Ample It’s Truly Not

[george]

Ample it’s truly not

BANGKOK: -- ‘The Nation’ correspondent Thanyaporn Kunakornpaiboonsiri checks out Ample Rich’s office in Singapore and here’s what she found

For the past two weeks, all I have heard is the name Ample Rich Investments Co Ltd. It was not the first time, though. It first popped up when Prime Minister Thaksin Shinawatra faced charges of assets concealment back in 2000 and 2001.

It was revealed then that, in 1999, Thaksin set up Ample Rich in the tax haven, the British Virgin Islands, with an office address in Singapore.

Just two weeks ago Ample Rich sold 329.2 million shares in Shin Corp to Panthongtae and Pinthongta Shinawatra for Bt1 apiece. The prime minister’s children later sold the shares to Singapore’s Temasek for Bt49.25 each, and they netted a tidy Bt15.88 billion.

So, how can someone knock on Ample Rich’s door to see if they’re home? What trappings of luxury are flaunted by the company set up by Thaksin for a $5 registration six or so years ago?

The Nation’s editor wanted answers to both questions, and he gave me the company’s address, taken from the report filed by Pinthongta Shinawatra to the Securities and Exchange Commission last week, giving details of her purchase of the controversial Shin shareholding from Ample Rich Investments.

I tracked Ample Rich Investments down or, at least, I found the address. The island state was crowded with weekend shoppers enjoying a day off last Saturday morning as I set off to find 185A Goldhill Centre, 51 Thompson Road.

There were no surprises; it was what might have been expected, particularly by people familiar with nominee companies, which appear to have become a clear

business trend in the era of Prime Minister Thaksin.

The Goldhill Centre is located above Novena MRT station, two stations away from the famous Orchard road. But unlike nearby high-rise shopping plazas, the Goldhill Centre is an old, walk-up building with only three-storeys. That’s it in the top picture

The ground floor is filled with local eating outlets, salons, retail shops and banks. The top floors are rented as office space, and the entrances are from the back of the individual units.

I walked around to the back and found the stairs to unit 185A. To my surprise, a list of occupants said unit 185A was occupied by two companies: Kimberley Global and Mastery International Company. You can see it in the bottom picture. So, where was Thaksin’s Ample Rich?

Walking up the dimly lit stairs, I found unit 185A on the second floor. The tiny door-space is shared with a serviced apartments office [185B] next door, making the less-than-1.5-metre entrance rather crowded, as you can see from the centre picture.

Unit 185A has a glass door which was, unfortunately, firmly locked. Peering through, I saw a few doors to smaller rooms inside, and the edge of what I supposed was a reception counter on the left side.

The room was painted light green and white. There was no other sign or company name except for a Chinese New Year poster, just for luck.

An observer in the business community advised that company owners wanting to save money commonly hire a secretarial service and use its office as a registered address, rather than renting office space.

I’m not sure if that’s the case with Ample Rich Investments. One thing is certain: If this is truly its headquarters, Ample Rich has an office that put its name to shame.

--The Nation 2006-02-07

[PeaceBlondie]

Panthongtae and Pinthongta Shinawatra may not have Ample office space, but they are now very much more Rich.

[ratcatcher]

Grubby premises in a backstreet building. Shady accounts in the B.V.I. Just waiting for Mickey Rourke to show up to complete the totally sleazy atmosphere.

Amazing!

[TAWP]

Waiting for Thaksin-supporter posts declearing it all honest and good in 3...2...1..

[steffi]

Have they figured out yet how he got that money out the country without leaving any paper trail?

Waiting for Thaksin-supporter posts declearing it all honest and good in 3...2...1..

[cclub75]

BANGKOK: -- ‘The Nation’ correspondent Thanyaporn Kunakornpaiboonsiri checks out Ample Rich’s office in Singapore and here’s what she found

Well done.

Anyway, the only fact that the prime minister of a country has incorporated a "company" (empty shell) in BVI, is an absolute proof of shaddy business... And should be enough to convince all the people that this man is a disgrace.

Okay, okay... i agree many leaders in the world (even the first one) do exactly the same. But at least, they don't do open business with thoses shell companies ! They try to hide themselves.

