Thailand To Seize Thaksin's Assets

[sriracha john]

Thaksin will be returning one day:

[Martin]

I have just re-visited the thread after a few days off-line.

Why is it that I recall my father saying: "If you hear Peter say what he thinks of Paul, you can learn much about Peter and maybe naught about Paul"??

Well, back I go to rereading "The Thai Village Economy in the Past", and a book by William Stevenson (which, for all its errors, seems to be broadly 'on message').

'Homo sapiens (power varieties of SE Asis)' doesn't seem to have changed much in a few generations.

[Jai Dee]

Off-topic and flame posts in this thread have been deleted.

Public Warning

Please read the Forum Rules and abide by them... or personal warnings and/or suspensions will result.

Thanks for your understanding and cooperation.

[StevenCalifornia]

Thailand's military rulers name interim prime minister

Posted 9/28/2006 10:59 PM ET E-mail | Save | Print | Subscribe to stories like this

BANGKOK (AP) — Surayud Chulanont, a former army commander and a close adviser to Thailand's powerful monarch, has been chosen as the country's interim prime minister, the auditor general said Thursday night.

Surayud, a highly regarded 62-year-old retired officer, was selected by the country's ruling military council which seized power from Prime Minister Thaksin Shinawatra Sept. 19 and vowed to name a civilian prime minister within two weeks.

"Yes, definitely, Gen. Surayud is the prime minister. He is the suitable person," Auditor General Jaruvan Maintaka told reporters. Her comments were later carried on an official government website.

The appointment is expected to be officially announced this weekend or Monday after it receives approval from King Bhumibol Adulyadej.

Akara Thiroj, a spokesman for the council, said an interim constitution has already been finalized and sent to the Royal Palace. He hoped the constitution could be unveiled Saturday or Sunday and followed by the formal announcement of the prime minister on the weekend or Monday.

"The media seems to know more than I do. Every newspaper put his name on the front page," Akara said when asked who the new prime minister would be.

All Friday morning Bangkok newspapers carried headlines that Surayud would probably head the new government which is to serve until an election promised for October 2007.

The other much-touted possibility for the job had been former World Trade Organization chief Supachai Panitchpakdi, who now heads the U.N. Conference on Trade and Development, or UNCTAD.

Surayud's appointment is expected to be widely praised in Thailand.

Korn Chatikavanij, deputy general secretary of the Democrat Party, said earlier that Surayud is an "appropriate" choice. The Democrat Party was the leading opposition to Thaksin's government.

Although being a former general might give the outside world the impression the military was merely transferring power to one of its cronies, that would be neither true nor relevant, he said.

"What is important is domestic reconciliation and Gen. Surayud is ideal for that," Korn told The Associated Press.

The military ousted elected prime minister Thaksin in a bloodless coup while Thaksin was visiting New York. He is now in London, and has not indicated if or when he may try to return to Thailand.

Large demonstrations demanding his ouster — following allegations of corruption and abuse of power — reflected a polarized Thai society.

The United States, which has decried the coup as a setback to democracy, on Thursday suspended $24 million in assistance to Thailand.

State Department spokesman Sean McCormack said U.S. financing of U.S. military sales to Thailand is being cut off along with training for Thai military personnel.

"The United States continues to urge a rapid return to democratic rule and early elections in Thailand," he said.

Edited September 29, 2006 by StevenCalifornia

[womble]

News reports mentioning banks where the money is held are signed and dated and publicly accessible. The notion that the money never even entered Thailand is based on what?

Good, then tell us exactly where which assets of Thaksin are held, and not just about all sorts of reports and suspicions.

Give me the facts, please, including proof, sources, etc.

When the Shin shares were sold the money came into the country via a Broker, this forced the baht up, so we know the money came in, but we don't know where. Anyone who says where the money is at this time is speculating, unless they are on the investigative team and know something everyone else doesn't yet know.

If a large sum of money had been transfered out again the baht would have weakened noticably, which it hasn't.

It would appear that most is still in the country, relative small amounts may have been secretly moved out, but secret movements of large amounts could be easily detected through the weakening of the baht.

Maybe he sneaked it out in cash or gold, that is always a possibility, but without seeking permission it is also illegal.

