Thailand To Seize Thaksin's Assets

[isaanbrit]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

I heard that Taksin was the third richest in Thailand with the guy who invented red bulll and the owner of Chang pipping him to the post.

[peace]

Agreed. We are looking at Thailand with grave concern.

My company have not pull out of Thailand but all funding projects have stop for the time being.

If the junta really seize his assets; it really send a very negative message to all foregin investor. Who will be next in line? This uncertainity will have huge impact on our business decision.

No doubt, the Thai government should investigate his company and business dealings but how they apporach it is all another thing.

The longer the junta delay on naming an interim PM will result in uncertainity. We are not pulling out as of now but we are definitely not investing as well.

[pete_r]

According to one article on the Nation website the maximum amount that anyone person can transfer in one year is $10 mil.

Taksin would need a lot of friends to help him transfer the 1.6 billion let alone his own money or his wifes or sons, or sisters, or housemaids, or chauffers or best freinds or the dogs or the neighbours cats or.....

Maybe if he gave each of his supporters from up north a nominal percentage they would transfer the cash for him?

Sounds like a good time to start a 419 scam, Thai-style!

[Old Man River]

It may once have been true that all the dollars in the world moved through USA bank-accounts, but now we have euro-dollars ( and pounds, etcetera), so the world's governments have totally lost control of their own currencies.

A bit off topic so I will make it brief.

All USD's clear through US based banks. If a foreign currency is exchanged for Euro Dollars, it doesn't have to clear through a US based bank. If the Euro dollars are withdrawn and kept in dollars, it does not have to be cleared through a US based bank. However, if the Euro dollars are exchanged for a foreign currency, then it must (by US law) clear through a US based bank.

[Old Man River]

Agreed. We are looking at Thailand with grave concern.

My company have not pull out of Thailand but all funding projects have stop for the time being.

If the junta really seize his assets; it really send a very negative message to all foregin investor. Who will be next in line? This uncertainity will have huge impact on our business decision.

No doubt, the Thai government should investigate his company and business dealings but how they apporach it is all another thing.

The longer the junta delay on naming an interim PM will result in uncertainity. We are not pulling out as of now but we are definitely not investing as well.

For those of us on the ground in Thailand who have been here for a number of years, we are very comfortable with the current situation. However, your company is taking the most prudent view in light of your fiduciary responsibility to your shareholders. I do, however, disagree on the world view of seizing ill gotten gains. This has already been done in Thailand (the "unusually" rich). As long as Dr.Thaksin gets a fair trial (fair being the key word), if the courts adjudge that he acquired certain wealth illegally and these assets are seized by the government, I do not believe this will be a negative signal to foreign investors.

However, if the deal with Temasek is negated, then my opinion would be different.

[TAWP]

It may once have been true that all the dollars in the world moved through USA bank-accounts, but now we have euro-dollars ( and pounds, etcetera), so the world's governments have totally lost control of their own currencies.

A bit off topic so I will make it brief.

All USD's clear through US based banks. If a foreign currency is exchanged for Euro Dollars, it doesn't have to clear through a US based bank. If the Euro dollars are withdrawn and kept in dollars, it does not have to be cleared through a US based bank. However, if the Euro dollars are exchanged for a foreign currency, then it must (by US law) clear through a US based bank.

With 'Euro Dollars', do you mean the currency 'Euro'?

[mitrapaap]

Two points to be made:

1-Thaksin got out of Thailand with most of his assets, hence the 60 suitcases of gold, jewelry, cash and other valuables that were taken out by him and his family. Wouldn't be surprised if most of his real property (land, buildings) were already sold or otherwise disposed of. Offshore accounts, investment accounts, etc are going to be so buried that they probably never will be traced back Thaksin, assuming they can be found in the first place. Whatever can be seized at this point is a fraction of the total and will be for show, only.

2-As another poster pointed out, these conversations are severly crippled because we can only express one sided opinions as to the current situation. Don't get me wrong, I am completely supportive of the coup, but I would love to be able to debate and constructively discuss both pros and cons. That is what I have come to really appreciate about this forum...lively, well argued, constructive arguments about the happenings in Thailand. It will be nice when we can have that again.

60 suitcases - I have read that several times on many threads. Wonder if TG or whichever carrier he used has confirmed that. Did he drive to the airport in a 6 wheel truck? Please.

[Beachedwhale]

60 suitcases - I have read that several times on many threads.

I hope he did not buy them in the local Bangkok market as with that many, there might be grounds for arrest in trafficking fake branded goods ..

