Thaksin May Have Snuck Money Out Of The Country

[westcoastnative]

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 snuck 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.

[baboon]

Of course he did not sneak money out of the country. That would be against the law. More likely the 56 bags were full of underwear.

[Kerryd]

I thought his wife flew to Singapore the day after the coup ? And that no one was sure of the whereabouts of his kids ?

I think the idea that he may have smuggled 10's or 100's of millions of baht out of the country in suitcases is a little farfetched though. That would be a lot of cash and certainly would have put a major drain on (paper) cash stocks of a few banks.

Not to mention that it would be far simpler to either do electronic transfers or use bank drafts.

And if he did smuggle huge amounts of cash out, he would have violated the law that states you can only take a maximum of 50,000 baht (cash) out of the country. One more thing the new rulers could charge him with !

(Remember Al Capone wasn't brought down on bank robbery or weapons charges, but was nailed for income tax evasion).

[ovenman]

Not to mention that it would be far simpler to either do electronic transfers or use bank drafts.

Doing so without arousing suspicion might be difficult for the amounts of money potentially being transferred. But then again, as you point out, withdrawing that sort of money from the banks would cause problems in and of itself. Maybe his mattresses were stuffed with cash?

[steveromagnino]

Not to mention that it would be far simpler to either do electronic transfers or use bank drafts.

Doing so without arousing suspicion might be difficult for the amounts of money potentially being transferred. But then again, as you point out, withdrawing that sort of money from the banks would cause problems in and of itself. Maybe his mattresses were stuffed with cash?

true... try gold, cartier gems, luxury apparel, diamonds, etc. It isn't the weight, it is the size.

For same size as 100,000b could easily have significantly more than that in diamonds.

I alluded to this in my first post on the PM, am surprised this wasn't more common knowledge?!