My guess would be most of it is still here although some has been moved abroad possibly in regular smaller amounts to avoid detection and also breaking the law on the amount allowed to be moved per transaction which I think is 10m US.

[ColPyat]

When the Shin shares were sold the money came into the country via a Broker, this forced the baht up, so we know the money came in, but we don't know where.

I can remember that at that time there was a lot of speculation about the money as well. What i can remember is, that it was rather sure that the money for the tender offers of the other shareholders came into Thailand, but not necessary the money to buy Thaksin's shares, or, the shares held by his immediate family.

[womble]

If the money came into the country via a single broker it would appear that the cash came from 1 original source. However we don't know how much, although someone must know how much baht that Thai broker sold on the markets.

That is where the answer lies. To know how much he sold is to know how much came in.

that would tell us if it was the same amount as they needed for tender offers, or much more, enough to buy all the shares from the family aswell.

Someone must know the answers to these questions, my guess is people have been paid very well to keep their mouths shut.

You know the more I think about it the more I reckon it's all stashed abroad. It's the perfect cover, a large amount comes in, looks like it's going to you but actually it's for the tender offer, meanwhile all your cash can be hidden offshore tax free.

I'm thinking if I was doing as many dodgy things as him I wouldn't risk bringing the cash into the country because you need permission to get it out, that would attract attension. You can always move the money in whenever you like. It makes sense to keep it offshore in order to invest it, in order to diversify and take away risks that having such a large amount of cash in one place can pose.

Why would you bother bringing your money into the country when you are going to need to send it back out straight away in order to invest it around the world. Thaksin is a billionaire, he would be a sophisticated investor, that means he wouldn't leave it sitting in a Thai bank account.

I'll say one thing, if that money is in the country he is eigher very very stupid, or cocky to the point of not even thinking straight. In no investment would you increase your weighting up to a point of putting your eggs in one basket, i'd say you definatley wouldn't put more than 30% in the country and thats if your really really sure.

If he brought all the cash into Thailand that would be stupid. It all depends just how greedy and stupid he is. If he thought he was invincible and could get better returns in Thailand he would bring it all over, but that would be so stupid, I can't believe he'd do it.

The only reason I could see him bringing it in was if he was so greedy he wouldn't pay people off to keep quiet which I can't believe he'd do. So if that money is here it will be here because he was stupid enough and cocky enough to bring it in and someone else was not willing to let him move the cash out.

In time we will know whether Thaksin was a complete bafoon and brought it all in, was extremely devious and left it all abroad, or hedged his bets and moved a portion of it in ready for any opportunities that may arise in Thailand.

He must have known all along that he risked asset seizure if people found out what he had been up to. You would have to be extremely sure of yourself to risk loosing a large portion of your total portfolio in any investment.

I would laugh so much at his stupidity if he has all the cash in Thailand

CURRENCY MOVEMENT: Baht’s rise due to Shin deal – BOT

Published on January 20, 2006

Broker sells foreign currency in market. The imminent takeover of Shin Corp Plc by Singapore’s Temasek Holdings is responsible for the recent strengthening of the baht against the US dollar, as a huge amount of foreign capital has flowed into the country prior to the transaction, the central bank said yesterday.

Bank of Thailand Governor MR Pridiyathorn Devakula said the baht’s appreciation was due mainly to the inflow of foreign capital for the purchase of Shin shares.

“It is for the purchase of Shin shares,” he said. “There was a ‘broker’ [associated with the Shin deal] selling [foreign] currency in the market. I just learned about it today, but don’t know how much money it has. I don’t know how many shares they’re going to sell.”

Pridiyathorn said the central bank had not intervened in the market yesterday and added that when the capital inflow ceases, the exchange rate would “be normalised”.

http://nationmultimedia.com/2006/01/20/bus...s_19704026.html

[ColPyat]

If he brought all the cash into Thailand that would be stupid. It all depends just how greedy and stupid he is. If he thought he was invincible and could get better returns in Thailand he would bring it all over, but that would be so stupid, I can't believe he'd do it.

Thanks, that was basically my point.

We don't know much, have no facts.

But logic would dictate that the money is invested abroad, and already disappeared. I also doubt that anyone is serious in trying to seize Thaksin's assets beyond a token, if he even can be convicted of wrong doing (which i doubt).