[Old Man River]

It may once have been true that all the dollars in the world moved through USA bank-accounts, but now we have euro-dollars ( and pounds, etcetera), so the world's governments have totally lost control of their own currencies.

A bit off topic so I will make it brief.

All USD's clear through US based banks. If a foreign currency is exchanged for Euro Dollars, it doesn't have to clear through a US based bank. If the Euro dollars are withdrawn and kept in dollars, it does not have to be cleared through a US based bank. However, if the Euro dollars are exchanged for a foreign currency, then it must (by US law) clear through a US based bank.

With 'Euro Dollars', do you mean the currency 'Euro'?

The currency Euro is the currency of the Economic Union, similar to the US Dollar being the currency of the US. Eurodollars are US dollars held in banks outside of the United States. Hence, they are not covered by the Federal Reserve Bank (central bank) of the US and therefore are not covered by FDIC deposit insurance. Since the higher the risk the higher the return, these deposits carry higher interest rates than you would normally get for a US dollar deposit in the US.

[Ricardo]

It may once have been true that all the dollars in the world moved through USA bank-accounts, but now we have euro-dollars ( and pounds, etcetera), so the world's governments have totally lost control of their own currencies.

A bit off topic so I will make it brief.

All USD's clear through US based banks. If a foreign currency is exchanged for Euro Dollars, it doesn't have to clear through a US based bank. If the Euro dollars are withdrawn and kept in dollars, it does not have to be cleared through a US based bank. However, if the Euro dollars are exchanged for a foreign currency, then it must (by US law) clear through a US based bank.

With 'Euro Dollars', do you mean the currency 'Euro'?

The currency Euro is the currency of the Economic Union, similar to the US Dollar being the currency of the US. Eurodollars are US dollars held in banks outside of the United States. Hence, they are not covered by the Federal Reserve Bank (central bank) of the US and therefore are not covered by FDIC deposit insurance. Since the higher the risk the higher the return, these deposits carry higher interest rates than you would normally get for a US dollar deposit in the US.

Sorry, this is on-topic, since it started with the question of whether the USA could freeze or excercise-control over Thaksin's US $ overseas, especially in the B.V.I.

If the Euro dollars are by definition not held by banks domiciled in the U.S., then how can U.S. law be relevant, or enforced ?

The whole point of off-shore tax-havens is surely that they are outside the view & legal-controls of the government of the USA or other major Western countries. And that banks domiciled in them are totally beyond the laws of the West ?

I personally remember an example from my own business-career, where France had imposed exchange-controls requiring movements of French-Francs to be via Paris, but we were nevertheless able to hand over Francs in West Africa to BCCI and have them credited to our London bankers' accounts, less a suitable fee, a couple of weeks later.

[lannarebirth]

Spotlight on ex-Thai PM's assets

POSTED: 1157 GMT (1957 HKT), September 24, 2006

BANGKOK, Thailand (AP) -- Former Prime Minister Thaksin Shinawatra may have whisked some of his assets out of the country aboard two aircraft days before a military coup ousted him from power, airline officials said Sunday.

An official from Thai Airways International, who demanded anonymity because company policy did not allow him to speak to the press, said he wanted the new ruling military council to investigate the incidents.

Speculation has been rife in Thailand that Thaksin may have sneaked money out of the country in the days leading up to the coup, but there has been no confirmation from the council.

Thaksin departed for Finland to begin a foreign tour on September 9, loading up his government-assigned aircraft with 58 large suitcases and trunks, the official of the national carrier said.

The prime minister's aircraft, named Thai Koofah, was then inexplicably left parked in Finland for more than a week as Thaksin continued on his trip on other transportation.

A second aircraft carrying 56 suitcases -- an Airbus 340-600 -- was dispatched from Bangkok to meet up with the prime minister just days before the coup, the Thai Airways official said.

Another official in the airline industry, requesting anonymity because of the issue's sensitivity, confirmed the second flight, saying it left on September 17 -- two days before the military toppled Thaksin in a bloodless coup.

It was unclear why Thaksin needed a second aircraft when his own plane was already assigned to fly him to Europe and the United States.

Speculation has surfaced about whether Thaksin knew of the coup in advance and moved some of his vast assets out of the country.

Asked about Thaksin taking his assets abroad, ruling military council spokesman Lt. Gen. Palanggoon Klaharn responded: "No comment. I can't comment on that."