In a way, in his way, Thaksin is very naive.

[joe beets]

^Naah, he just doesn't have to be that careful.

It is expected; it would be disappointing if he weren't so blatantly corrupt.

And if the election were held today, he'd still win in a landslide.

Still, kudos to The Nation - it's a good start.

Makes me want to holler

And throw up both my hands.

jb

[chechoie]

I know it has been said before but I can’t help but repeat it.

It’s such a shame.

This guy had such a wonderful opportunity. He was rich to start with so he did not have to get into this kind of shit.

He could have gone done in history as a really great leader.

Bugger it!

[Mobi]

Ample Rich company at Goldhill Centre. You couldn't make it up. Somebody's taking the piss.

[penzman]

[Maestro]

[/img]

Tsk! Tsk! Picture missing. A beer too may?

---------------

Maestro

[lingling]

I know it has been said before but I can’t help but repeat it.

It’s such a shame.

This guy had such a wonderful opportunity. He was rich to start with so he did not have to get into this kind of shit.

I beg to differ. By being openly corrupt he has sharply increased the value of his assets. Shin and related companies stock prices have soared since he was elected, simply because investors are banking on the great leader using his political position to give his own companies advantages that they wouldn't get under another government.

http://sg.finance.yahoo.com/q/bc?s=SHIN.BK...=off&z=l&q=l&c=

[penzman]

[/img]

Tsk! Tsk! Picture missing. A beer too may?

---------------

Maestro

Left the man a bit of dignity, I photoshopped a piece of chicken off his chin.

[Maestro]

Left the man a bit of dignity, I photoshopped a piece of chicken off his chin.

Now I’m even more curious to know what that missing picture was supposed to be. Come on, you cannot torture us like this!

---------------

Maestro

[chechoie]

I know it has been said before but I can’t help but repeat it.

It’s such a shame.

This guy had such a wonderful opportunity. He was rich to start with so he did not have to get into this kind of shit.

I beg to differ. By being openly corrupt he has sharply increased the value of his assets. Shin and related companies stock prices have soared since he was elected, simply because investors are banking on the great leader using his political position to give his own companies advantages that they wouldn't get under another government.

http://sg.finance.yahoo.com/q/bc?s=SHIN.BK...=off&z=l&q=l&c=

You What?

I know he’s corrupt, I know he’s helping his pals and other vultures.

I’m saying, he did not have to do this, he was rich already leaw when he came to office.

He could have taken the opportunity of becoming PM to help the people of Thailand instead of rippin them off.

[lingling]

I know it has been said before but I can’t help but repeat it.

It’s such a shame.

This guy had such a wonderful opportunity. He was rich to start with so he did not have to get into this kind of shit.

I beg to differ. By being openly corrupt he has sharply increased the value of his assets. Shin and related companies stock prices have soared since he was elected, simply because investors are banking on the great leader using his political position to give his own companies advantages that they wouldn't get under another government.

http://sg.finance.yahoo.com/q/bc?s=SHIN.BK...=off&z=l&q=l&c=

You What?

I know he’s corrupt, I know he’s helping his pals and other vultures.

I’m saying, he did not have to do this, he was rich already leaw when he came to office.

He could have taken the opportunity of becoming PM to help the people of Thailand instead of rippin them off.

You are right, he didn't have to do this but he is doing it.

I guess what I am trying to say is: I think the reason he is 'open' about it is that it is to his advantage. Had he been a nice guy all along then maybe Shin would only be worth what it was worth before he was elected (and if sold then he would only net 1/3 of what he is getting now).

IMHO he is not PM for the reasons the voters think, but simply because he can make a sh*tload of money on it - much more than he could make on just being the business guy he was before.

But I could be wrong...

Edited February 7, 2006 by lingling

[Heng]

Ample it’s truly not

BANGKOK: -- ‘The Nation’ correspondent Thanyaporn Kunakornpaiboonsiri checks out Ample Rich’s office in Singapore and here’s what she found

For the past two weeks, all I have heard is the name Ample Rich Investments Co Ltd. It was not the first time, though. It first popped up when Prime Minister Thaksin Shinawatra faced charges of assets concealment back in 2000 and 2001.