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

[womble]

Well.......

It would seem that maybe it is in the country now..........

Temesek have publically stated they transfered the money into Thailand, all of it and none into offshore accounts.

If the cash had been moved abroad it would have weakened the baht, such huge movements cannot go unnoticed.

It would appear most of the cash is still in the country.

[marshbags]

[

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

This statement while not getting personal, reminds me of what was being said when Toxin was cleared to become P.M. in the declaration of assets and his questionable ethics in trying to hide them.

He was elected even though he was not fit to govern and not because ex amount of people had already voted for him either. ?????????????????????????????????????

Look where we are now because of this serious type of misuse of authority.

I hope history will not repeat itself for self served interests.

Regarding the monetary benefits from the Temasak deal it was always a forgone conclusion that they would never have been transferred to Thailand and as is stated not only is Toxin not stupid, his spouse and advisors are not either.

In my humble opinion.

Let,s think positive here and take into account how much has been saved by the courageous actions of the present authorities.

The pittance in physical terms left here is but a small portion of the relation to the benefits that will be gained.

marshbags

Edited September 30, 2006 by marshbags

[lukamar]

If he brought all the cash into Thailand that would be stupid. It all depends just how greedy and stupid he is. If he thought he was invincible and could get better returns in Thailand he would bring it all over, but that would be so stupid, I can't believe he'd do it.

Thanks, that was basically my point.

We don't know much, have no facts.

But logic would dictate that the money is invested abroad, and already disappeared. I also doubt that anyone is serious in trying to seize Thaksin's assets beyond a token, if he even can be convicted of wrong doing (which i doubt).

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

The money was probably sent offshore on completion of the deal from Singapore but a good place to start would be...

London International Bank

PO Box 3151

Road Town Tortola

British Virgin Islands

which shares the same PO box and address as Ample Rich and Win Mark, both Thaksin assets.

There is also the head office of London International at 11 Grosvenor Place, London and everyone wondered why he flew to London. Follow the man to find the money.

If anyone would like to send me a ticket I'd be willing to go check it out.

[stumonster]

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

If the fines mooted for ITV are upheld.

If AIS has been found to have had irregularities in its licensing.

[womble]

If he brought all the cash into Thailand that would be stupid. It all depends just how greedy and stupid he is. If he thought he was invincible and could get better returns in Thailand he would bring it all over, but that would be so stupid, I can't believe he'd do it.

Thanks, that was basically my point.

We don't know much, have no facts.

But logic would dictate that the money is invested abroad, and already disappeared. I also doubt that anyone is serious in trying to seize Thaksin's assets beyond a token, if he even can be convicted of wrong doing (which i doubt).

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

The money was probably sent offshore on completion of the deal from Singapore but a good place to start would be...

London International Bank

PO Box 3151

Road Town Tortola

British Virgin Islands

which shares the same PO box and address as Ample Rich and Win Mark, both Thaksin assets.

There is also the head office of London International at 11 Grosvenor Place, London and everyone wondered why he flew to London. Follow the man to find the money.

If anyone would like to send me a ticket I'd be willing to go check it out.

We know for sure the money was sent into the country, singapore have told us, it was transfered in order to purchase through the stock exchange of Thailand. There is no way all that money has gone out, it could be seen very easily. You can't hide movements of that size.

Most of that cash is still here. If it came in it's here.

The governoir of the bank of Thailand would know if it had left, he has said there have been no large transactions. So unless him or singpoare are lying. Or unless Thaksin took it out in Cash or Gold or similar it, most of it is still here.

[Heng]

There is no way all that money has gone out, it could be seen very easily. You can't hide movements of that size.

Sure you can. Giant smurfs blended into normal forex wire traffic. You'd be suprised how helpful some bankers are.

[ColPyat]

[

Even more unlikely is that the Temasek deal will be nullified. A lot of people would then lose considerable amounts of money and it would open a can of worms that cannot be controlled anymore...

This statement while not getting personal, reminds me of what was being said when Toxin was cleared to become P.M. in the declaration of assets and his questionable ethics in trying to hide them.

He was elected even though he was not fit to govern and not because ex amount of people had already voted for him either. ?????????????????????????????????????