Thailand's new ruling military council says it will launch an investigation into alleged wrongdoing under Thaksin's government, which critics charge was riddled with massive corruption and abuse of power.

A spokeswoman for the airline said she was not aware of the incident "and even if it is true, Thai Airways would only report it to the (council), not to the media." She said company policy did not allow her to use her name.

The Thai Airways official said it was not known what was taken aboard the second aircraft because only Thaksin's aides, citing security concerns, were allowed to supervise the loading.

"I want the (military) council to investigate this because we, the employees of Thai Airways International, believe that Thaksin exploited the company through his power as prime minister by using a company airplane to transport his assets out of the country," the official said.

Air force spokesman Capt. Pongsak Semachai said the Thai Koofar aircraft arrived back in Thailand several days ago, but declined to give the exact date.

Earlier, one of Thaksin's staunchest opponents, publishing tycoon Sondhi Limthongkul, alleged the former leader had chartered two Russian aircraft to take some of his assets out of Thailand.

Sondhi, a key leader of mass street demonstrations against Thaksin earlier this year, made the allegations on his weekly television program a week before Thaksin departed for Finland and repeated them the following week.

Rumors of such an airlift by Russian aircraft have continued to circulate in the international airline community in Bangkok but could not be confirmed.

Thaksin's family is among the wealthiest in Thailand, and in 2004 the American magazine Forbes ranked Thaksin as the 16th richest man in Southeast Asia.

In January, the then-prime minister sold the centerpiece of his empire -- telecoms giant Shin Corp. -- to Singapore's state investment company, Temasek Holdings, for a tax-free 73.3 billion baht (US$1.9 billion; euro1.55 billion).

The head of the country's central bank, Pridiyathorn Devakul, has said the proceeds from the sale were probably still in Thailand.

"I estimate that no large amount of Thai baht has been converted into overseas currencies. However, I don't know whether the money could have been packed in suitcases and taken abroad," he said last week.

Thaksin and one of his children have stayed in London since the coup, while his wife and two other children remain in Thailand.

[Martin]

Hard cases may make bad law, but they have to be carried through, and they are the ones that get scrutinised.

So this probing of Thaksin's personnel wealth, and which parts are to be considered ill-gotten, and what should be done about them, is a big "moment of geopolitical truth" for Thailand.

The Eastern part of the world, as well as the Western one, will be watching, and will be considering what they see in the way of portends for their future relationships with Thai commerce.

Fortunately, that is no big deal. Thailand's economic future is far safer than the economic futures of the countries that will be watching.

Even when no cheap oil is available, Thailand will always be able to feed its population, and house them comfortably, and have enough spare food to be able to export it in exchange for as much oil as it needs.

The only countries that it does need to be well-regarded by are Burma (so they keep us supplied with a bit of natural gas) and Laos (so they keep sending us a bit of electricity).

With Bangkok pretty well shut down and its population back in the rural areas, the energy requirement would be quite low.

It would be nice if the industrialised-consumerist economies held up and kept sending orders to Thailand's manufacturing industry, but that probably won't happen. Mae pen lie; nobody will go hungry, homeless, or cold in winter.

There are many possible scenarios of the future, but I know of none in which Thailand doesn't come out as a most-favoured country.

Lucky Thailand, and lucky us who have been able to establish ourselves here before Thailand has to start being very selective about who it lets in.

It would also be nice if the new Thai Government and Courts, during the Thaksin probe, could enhance the esteem in which Thailand is held internationally, but if that doesn't come off, bo peng yang.

[sriracha john]

She's baaaaack....

Sudarat returns

Sudarat Keyuraphan, ousted agriculture minister, returned from Germany Sunday afternoon.

She arrived at the Dong Muang International Airport at 2:30 pm in the LH772 of Lufthansa Airlines.

Her family, Thai Rak Thai Party members and reporters were waiting for her.

She said she would halt political activities and would provide full cooperation to the Council for Democratic Reform under Constitutional Monarchy.

She said she was ready to have her assets probed.

The Nation

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

Apparently they are having a very difficult time finding any investigators that are willing to "probe" her....

[lung]

Toppled prime minister may have removed assets from Thailand, officials say

The Associated Press...

"I want the [military] council to investigate this because we, the employees of Thai Airways International, believe that Thaksin exploited the company through his power as prime minister by using a company airplane to transport his assets out of the country," the airline official said.