It was revealed then that, in 1999, Thaksin set up Ample Rich in the tax haven, the British Virgin Islands, with an office address in Singapore.

Just two weeks ago Ample Rich sold 329.2 million shares in Shin Corp to Panthongtae and Pinthongta Shinawatra for Bt1 apiece. The prime minister’s children later sold the shares to Singapore’s Temasek for Bt49.25 each, and they netted a tidy Bt15.88 billion.

So, how can someone knock on Ample Rich’s door to see if they’re home? What trappings of luxury are flaunted by the company set up by Thaksin for a $5 registration six or so years ago?

The Nation’s editor wanted answers to both questions, and he gave me the company’s address, taken from the report filed by Pinthongta Shinawatra to the Securities and Exchange Commission last week, giving details of her purchase of the controversial Shin shareholding from Ample Rich Investments.

I tracked Ample Rich Investments down or, at least, I found the address. The island state was crowded with weekend shoppers enjoying a day off last Saturday morning as I set off to find 185A Goldhill Centre, 51 Thompson Road.

There were no surprises; it was what might have been expected, particularly by people familiar with nominee companies, which appear to have become a clear

business trend in the era of Prime Minister Thaksin.

The Goldhill Centre is located above Novena MRT station, two stations away from the famous Orchard road. But unlike nearby high-rise shopping plazas, the Goldhill Centre is an old, walk-up building with only three-storeys. That’s it in the top picture

The ground floor is filled with local eating outlets, salons, retail shops and banks. The top floors are rented as office space, and the entrances are from the back of the individual units.

I walked around to the back and found the stairs to unit 185A. To my surprise, a list of occupants said unit 185A was occupied by two companies: Kimberley Global and Mastery International Company. You can see it in the bottom picture. So, where was Thaksin’s Ample Rich?

Walking up the dimly lit stairs, I found unit 185A on the second floor. The tiny door-space is shared with a serviced apartments office [185B] next door, making the less-than-1.5-metre entrance rather crowded, as you can see from the centre picture.

Unit 185A has a glass door which was, unfortunately, firmly locked. Peering through, I saw a few doors to smaller rooms inside, and the edge of what I supposed was a reception counter on the left side.

The room was painted light green and white. There was no other sign or company name except for a Chinese New Year poster, just for luck.

An observer in the business community advised that company owners wanting to save money commonly hire a secretarial service and use its office as a registered address, rather than renting office space.

I’m not sure if that’s the case with Ample Rich Investments. One thing is certain: If this is truly its headquarters, Ample Rich has an office that put its name to shame.

--The Nation 2006-02-07

(yawn) Just like any holding company out there. Headquarters/offices don't need to be any wider than a PO Box. Rarely if ever will you even need to visit the country where your holding company is located. Intermediaries/attorneys (and I use the latter term loosely) are more than happy to take care of all of this for you.

[Maestro]

(yawn) Just like any holding company out there. Headquarters/offices don't need to be any wider than a PO Box. Rarely if ever will you even need to visit the country where your holding company is located. Intermediaries/attorneys (and I use the latter term loosely) are more than happy to take care of all of this for you.

My thoughts, exactly. Not worthy of The Nation.

---------------

Maestro

[phuketsiam]

Even I have one of these 'holding companies' its perfectly legit (in my case) and just reduces my tax liability, bet my office is a shoe box somewhere

[lingling]

Even I have one of these 'holding companies' its perfectly legit (in my case) and just reduces my tax liability, bet my office is a shoe box somewhere

...but you are probably not prime minister and you probably don't have $200M US parked there, right...?

[phuketsiam]

no i'm not PM (thank god) and no I don't have 200M USD, but I wish I did

maybe one day

[lung]

TEMASEK DEAL: Second Ample Rich found

Published on February 08, 2006

England-incorporated twin firm was trading Shin shares ahead of takeover: Korbsak

There were two companies named Ample Rich – one of them incorporated in the British Virgin Islands and the other incorporated as an English company – actively involved in the trading of Shin Corp stocks in the period leading up to Temasek’s Bt73.2-billion takeover of Shin Corp, according to an investigation by Democrat MP Korbsak Sabhavasu.