Look where we are now because of this serious type of misuse of authority.

I hope history will not repeat itself for self served interests.

Yes, exactly.

This backhanded way of dealing with issues was always been the way how those things have been handled here. I don't see any change of this attitude, unfortunately.

This system was in place long before Thaksin came into the picture, and i see no sign for change. It just benefits way too many people in power here.

[Martin]

In a way, it is consideration of what should be done about Thaksin's ex-asset (Shin) that is more interesting.

Thaksin seems to have believed that the nations that make up ASEAN should be working more as an economic bloc.

Thinking of SEAsia as a whole, it does make economic sense to put the Singaporeans to work running all the telecomms, since that is what they have experience in, have demonstrated competence in, and have a good geographical/cultural/political location in which to do it.

But decisions about economics (deployment of monetary capital) are not the only thing to consider. There is social capital to consider, and moral capital.

Is it morally right that the next generation of Thais should be largely denied any opportunity to work at the 'high tech' end of telecomms?

And does it increase the Region's social capital to specialise in this way?

Thailand, itself, is woefully short of social capital since it has concentrated all its 'feet on the ground' rural social capital in three separate areas and its 'industrial-and-service-industries' social capital in a fourth separate area.

I can see Singapore wanting to have the ability to provide services and get payments with which it can buy its rice and oil. But to have that happen at the price of Bangkok, KL, Manila and Jakarta becoming merely provincial (like BSB, HCM, Phnom Phen, Vientiane and Yangon) may not be best , even for the Singaporeans.

Maybe it is worth thinking about what may have been in Lee Kuan Yew's mind when he indicated a lack of confidence that Singapore would survive to see the end of this century.

Thaksin, and his accumulating of assets, may turn out to have been the catalyst that started an examination of the social (i. e. economic/political/cutural) changes that SEAsia may bring unto itself, advertently or by default.

[womble]

Temasek 'unaware' of tax-free Shin deal

Singapore's Temasek Holdings was not informed the Shin Corp sale was structured so that the Shinawatra family would avoid paying taxes, nor was payment made into offshore bank accounts as has been reported.

The latest edition of Newsweek International, published online, reported Jimmy Phoon, Temasek's managing director for strategic development, as saying the company was unaware the Shinawatra family would pay no taxes on its Bt73.3-billion sale of Shin Corp.

"Our advisers were advising us on our side. From our perspective, we've complied with all the laws and regulations in Thailand, and that's really what our advisers advised us about," he added.

Phoon also said Temasek made full payment of the transaction through the Stock Exchange of Thailand. "The money was paid in Thailand, and there isn't any buyback-arrangement plan whatsoever," he said. Phoon also said Temasek's buy-out of Shin was made purely on commercial grounds, without taking into account which government was in power.

The Shin shares were transferred from offshore accounts through complicated transactions before they were executed via the stock market.

As for allegations that Temasek had circumvented Thai ownership law by relying on Kularb Kaew as its nominee to buy into Shin, Phoon said Temasek had not yet been notified by the Thai Commerce Ministry.

"We've complied with all the laws and regulations, and we will continue to cooperate fully with the authorities. We are confident that the outcome of the review by the Ministry of Commerce will be satisfactory, as we complied with all laws," he said.

The Nation

[Martin]

And when Mr Phoon had finished saying the Temasek had complied with the (letter of) all laws, did the Nation reporter not ask him whether he was satisfied that Temasek had complied with the spirit of Thailand's laws?

If not, why not?

[womble]

As for allegations that Temasek had circumvented Thai ownership law by relying on Kularb Kaew as its nominee to buy into Shin, Phoon said Temasek had not yet been notified by the Thai Commerce Ministry

This is not saying they are innocent, this is saying they havn't yet been told officially they have done anything wrong.

Maybe this will change soon as the Ministry is no longer being controlled by the previous majority shareholder of Shin stock?

[Plus]

Oh, guys, you spent last two pages writing long posts about how the money couldn't have ever entered Thailand, only to get yet ANOTHER news report that it's all here. ###### facts, they always mess up perfect logical theories. Hope your efforts were not in vain.

Heng was onto something when he said that it could have left Thailand in small amounts with the help of bankers.

