Thaksin Linked To Wife's Suspect Land Deal Under Investigation

[sriracha john]

More evidence needed for land purchase deal of Thaksin's wife

The Office of the Attorney General (OAG) asked the Assets Examination Committee Thursday for more evidence on the Ratchadapisek land purchase to make the case against ousted premier and his wife more solid.

Auditor General Khunying Jaruvan Maintaka and public prosecutors met Udom Fuangfung, chairman of AEC's subcommittee probing the land deal, to discuss the case.

Udom said prosecutors wanted documents about the issuing of bonds by the FIDF (Financial Institutions Development Fund), which they believe will make the case stronger.

He said he would ask the FIDF for the documents and submit them to prosecutors next week.

The AEC has filed a suit accusing Thaksin and his wife for corruption over the land sale.

Deputy Attorney General Somsak Boonthong, who chairs the OAG panel examaining the land deal, expressed confidence that prosecutors would decide on whether to accept the suit within the deadline.

Somsak said his panel would reach an opinion on a complaint from Thaksin about the land purchase probe when they decide whether to indict him.

He said Thaksin's complaint requested prosecutors to summon evidence on the FIDF's land deal with Erawan Trust Finance and Securities Co. Thaksin claimed Udom's panel refused to include this evidence in its probe.

The FIDF sold the land plot on Rama IX Road to Pojaman in 2003 for Bt772 million, which was over an appraisal price of about Bt700 million.

The AEC claims the fund lost money on the deal because it bought the land from Erawan Trust Finance and Securities for Bt2 billion in 1995.

- The Nation

[slimdog]

The FIDF sold the land plot on Rama IX Road to Pojaman in 2003 for Bt772 million, which was over an appraisal price of about Bt700 million.

The AEC claims the fund lost money on the deal because it bought the land from Erawan Trust Finance and Securities for Bt2 billion in 1995.

- The Nation

The FIDF purchased the land plot from the defunct Erawan Trust in 1995 for 2.14 billion baht in a contract approved under government policy at the time to assist the ailing financial institution.

Erawan Trust had actually seized the land from a defunct borrower for only 103 million baht.

General News

Bangkok Post

Saturday January 27, 2007

[Jai Dee]

Thaksin's wife flies to Chiang Mai

Potjaman Shinawatra, wife of ousted premier Thaksin, flew to her husband's hometown on Friday, the first time since September 19 coup.

Khunying Potjaman travelled to Chiang Mai with a few followers. None of the family members accompanied her.

She refused to give any interviews. She only said she wanted to come home.

More from the Bangkok Post here.

[John K]

Thaksin's wife flies to Chiang Mai

Potjaman Shinawatra, wife of ousted premier Thaksin, flew to her husband's hometown on Friday, the first time since September 19 coup.

Khunying Potjaman travelled to Chiang Mai with a few followers. None of the family members accompanied her.

She refused to give any interviews. She only said she wanted to come home.

More from the Bangkok Post here.

Oh so that’s where the loot is buried.

[soundman]

Oh so that's where the loot is buried.

Always has been. AFAIK nine tenths of Chiang Mai's yearly civil construction project expenditure from the last seven years has landed in the Shinawatra's or their friends personal coffers.

Cheers,

Soundman.

[ColPyat]

The FIDF sold the land plot on Rama IX Road to Pojaman in 2003 for Bt772 million, which was over an appraisal price of about Bt700 million.

Did i miss something, or has to be a lot more evidence coming there to convict anyone for buying a plot of land 10% above its appraisal price.

[A_Traveller]

The FIDF sold the land plot on Rama IX Road to Pojaman in 2003 for Bt772 million, which was over an appraisal price of about Bt700 million.

Did i miss something, or has to be a lot more evidence coming there to convict anyone for buying a plot of land 10% above its appraisal price.

My recollection is that the supposed appraisal price was very low. I'd have to rummage but I'm sure I saw much higher figures being quoted at the time as to 'market value', but I stress this is from memory.