Korbsak, who earlier called on banking authorities to check the cash flow of Ample Rich Investments, said that Suvarn Valaisathien, legal spokesman for the Shinawatra and Damapong families, had tried to create the impression that in 1999, before becoming prime minister, Thaksin set up Ample Rich in the tax haven of the British Virgin Islands to facilitate Shin Corp’s planned listing on the Nasdaq exchange in the US.

Suvarn did not mention the existence of another mysterious Ample Rich, which was incorporated with an English nationality, he said. Prime Minister Thaksin has also given the same impression that there was only one Ample Rich, the one incorporated in the British Virgin Islands, involved in the Shin Corp transaction.

However, Korbsak said he went through the share-trading record of Shin Corp and found that two companies – one Ample Rich incorporated in the British Virgin Islands and another Ample Rich with an English nationality – were both shareholders of Shin Corp

and had been actively trading Shin Corp stocks as if they were twin companies. Korbsak will make public his findings on the second Ample Rich on his www.korbsak.com website today.

Before Ample Rich (British Virgin Islands) sold the Shin stocks to Panthongtae and Pinthongta Shinawatra, it had only 229.2 million shares in its holdings, he said. But it actually sold a total of 329.2 million shares – an increase of 100 million shares.

“This is incredible! From whom, or when, did Ample Rich (British Virgin Islands) buy the 100 million shares?”

Korbsak provides the following chronicle to depict the chain of events leading to the final sale.

On June 11, 1999, Ample Rich Investments, set up by Thaksin in the tax-haven of the British Virgin Islands with capital of US$1 dollar, bought 32.92 million shares of Shin Corp from Thaksin himself. Later, these multiplied to 329.2 million shares after a Shin share split.

On December 1, 2000, Thaksin sold Ample Rich to Panthongtae, his son, for US$1. However, Thaksin has never provided documentary support of this transaction. In his statement of his assets to the National Counter Corruption Crime Commission, as required by the Constitution, he did not mention the Ample Rich deal.

On February 12, 2001, the name of Ample Rich did not appear on Shin Corp’s list of shareholders, as reported to the Commerce Ministry. So where did Panthongtae keep the 32.9 million Shin Corp shares?

On April 30, 2001, Panthongtae’s Ample Rich (British Virgin Islands) resurfaced, holding 22.9 million Shin Corp shares. Then, out of the blue, another Ample Rich, incorporated with an English nationality, emerged to hold another 10 million shares of Shin Corp.

There were two Ample Riches!

Korbsak speculates that the original 32.9 million Shin Corp shares were divided into two portions: the first portion of 22.9 million shares was held by Ample Rich (British Virgin Islands) and the second portion of 10 million shares by Ample Rich (English).

Later on, Ample Rich (English) sold out its 100 million shares before disappearing completely from the scene. But Ample Rich (British Virgin Islands) still held on to its 22.9 million shares, to become 229.2 million shares following the share split.

According to Suvarn, Pinthongta entered the scene in May 2005 when she acquired a 20 per cent stake in Ample Rich (British Virgin Islands), bringing Panthongtae’s stake down from 100 per cent to 80 per cent. Ample Rich’s capital was raised from US$1 to $5 in the process.

But a surprise incident occurred again in the period ahead of Temasek’s takeover of Shin Corp. Ample Rich (British Virgin Islands) bought 100 million shares of Shin Corp before parking its new total of 329.2 million shares at UBS of Singapore, which acted as a share custodian.

Was there any insider trading involved during this critical period, Korbsak asks.

“All of the information has been gathered from Shin Corp’s list of shareholders. We can fairly conclude that the Shin Corp stocks that Thaksin transferred overseas were transacted several times, with a volume of around 100 million shares,” he said.

On January 20, 2006, Ample Rich (British Virgin Islands) sold 329.2 million shares of Shin Corp outside the stock exchange to Panthongtae and Pinthongta for Bt1 apiece before the two re-sold the stocks to Temasek at Bt49.25 apiece. They made a profit of around Bt15 billion.