---------

http://www.iht.com/articles/ap/2006/09/24/...ns_Airlifts.php

http://english.aljazeera.net/NR/exeres/B20...EC8B8A4D3D9.htm

[Maizefarmer]

Well well - starting to look like there may be more than a kernel of truth to the stories that he loaded up at some or other plane with more personal goods that would be need for the UN General meeting........

As for it been suticases of cash - mmm not sure about that.

I was in Holland 2 weeks ago to buy agrcultuarl equipment and the problems that caused me when I went to the bank to do the deal in cash - which was about Euro 150K - fits in a briefcase, so quite what Mr T thinks he can do with case loads of cash, I dont quite know. He has 2 choices - keep it under his bed or put it into the banking system, and a suitcase(s!) of cash going into any bank account nowadays leaves a paper trail and attracts a lot of questions.

Back to the repeated stories about the earnings from the sale of Shin Corp. ShinCorp was owned by Ample Rich (excuse the pun but thatwas the companies name) which was BVI registered. The buyer of Shin Corp (Tamasek Holdings) was also outside of Thailand. That deal took place "off-shore" and was ahndled by an off-shore company (Jardine Fleming in HK). i.e. the money that exchanged hands for that deal never came to Thailand, and quite frankly, if there is any reason why Mr T had packed his bags before hand (i.e. the move was planned before he flew off) I can only imagine that it was a case of "I've made my money - its out of the clutches of Thai authorities - I'm not going to survive much longer - might as well go now" - which is what he's done.

I wouldn't care much about loosing the Merc 500SL or the Bhat 50million house in Bangkok, if I had $2billion elswhere - would you.

The plane load(s) of personal goods is startiung to look a lot more sensible now......

Tim

[moebius]

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

You don't know what currency conversion is?

I run a multi-billion dollar corporation and own a few countries. Unfortunately the locals have overthrown them and now I'm living in London - trying to figure out a quid from a pound sterling and a Euro from a hero.

Aya....

[Sandstone Art]

Does Dr TOXIN's western VIP friends own the Elite card too?

What will happened to this great idea from the EX-PM of Thailand?

Those graft busters might just find few Elite cards lying around and seize them too !

[a3]

I smell a bit of self-importance on this thread......a few failed millionaires.....

[eljeque]

Everything here has an ulterior motive. He may very well have sold off Shin in order to get his money out of the country back then.

[sriracha john]

Speculation mounts over Thaksin and his assets

Former prime minister Thaksin Shinawatra may have whisked some of his assets out of the country aboard two aircraft days before a military coup ousted him from power, airline officials said yesterday.

An official from Thai Airways International, who demanded anony-mity because company policy did not allow him to speak to the press, said he wanted the ruling military council to investigate the matter.

Speculation has been rife that Thaksin may have sneaked money out of the country in the days leading up to the coup, but there has been no confirmation from the council.

Immigration laws ban Thais from taking more than Bt50,000 out of the country if they go abroad.

Thaksin departed for Finland to begin a foreign tour on September 9, loading up his government-assigned aircraft with 58 large suitcases and trunks, the official of the national carrier said.

The prime minister's aircraft, named Thai Koofah, was then inexplicably left parked in Finland for more than a week as Thaksin continued on his trip on other transportation.

A second aircraft carrying 56 suitcases, an Airbus 340-600, was dispatched from Bangkok to meet up with the prime minister just days before the coup, the official said.

Another official in the airline industry, requesting anonymity because of the issue's sensitivity, confirmed the second flight, saying it left on September 17 - two days before the coup.

It was unclear why Thaksin needed a second aircraft when his own plane was already assigned to fly him to Europe and the United States.

Speculation has surfaced about whether Thaksin knew of the coup in advance and moved some of his assets out of the country.

Asked about Thaksin taking his assets abroad, ruling military council spokesman Lt-General Palanggoon Klaharn responded: "No comment. I can't comment on that."

The military council said it will launch an investigation into alleged wrongdoing under Thaksin's government, which critics charge was riddled with corruption and abuse of power.

A spokeswoman for the airline said she was not aware of the events "and even if true, Thai Airways would only report it to the [council], not to the media". She said company policy did not allow her to use her name.

The official said it was not known what was taken aboard the second aircraft because only Thaksin's aides, citing security concerns, were allowed to supervise the loading.

"I want the [military] council to investigate this because we, the employees of Thai Airways International, believe that Thaksin exploited the company through his power as prime minister by using a company aeroplane to transport his assets out of the country," the official said.

Air Force spokesman Captain Pongsak Semachai said Thai Koofah arrived back in Thailand several days ago, but declined to give the exact date.