Regards

[ColPyat]

The FIDF sold the land plot on Rama IX Road to Pojaman in 2003 for Bt772 million, which was over an appraisal price of about Bt700 million.

Did i miss something, or has to be a lot more evidence coming there to convict anyone for buying a plot of land 10% above its appraisal price.

My recollection is that the supposed appraisal price was very low. I'd have to rummage but I'm sure I saw much higher figures being quoted at the time as to 'market value', but I stress this is from memory.

Regards

I believe it was this number:

"The AEC claims the fund lost money on the deal because it bought the land from Erawan Trust Finance and Securities for Bt2 billion in 1995."

But, as another poster pointed out:

"The FIDF purchased the land plot from the defunct Erawan Trust in 1995 for 2.14 billion baht in a contract approved under government policy at the time to assist the ailing financial institution.

Erawan Trust had actually seized the land from a defunct borrower for only 103 million baht.

"

Some of Thaksin's supposed corruption has similar interesting histories, such as the reasons for buying the ITV shares. Very difficult what to believe anything when there is so much obfuscation and deliberate misinformation spread, and certain involvements that cannot be talked about or investigated.

[A_Traveller]

Noting the above, thank you, when one considers location and size, one is struck by the proportions v the British Embassy sale <Brit growling> :-

8.87 rai = 3.5 billion Baht in 2006

33.0 rai = 0.7 billion Baht in 2003

Regards

/edit format //

Edited June 8, 2007 by A_Traveller

[ColPyat]

Noting the above, thank you, when one considers location and size, one is struck by the proportions v the British Embassy sale <Brit growling> :-

8.87 rai = 3.5 billion Baht in 2006

33.0 rai = 0.7 billion Baht in 2003

Regards

/edit format //

Real estate is indeed a strange business, especially in cities. It's location, location, location. Corner of Wireless/Ploenchit is primest real estate in Bangkok and far better than Rama IX area. No wonder that it sold far higher, especially with speculation driven up by the planned shopping mile ranging from MBK up to Askok corner.

To get comparative prices you will have to look at the market prices in the same area at the same time. Look at comparative plots of land sold at a similar time near the land where Pujaman has bought the disputed plot, and if you see a large difference than you will have a case. That is the only way to see of the sale might have been funny or not, without getting into pure political speculation.

We have gotten the appraised value stated, but of course we would need to know if that was an insider asessment, or came from a neutral source. If from a neutral source - then i don't see how any insider trading was done on that land deal, and it is just political games.

I don't know the prices, but i would be interested if you can find that out.

[A_Traveller]

Understand the 3 L's, but have to say from contemporaneous discussions that once 'she' was known to be a bidder, I don't know anyone in the property business who didn't expect her to be successful. As I say this is from memory and I, since to me it was obvious, didn't keep notes about this, or a least ones available on this new machine. My view, and it is an opinion, as is yours on the comparative values of the plots, is that the appraisal was curiously low. I took that view then and retain it now.

Regards

/edit typo /

Edited June 8, 2007 by A_Traveller

[ColPyat]

Understand the 3 L's, but have to say from contemporaneous discussions that once 'she' was known to be a bidder, I don't know anyone in the property business who didn't expect her to be successful. As I say this is from memory and I, since to me it was obvious, didn't keep notes about this, or a least ones available on this new machine. My view, and it is an opinion, as is yours on the comparative values of the plots, is that the appraisal was curiously low. I took that view then and retain it now.

Regards

/edit typo /

I have never really bothered much on real estate values in Bangkok, especially of large plots. That's a bit out of my league. And i anyhow won't buy where i can't own directly, and especially not in markets that are as nontransparent as here.

The appraisal value may be low, insider appraisals are not unknown, and even in modern Europe i had to battle once with one that suddenly halved the real value. But, if we don't have facts, we should not judge. Even if everybody says so, it does not mean that it is so.

People withdrawing themselves because she was Pojaman, well, unless there is evidence of threats and such, this can hardly be punishable by any law i know of.

