 200% of money given to charities, espcially to poverty fighting organisations, like Thaicom he wants to give 1 bil from his sale of Shin. Current deductablt amount is 100% - par value.

Has he got no shame? What is happening to this country?

Just to make matters even worse, ThaiCom Charity Organization is owned and ran by Toxin himself. So in the process, he is giving away his money to himself! Nice work, hummm?

Of course, he has no shame...what shame? I can't spell it!

What's going on in this country? Well, you will know the result on Feb 4, 2006.

Golf

With all this turmoil and scrutiny going on, he's brazen enough to propose such an obvious sham?? astoundingly oblivious and uncaring to his own citizen's feelings and concerns...

[sriracha john]

Perception, not the substance, is vital

The Shin Corp deal was meant to free the prime minister from allegations of conflict of interest, but has boomeranged into making his political standing more untenable

By THITINAN PONGSUDHIRAK

A clarification that was designed to clear up allegations of Prime Minister Thaksin Shinawatra's financial infractions involving the 73.3-billion-baht sale of his family-owned Shin Corp to the Singaporean government's Temasek Holdings has boomeranged. Speaking on behalf of the Shinawatra and related Damapong families, Dr Suvarn Valaisathien's explanation on Wednesday of the technicalities of the sale failed to defuse the exploding business scandal that has taken on a political life of its own. Perceptions of the prime minister's and his family's tax evasion and insider trading have become more important than the substance.

Even if the technicalities of the sale turn out to be above board, public suspicions of wrongdoing are likely to persist and deepen, adding to the adverse political fallout that now threatens to end Mr Thaksin's five-year reign in power.

To be sure, the aftermath of the Shin Corp deal is an ironic turn of events. The deal was supposed to set Mr Thaksin free from allegations of conflicts of interest, and to enable him to govern with his hands untied. It also made Mr Thaksin's vast assets liquid and mobile.

In the event his political standing becomes untenable, Mr Thaksin can look for safe havens to invest his capital. But instead of reducing Mr Thaksin's conflicts-of-interest liability, the Shin Corp sale has exacerbated it.

The financial labyrinth surrounding the deal, characterised by shifty share transfers centring on the obscure offshore Ample Rich Investments Company, with the possible benefit of insider information and tax evasion, has further galvanised Mr Thaksin's political opponents.

At stake now is Mr Thaksin's political survival in office. The Shin Corp sale may well turn out to be the tipping point in the ongoing struggle to overthrow the prime minister.

What has outraged the general public is the double standard involved. As the government has recently put forward a record budget outlay for fiscal 2006 of around 1.5 trillion baht, the growing pressure on revenue generation has consequently tightened tax codes and collection procedures.

More and more Thai individuals and companies are being forced to pay higher taxes. Yet, when it came to Mr Thaksin's family-owned historic intake of 73.3 billion baht, no less than Thanong Bidaya, the finance minister whose job ultimately is to maximise revenue, came out to guarantee and defend the huge amount as tax-free.

In fact, several key regulators have taken turns vouching for every aspect of the Shinawatras' Shin Corp income, from the heads of the Stock Exchange of Thailand and the Securities and Exchange Commission to the director-general of the Revenue Department. Perceived or real, the preferential treatment these authorities have accorded Mr Thaksin's family has contributed to the public outrage over the deal.

Mr Thaksin's gloating also has added insult to injury. In the immediate aftermath of the Shin Corp sale, he commented to reporters with typical smugness that the Shinawatras' income was not liable for tax and that this was an international practice.

He may have been right, if all the technicalities eventually prove to be correct, with proper documentation.

Yet his patronising, catch-me-if-you-can treatment of the public adds to the uproar. To the public, it was a blatant disregard for, and a mockery of, transparency and accountability. At the minimum, it appeared to violate business ethics and moral standards in society.

Mr Thaksin is not just a run-of-the-mill businessman cashing in on a routine business transaction, but a prime minister with overwhelming authority to maximise and justify his business returns in the country's largest corporate sell-off.

Having suppressed public dissent for so long, Mr Thaksin is finding out the virtue of hearing opposing viewpoints the hard way. The Bangkok-based movement to topple his government is poised to attract all kinds of critics and bystanders now that the Thaksin government's days appear numbered.

A growing number of people who previously supported the prime minister have turned against him. Passive watchers of Mr Thaksin's rule have become sceptics, and critics have turned to outright, active opposition. As the anti-Thaksin train speeds ahead on all locomotives, more and more people will not want to miss out. It is a sign of the times that people who used to view Mr Thaksin favourably are now competing with each other to be at the front of the anti-Thaksin train. The original Thaksin critics, who as a minority had taken him to task for conflicts of interest and abuse of power over the past five years in the face of unpatriotic accusations, can only feel vindicated. (You're right about that and thank you, Khun Thitinan)

A major disturbing outcome of Mr Thaksin's growing political vulnerabilities is Thailand's Bangkok-rural disparity.

Sincere or otherwise, Mr Thaksin demonstrated recently at his reality show in Roi Et province that he remains popular throughout much of the provinces.

One critical legacy of his rule will be the exposure of Bangkokians' neglect of their countryside's countrymen. That he is adored by the rural electorate as much as he is loathed by Bangkok's voters is an issue that the Thai people need to ponder and address effectively well after Mr Thaksin's political demise.

Very true... the disparity should be examined closely.

- Bangkok Post