Well, first, it's illegal. I doubt Thaksin planned this from the start. Every other aspect of the deal was done to comply with the law.

Second, when the hel_l broke lose, I doubt many bankers were willing to help. There was too much spotlight. I doubt that SCB was willing to help Thaksin. Crown Property Bureau is their major shareholder. They quickly sold their own stake in Shin when their realised what they have done. If, as reported, they still keep some of Thaksin's money, they won't let it out of the country.

Third, BOT governor can't trace all money transfers (below 10 mil), but he would never let any banker cross his path. If, or rather when, it is found, eventually, that this or that bank helped Thaksin smuggle money out of Thailand, say good bye to your banking license.

Fourth, there was a period in the beginning when everyone was confused and no one was looking. It is quite possible that some banks started money transfers but it was probably nipped in the bud when people at the top made their position known. How much was lost? How much is left? It's not very important now. Not many people think it will be seized, but there isn't much Thaksin can do with it in the country.

Back to the point number one - Thaksin couldn't legally invest his money in overseas funds, AFAIK. With restrictions like this it doesn't look plausible that he sold his profitable, safe, politically accepted business to invest overseas. The theory that he was told to sell if he wanted to stay in power fits better. No wonder then that he got really pissed of when the plan backfired - he sold, he called for new elections, he even tearfully resigned - nothing helped.

[Old Man River]

And when Mr Phoon had finished saying the Temasek had complied with the (letter of) all laws, did the Nation reporter not ask him whether he was satisfied that Temasek had complied with the spirit of Thailand's laws?

If not, why not?

It depends on who is interpreting the spirit of the law. If Thai attorneys at all levels for numerous years are the ones interpreting the spirit of their own country's laws, then this was in the spirit of the law. Temasek, did no different from what has been done by hundreds of companies for a long, long time (regardless of which party was in power). Multiple companies in almost every industry. If this sale is overturned because of the nominee structure, it would be no different, Martin, if you were to make a very large investment in the accepted manner and then someone at a later date steps in and says, sorry Martin, it is OK for everyone else but not you, because there is absolutely no way all the companies structured this way in Thailand can be overturned. The fallout would be catastrophic to the Thai economy.

[jdinasia]

OMR --- didn't Thaksin change the laws not once but twice to benefit this ultimate outcome? The last time immediately before the sale?

[Old Man River]

Third, BOT governor can't trace all money transfers (below 10 mil), but he would never let any banker cross his path. If, or rather when, it is found, eventually, that this or that bank helped Thaksin smuggle money out of Thailand, say good bye to your banking license.

Plus, apologies in advance as I know this is nitpicky, but the BOT wouldn't pull a bank's license for this. Senior management would definitely be replaced and there might even be jail time involved as well as fines, but the license would remain intact. Pulling a bank's license would create way too much instability to the banking system. It would be counter-productive.

[marshbags]

Taken from this mornings Nation:-

http://www.nationmultimedia.com/2006/10/01...es_30015094.php

POLITICAL CORRUPTION

More powers for investigators

CDR sets up new 12-member panel with ability to freeze suspect assets

In its most concrete move involving the probe of allegedly corrupt politicians, the ruling junta yesterday revamped its special graft investigation panel with more members and the power to freeze suspect assets.

In two separate legally-binding announcements, the Council for Democratic Reform (CDR) set up a new 12-member committee to replace the Asset Examination Committee it established last Sunday, and also gave more authority to the National Counter Corruption Commission (NCCC).

The CDR's Announcement No 30 named Klanarong Chantik, Kaewsan Atibhoti, Khunying Jaruvan Maintaka, Nam Yimyaem, Sawat Chotephanich, Sak Korsaengruang, Saowanee Asavaroj, Udom Fuangfoong, Banjerd Singkaneti, Viroj Lawhaphandu, Jiraniti Hawanon and Amnuay Thantara as members of the new high-powered panel.

The panel members will select their chairman and secretary from among themselves, according to the order.

Some of the members were on the dissolved asset-probe committee, including Auditor-General Jaruvan and former Election Commission chairman Sawat, who have reportedly been at odds about the scope of its mission.

Other members of the new panel are known critics of the deposed prime minister, Thaksin Shinawatra, namely Kaewsan and Sak.