If anyone has a price of a similar plot of land in the same area of Bangkok sold at the same time, and we would find a large difference in price, and assuming that there was no fiddling either way going on with that land, we at least could make an educated guess if the deal was smelly or not.

But judging just on the assumption of Thaksin's corruption, and hearsay reminds me more of a witch hunt.

Edited June 8, 2007 by ColPyat

[slimdog]

Just for clarification..

The plot of land was appraised by the land department. This is carried out every 4 years, the auction was carried out in December of 2003, a new appraisal price would have been due the following month. So it is highly likely that had the auction been carried out a month later then the appraisal price would have been considerably higher. (But no guarantees than anyone would have bid the new appraisal price)

The plot of land does (if memory serves me correctly) have building restrictions on it, limiting any building to a maximum of 3 floors.

The plot of land was put up for auction by two previous governments, and on each occasion failed to attract a single bidder.

The plot of land did finally get auctioned by sealed bid after an earlier auction the same year using e-bidding was scrapped due to lower than expected offers, and that some of the people who paid the auction deposit (B10,000) were reluctant to reveal their true identities during the e-auction, and therefore lost their deposits. The three sealed bidders had to pay a deposit (returnable) of B100 million.

[ColPyat]

Just for clarification..

The plot of land was appraised by the land department. This is carried out every 4 years, the auction was carried out in December of 2003, a new appraisal price would have been due the following month. So it is highly likely that had the auction been carried out a month later then the appraisal price would have been considerably higher. (But no guarantees than anyone would have bid the new appraisal price)

The plot of land does (if memory serves me correctly) have building restrictions on it, limiting any building to a maximum of 3 floors.

The plot of land was put up for auction by two previous governments, and on each occasion failed to attract a single bidder.

The plot of land did finally get auctioned by sealed bid after an earlier auction the same year using e-bidding was scrapped due to lower than expected offers, and that some of the people who paid the auction deposit (B10,000) were reluctant to reveal their true identities during the e-auction, and therefore lost their deposits. The three sealed bidders had to pay a deposit (returnable) of B100 million.

Interesting.

Building restrictions such as these do considerably lower the worth of such a plot of land. They are in direct relation with possible earnings.

So far, this sounds logical to me, and nothing funny.

[A_Traveller]

If memory serves the other two final bidders were Land and House Plc and Noble Development Plc.

I'm not joining in on one side or the other, but at the time there was no surprise at the result. It may have been all fine and above board but there was a uncomfortable feel about it in the marketplace as I recall. A sensible move would have been to depersonalise it and use the asset company, but PM's wife in other countries do odd things with property too, <Brit joke>, but not through a government department.

If I find any real data on this I'll post accordingly.

Regards

[ColPyat]

If memory serves the other two final bidders were Land and House Plc and Noble Development Plc.

I'm not joining in on one side or the other, but at the time there was no surprise at the result. It may have been all fine and above board but there was a uncomfortable feel about it in the marketplace as I recall. A sensible move would have been to depersonalise it and use the asset company, but PM's wife in other countries do odd things with property too, <Brit joke>, but not through a government department.

If I find any real data on this I'll post accordingly.

Regards

That would be nice.

And yes, i completely agree that a PM's wife involved in business deals is not exactly a wise move, and makes assumptions of abuse of power easy. I personally do not like the world wide trend of increased mix up of business with politics, and there should be stronger laws against it, everywhere.

[sriracha john]

Pojaman sues AEC

In a counter litigation, Pojaman Shinawatra Wednesday filed a criminal lawsuit charging the Assets Examination Committee (AEC) for abuse of power to prosecute her relating to the Bt772 million Ratchadaphisek land deal.

The Criminal Court has scheduled August 27 to rule whether the case merits a judicial review.

In her plaintiff writ, Pojaman contends the AEC has raised frame-up criminal charges against her and her husband, ousted premier Thaksin for litigation, even though it has no legal justification for prosecution.

- The Nation

============================

Strange for a woman who never seems to have the time to show up for court appearances would file a lawsuit and thus create even more dates on the court calendar.