Thaksin's family is among the country's wealthiest. In 2004, Forbes magazine ranked him the 16th richest man in Southeast Asia.

In January, he sold the centrepiece of his empire - telecom giant Shin Corp - to Singapore's state investment company, Temasek Holdings, for a tax-free Bt73.3 billion.

The head of the country's central bank, Pridiyathorn Devakul, has said the proceeds from the sale were probably still in Thailand.

"I estimate that no large amount of Thai baht has been converted into overseas currencies. However, I don't know whether the money could have been packed in suitcases and taken abroad," he said last week.

Thaksin and one of his children have stayed in London since the coup, while his wife and two other children remain in Bangkok.

Attorney-General Pachara Yutithamdamrong yesterday said he instructed special public prosecutors to be prepared to work on a number of corruption cases that the Office of the Auditor-General and the National Counter Corruption Commission (NCCC) are expected to press against members of the Thaksin government. He said that all the cases against the politicians will be tried under the Supreme Court's Criminal Tribunal for Political Office Holders.

NCCC commissioner Vicha Mahakun said that although the NCCC has over 10,000 cases, it would treat corruption cases against politicians and high-raking officials as the most urgent.

- The Nation

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

Marcos shipped out gold bullion in wooden crates on the planes when he ran off, but it seems Thaksin preferred the lighter weight of paper currency.

[Martin]

Who agreed with who about which blind eyes would be turned?

In a hierarchical society, all the 'coffee shop conjecturing' of us in the 'lower orders' is but an exercise in what used to be called in Yorkshire "trying to plait sawdust".

(Though, darnsarf they were posher, and would say "trying to make ropes of sand".)

The other Yorkshire observation that comes to mind was: "If tha' can make head or tail of that, lad, tha's got a great future knitting fog, or mebbee traicle."

[Scott]

Since he didn't actually "flee" the country and no one agreed to give him "refuge", his assets, where ever they are can be seized. There are laws about what can be taken out of the country--I am assuming even for diplomats and there are laws about declaring what you are bringing into a country.

He might just find out that places like the UK are not likely to turn a blind eye toward things being illegally brought in.

[The Snark]

I reiterate: http://www.bangkokpost.com/News/25Sep2006_news04.php

If assets are improperly seized or confiscated, as they were in the previous coup, the whole mess falls apart. The coup isn't interested if having to give back all the confiscated money a few years down the road, as well as being subjected to an assortment of defamation law suits.

Assets may only be seized under the letter of the law and with the proper authorization. Keep in mind, few if any of us are fully versed in Thai law. The coup leaders are not just trying to work within legal boundaries, they are also setting precedents, and avoiding setting precedents. Some actions people would like to see at present are very one sided. You don't want another Thaksin coming along a few years down the road and undertaking unscrupulous actions that were condoned in the past.

[Martin]

"You don't want another Thaksin coming along a few years down the road and undertaking unscrupulous actions that were condoned in the past."

And maybe we don't want pigs to have to continue to keep their feet on the ground.

There is no way that 'hardware and software' can be effective in the absence of the appropriate 'orgware'.

In this case, people getting power and using it unscrupulously will go on and on . Unless we ALL come to believe that not having scruples is wrong. That is, Parliament is the hardware, the Courts are the software, and the probity of ALL involved is the orgware.

There are countries where the majority of the people would agree that scrupulousness is worth the self-restraint that it entails. Thailand, UK and USA for three.

But they can't avoid getting leaders who undertake unscrupulous actions---Bliar and Bush lying to their legislatures in order to get their countries to go to war is just one recent example.

And Thaksin's "industrialisation of corruption" is just a comparatively-less-disgusting example.

There seems to be as much chance of any Society persuading ALL its people that they should be scrupulous as there is of pigs evolving into birds.

Mai pen lai. The pigs are quite happy, so long as there is enough food in the trough, and we will muddle along somehow.

[Sturbuc]

Thailand to target deposed PM's assets

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion.

Who are the three? The ones richer than him? Would be interesting to know.

....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!!

Not important: the current currency in Italy is Euro....

[Martin]

All this about the "Shock.Horror. Military Coup." being preceded by plane-loads of suitcases being flown out has reminded me of the tragic drowning of old Paddy.

Poor Paddy fell into a vat of Guiness.

It was a gruesomely lingering death.

In fact, it took so long that he had to come out twice to take a pee.

[Sturbuc]

"You don't want another Thaksin coming along a few years down the road and undertaking unscrupulous actions that were condoned in the past."