Announcement 30, one of

five issued by the CDR yesterday, came after the ruling generals came under fire over the fact

that the mandate of the previous asset-probe panel was unclear, which could lead to failure to accomplish its goals.

The new committee is empowered to investigate any projects or acts by members of the Thaksin government and others who are suspected of irregularities, including tax evasion.

The panel can freeze their assets if they have sufficient evidence.

In Announcement No 29, the CDR commanded that Auditor-General Jaruvan Maintaka remain in office until September 30 next year.

The order stated that selection of the auditor-general and the State Audit Commission be done within 90 days after the auditor-general's term expires.

In Announcement No 31 issued yesterday, the CDR empowered the NCCC to freeze assets of any politician who failed to report their financial information by the deadline set by law and those who intentionally reported false information about their assets and liabilities.

In Announcement No 27, another legally binding order that could also have a great impact, the CDR amended the Political Parties Act to provide for punishment of executives of any political party dissolved for violating the law.

With the order, political party executives will be stripped of their electoral rights for five years if a court orders their party to be dissolved. This will effectively keeps the party's leaders out of politics for at least two four-year terms of the House of Representatives.

Originally, the law banned executives of a dissolved political party from forming a new party or becoming executives in a new party, but they were free to contest a new election.

Political scientist Prayad Hongthongkham agreed with the order, saying that the added punishment was "proper", as party executives needed to take responsibility for severe legal violations that led to their party's dissolution.

However, Parinya Thewa-narumitkul, a law lecturer at Thammasat University, disagreed. He said it was unfair to punish individual politicians for a wrongdoing that they did not necessarily commit.

The Thai Rak Thai and Democrat parties, as well as some other minor political parties, are facing cases in the Constitution Court stemming alleged wrongdoing from the April 2 general election and face dissolution if found guilty.

Budsarakham Sinlapalavan,

Kittipong Thavevong

The Nation..........................................................................

...............................quote finished

My wife mentioned something along these lines last night she heard on Ch.4 news at just before 18.00.

I posted it on the new charter thread, obviously the translation to me in English is good but not perfect, but obviously this is what she was trying to explain to me.

A good move and yet another encouraging sign in the positive.

I hope the following is within the limits of what we can post, if its not then i understand it,s deletion.

marshbags

P.S.

Taken from the breaking news today also.

http://www.nationmultimedia.com/breakingne...newsid=30015072

CDR limits Jaruvan's term

The Council for Democratic Reform Saturday issued its 29th announcement to limit the term of Auditor-General Jaruvan Maintaka to one year.

The latest announcement was issued to amend the 12th announcement to limit Jaruvan's term to September 30.

The 12th announcement says Jaruvan would be in office until further announcement.

The CDR issued the announcement to limit her term following reports that she has conflicts with the chairman of the Assets Examination Committee, Sawat Chotephanich.

The Nation

Khunying Jaruvan is a good role model for everyone who is genuine in stamping out corruption and an asset to all good Thai,s, ( If i may be allowed to say. )

I hope they can find a way to extend her stay in these important issues.

In my humble opinion of course.

marshbags

Edited October 1, 2006 by marshbags

[Heng]

Heng was onto something when he said that it could have left Thailand in small amounts with the help of bankers.

Second, when the hel_l broke lose, I doubt many bankers were willing to help. There was too much spotlight. I doubt that SCB was willing to help Thaksin. Crown Property Bureau is their major shareholder. They quickly sold their own stake in Shin when their realised what they have done. If, as reported, they still keep some of Thaksin's money, they won't let it out of the country.

Third, BOT governor can't trace all money transfers (below 10 mil), but he would never let any banker cross his path. If, or rather when, it is found, eventually, that this or that bank helped Thaksin smuggle money out of Thailand, say good bye to your banking license.

Fourth, there was a period in the beginning when everyone was confused and no one was looking. It is quite possible that some banks started money transfers but it was probably nipped in the bud when people at the top made their position known. How much was lost? How much is left? It's not very important now.