The Securities and Exchange Commission has asked Panthongtae and Pinthongta to come up with documents and other evidence of the transaction to support a claim that they owned Ample Rich in the first place. Yesterday marked the seven-day deadline for the two children of the prime minister to report back to the SEC about their involvement with Ample Rich. They failed to do so.

“The whole episode shows that Thaksin’s clarification that Ample Rich was set up to prepare for Shin Corp’s listing in the Nasdaq does not carry any weight at all, for it now emerges that the Shin stocks held by Ample Rich were being traded all the time and were not kept idle as claimed,” Korbsak said.

[phuketsiam]

so its all a bent deal, surprise surprise, he will get away with it anyway, he did last time

[Maestro]

There were two companies named Ample Rich – one of them incorporated in the British Virgin Islands and the other incorporated as an English company – actively involved in the trading of Shin Corp stocks in the period leading up to Temasek’s Bt73.2-billion takeover of Shin Corp, according to an investigation by Democrat MP Korbsak Sabhavasu.

That’s a very interesting story. Let’s see how it develops!

---------------

Maestro

[PeaceBlondie]

I spent years at the IRS as an expert in abusive tax shelters which operated as shell partnerships. Until 1982, the partnership schemes were successful in being almost impossible to audit. Enron is probably impossible to audit because it was a web of hundreds of shell partnerships, and the IRS has forgotten the procedures now.

All the Shinawatras needed to do, to commit high crimes and larceny, is to create enough shells of partnerships with similar names in different places. It's worse than Watergate or Iran-Contra scandals - even the prosecuting attorney can't convince the judge to wade his way through a Byzantine web of a matrix of a puzzle that's wrapped in an enigma that's enclosed in a soft taco that's boxed in styrofoam.

The general public's eyes glaze over at the second partnership. "Oh, it's just high finance. Must be legal."

[dan10400]

There were two companies named Ample Rich – one of them incorporated in the British Virgin Islands and the other incorporated as an English company – actively involved in the trading of Shin Corp stocks in the period leading up to Temasek’s Bt73.2-billion takeover of Shin Corp, according to an investigation by Democrat MP Korbsak Sabhavasu.

That’s a very interesting story. Let’s see how it develops!

---------------

Maestro

definately. it looks as if the address that The Nation investigated for Ample Rich was

the address of the Ample Rich that wasn't incorporated in the BVI.

i guess getting your lies, er ducks, lined up in a row is easier said than done.

--dan

[Ricardo]

So there's Ample Rich BVI, also the Ample Rich office/subsidiary in Singapore , which the reporter tried to trace, and now a 3rd? English company of similar/same name? Let's hope the latter isn't incorporated in the UK - laws against insider-trading tend to be a little stricter in place like the UK or USA, than the BVI. For a prime-minister or his family to be involved in that sort of thing would not help Thailand attract finance from abroad for the mega-projects.

Interesting name - AMPLE RICH - why chose something like that ? My wife says 'Oh, it's just good for feng shui, Thaksin's a great believer in that sort of thing' . So why not call it NEVER RICH ENOUGH or NO-TAX RICH ?

[sriracha john]

More shady dealings, more convuluted transactions....

More scamming, more crap, more lies....

and on top of all that:

Yesterday marked the seven-day deadline for the two children of the prime minister to report back to the SEC about their involvement with Ample Rich. They failed to do so.

To he11 with all this deceipt, throw them both in jail...

[moonoi]

So there's Ample Rich BVI, also the Ample Rich office/subsidiary in Singapore , which the reporter tried to trace, and now a 3rd? English company of similar/same name? Let's hope the latter isn't incorporated in the UK - laws against insider-trading tend to be a little stricter in place like the UK or USA, than the BVI.

Easy enough to check http://www.companieshouse.co.uk

Can search on whether Ample Rich was incorporated in the UK and who its directors are for free. Unfortunately its closed until 7am UK time so will check again this afternoon

[h90]

with half of the corruption and half working for the country he would still be a great leader.

(or maybe 30 % of the corruption, 50 % seems still to much)

I know it has been said before but I can’t help but repeat it.

It’s such a shame.

This guy had such a wonderful opportunity. He was rich to start with so he did not have to get into this kind of shit.

He could have gone done in history as a really great leader.

Bugger it!