And maybe we don't want pigs to have to continue to keep their feet on the ground.

There is no way that 'hardware and software' can be effective in the absence of the appropriate 'orgware'.

In this case, people getting power and using it unscrupulously will go on and on . Unless we ALL come to believe that not having scruples is wrong. That is, Parliament is the hardware, the Courts are the software, and the probity of ALL involved is the orgware.

There are countries where the majority of the people would agree that scrupulousness is worth the self-restraint that it entails. Thailand, UK and USA for three.

But they can't avoid getting leaders who undertake unscrupulous actions---Blarr and Bush lying to their legislatures in order to get their countries to go to war is just one recent example.

And Thaksin's "industrialisation of corruption" is just a comparatively-less-disgusting example.

i guess if no one pays attention it all went on the political way. Remember of Mr. Marcos, Mr. Noriega... As long as it was political correct for some countries, they could go on as they liked.

After falling in disgrace, the latter caused a military attack and the first went to America with all his funds and her shoes... in other cases, world-wide assets were frozen after official requests (-> Mobuto, Nigeria). Lets lie back and watch the scene.

Edited September 25, 2006 by Sturbuc

[LaoPo]

Speculation mounts over Thaksin and his assets

Speculation has been rife that Thaksin may have sneaked money out of the country in the days leading up to the coup, but there has been no confirmation from the council.

My bet?

He was informed about the coup and received 'advice' to leave the country... most likely by the coup-generals themselves.

Imagine the unrest in the country (and rest of the world) if he was arrested/ousted just before 'Finland, Cuba and the USA'.....

I think it was much better this way (for the Generals, for Thaksin and the country).

The investigation about sneaking money out of the country as well as fraud (Shin) can be dealed with at a later stage and will probably lead to nothing in the end..

After a while Thaksin will be allowed back to the Land Of Smiles

Just my thoughts.

LaoPo

[Old Man River]

I reiterate: http://www.bangkokpost.com/News/25Sep2006_news04.php

If assets are improperly seized or confiscated, as they were in the previous coup, the whole mess falls apart. The coup isn't interested if having to give back all the confiscated money a few years down the road, as well as being subjected to an assortment of defamation law suits.

Assets may only be seized under the letter of the law and with the proper authorization. Keep in mind, few if any of us are fully versed in Thai law. The coup leaders are not just trying to work within legal boundaries, they are also setting precedents, and avoiding setting precedents. Some actions people would like to see at present are very one sided. You don't want another Thaksin coming along a few years down the road and undertaking unscrupulous actions that were condoned in the past.

I agree with you that any asset seizure must be done within the letter of the law. However, just for the record, no precedents will be set. Thai law does not work this way. In the US, for example, if a Supreme Court judge makes an opinion on a written law, that opinion sets a precedence and becomes the basis for future decisions. Thai law does not work this way. A court opinion does not become the basis for future court decisions. Each court opinion is independent of the others, even if the facts are exactly the same. This, of course, allows for political interference which has happened many times in the past.

[hammered]

I reiterate: http://www.bangkokpost.com/News/25Sep2006_news04.php

If assets are improperly seized or confiscated, as they were in the previous coup, the whole mess falls apart. The coup isn't interested if having to give back all the confiscated money a few years down the road, as well as being subjected to an assortment of defamation law suits.

Assets may only be seized under the letter of the law and with the proper authorization. Keep in mind, few if any of us are fully versed in Thai law. The coup leaders are not just trying to work within legal boundaries, they are also setting precedents, and avoiding setting precedents. Some actions people would like to see at present are very one sided. You don't want another Thaksin coming along a few years down the road and undertaking unscrupulous actions that were condoned in the past.

I agree with you that any asset seizure must be done within the letter of the law. However, just for the record, no precedents will be set. Thai law does not work this way. In the US, for example, if a Supreme Court judge makes an opinion on a written law, that opinion sets a precedence and becomes the basis for future decisions. Thai law does not work this way. A court opinion does not become the basis for future court decisions. Each court opinion is independent of the others, even if the facts are exactly the same. This, of course, allows for political interference which has happened many times in the past.

Although the Thai legal system does not follow precedent as in English Common Law, and what you say is correct, the Supreme Court of Thailand does try to follow its earlier decisions, so a kind of precedent has been developing even if in practical terms it has only been applied in the highest court. As these cases could well end up before the Supreme Court a Thai kind of precedent could well then be established for future cases going to this court.