The only reason why I think that it's not so difficult to move a billion $ (or more likely $XX million a day for X months, at whatever amount it becomes an insignificant blip to the BOT) without it getting noticed is because of the sheer volume of folks who go about it about it everyday without the rest of the world reading about it in the paper or seeing it on CNN (namely all the white collar crime syndicates, drug cartels, top tier arms dealers, etc...). Perhaps even easier in this case because the funds would only have to make one way trips to places with no currency controls (and there are hundreds of these financial institutions in the world) from a place with some of the poorest auditing standards around. I'd imagine it would cost him quite a commission to his various friends in SME's and multinationals who operate businesses on a level where his funds could 'blend' (read: washed) in, but in the end, how much would a couple hundred million off the top impact one's life as opposed to the alternative of losing most of it?

Again, mine is just supposition. They might very well announce the seizure of $300+ million in each of his SCB, TMB (I do recall one report saying that these particular accounts were emptied), and Bangkok Bank accounts... no doubt to be followed with an announcement that it would be soon returned to the state and the people.

[Martin]

Correct me if I am wrong, but I had the impression that it was strongly held in Thailand that communications, like land, was an essential part of the nation's infrastructure , and not for foreign ownership, though not actually nationalised.

That is what I was referring to, as 'the spirit of the law', and which Temasek would have been well aware of. Of all the organisations in the world who might slip up a bit on 'doing their due diligence', I would expect Yemasek to be the least likely.

I would have expected serious debate in Thailand's Parliament, at least, about the implications of this sale to what is the Singaporeans' major pension-savings fundholder.

As I have said before, there is a case for some pooling of economic activities in an ASEAN bloc, but it needs to come about openly and after proper debate and the general populace giving informed consent, if it is to come about.

I am old enough to have lived through this process happening in Europe; first in a federating of some major industries, and then in a common Customs regime, and then to a European Parliament, watching over those aspects of sovereignty pooled by the member nations.

Every step taken (and some not being taken) was debated openly and extensively.

Otherwise it would have been guaranteed to not be successful.

[womble]

I am old enough to have lived through this process happening in Europe; first in a federating of some major industries, and then in a common Customs regime, and then to a European Parliament, watching over those aspects of sovereignty pooled by the member nations.

Every step taken (and some not being taken) was debated openly and extensively.

Otherwise it would have been guaranteed to not be successful.

Europe is a lot more transparent than asia, even singapore which is a lot more transparent than Thailand works very differently to the west in many matters.

I don't think a single issue was openly debated by parliament during Thaskins tenure, he wouldn't allow it. Freedom of thought was not encouraged, doing what is asked by thaksin was the order of the day.

Edited October 1, 2006 by womble

[Plus]

Yes, right about banking license. I meant bankers' personal "qualification". Like Viroj from KTB. Pridiyatorn won't let him pratice banking as long as he is in charge.

Heng, don't you think BOT knows really well how the money entered the country, how much went into each account, and they'd recieve a call if there's any movement there. Nothing official, perhaps, as legally accounts are not frozen.... yet. Method you described works only if no one is watching.

Thaksin might have emptied accounts not connected with the Shin sale, and I expect all his cronies are busy doing it right now. Either way, the new panel has got powers to freeze assets, and Jaruwan personally insisted on investigating Shin sale, so we might see some real action soon.

It wouls be extremly unprofessional of BOT if they let slip 2 billion from under their noses when the whole country is watching. They would look like total morons. Do you think they are morons? Surely not "I have lost 2 billion dollars" morons.

[Heng]

Heng, don't you think BOT knows really well how the money entered the country, how much went into each account, and they'd recieve a call if there's any movement there. Nothing official, perhaps, as legally accounts are not frozen.... yet. Method you described works only if no one is watching.

No idea. I don't know how the BOT functions in terms of flags and holds. Again, just a supposition: that it appears that no one indeed is watching; even 'more' so when those of importance want to do something. After all, you're assuming they have been watching (under the present governor) for around 5 years of the TRT administration.

[Plus]

No, I assume they've been told to watch this particular transaction.

The deal had to pass thorugh several regulatory bodies and several investigations. Business Development Department, for example, traced all sources of funds used to buy shares for Kularb Kaew.

Also bankers and brokers who executed the deal know exactly how the funds moved. BOT only had to give them a call. They would cooperate. It's a proposition you can't refuse.

Thaksin was out of grace already.