[Tony Clifton]

[sriracha john]

It's crunch time today...

Prosecution to consider Thaksin land case today

The prosecution will today consider whether to indict ousted prime minister Thaksin Shinawatra and his wife Potjaman over the Ratchadapisek land purchase deal. If the prosecution working group finds the investigation report by the Assets Scrutiny Committee (ASC) provides grounds for action but needs more evidence, it will tomorrow seek Attorney-General Patchara's approval to proceed with the additional investigation. In that event, a joint panel made up of prosecutors and the ASC will be formed to gather more evidence, said Nonthasak Poolsuk, deputy director-general of the special litigation department. Democrat party deputy secretary-general Korn Chatikavanij said yesterday that Mr Thaksin's recorded defence of his assets, broadcast to a crowd of supporters on Friday night, was an admission of wrongdoing. He said Mr Thaksin may have unwittingly let slip explanations which could be interpreted as a confession to the charge of misusing his office while he was prime minister for the benefit of inflating the value of the shares he previously held in Shin Corp.

Continued here:

http://www.bangkokpost.com/News/18Jun2007_news03.php

[Bill97]

It's crunch time today...

Prosecution to consider Thaksin land case today

The article also states:

"Mr Thaksin also said the ASC should not bully his family because they did not know anything about the share transactions. This gave credence to the allegation that Mr Thaksin was running the show."

and that it was Taksin's shares and money. Mr. Korn has a good point.

[sriracha john]

Should be having a decision released soon on whether to indict Thaksin....

[hammered]

Court reject Pojaman's suit against AEC

The Criminal Court Monday rejected a suit filed by Pojaman Shinawatra, the wife of former prime minister Thaksin Shinawatra, against the Assets Examination Committee.

Pojaman filed the suit on Wednesday alleged that the AEC abused of its authority to persecute her in the case related to her purchase of a plot on Ratchadapisek Road.

But the court decided Monday that the AEC had not abused its authority to persecute Pojaman so it rejected the suit.

The Nation

http://www.nationmultimedia.com/breakingne...newsid=30037167

[John K]

Should be having a decision released soon on whether to indict Thaksin....

And the answer is...

Attorney-General decides to sue Thaksin, wife over Ratchadapisek land

The Attorney-General has decided to file lawsuit against former prime minister Thaksin Shinawatra and his wife Khunying Pojaman for violating the Anti-Corruption Act and Criminal suits related to the controversial Ratchadapisek land purchase.

Attorney-General Pachara Yutithamdamrong said the lawsuits will be filed with the Supreme Court's Criminal Tribunal for Political Office Holders on Thursday.

The Nation

Edited June 18, 2007 by John K

[sriracha john]

*

Edited June 18, 2007 by sriracha john

[John K]

So any thoughts as what is going on in Thaksin’s mind at the moment?

[sriracha john]

Thaksin case going to Supreme Court for prosecution

BANGKOK -- The Office of the Attorney General has decided to proceed Thursday at the Supreme Court with alleged malfeasance charges involving a Bt772 million land purchase against former prime minister Thaksin Shinawatra and his wife, Khunying Pojaman.

Attorney General Patchara Yutithamdamrong said Thursday's planned proceeding at the Supreme Court followed a finding by a 10-member working committee headed by Deputy Attorney General Somsak Boonthong that the former prime minister and his wife were guilty as alleged of the malfeasance charges earlier lodged by the Assets Examination Committee.

The Office of the Attorney General's working group ruled that the Ratchadapisek land, which changed hands from the Financial Institutions Development Fund to Mr. Thaksin's wife, could have raised as much as Bt2.1 billion in being sold on the market, but eventually sold for only Bt772 million when the purchase was made.

In addition, the Office of the Attorney General suggested the 33 rai parcel of controversial land be confiscated at the order of the Supreme Court, Mr. Patchara said.

The AEC, which had investigated and lodged malfeasance charges against Mr. Thaksin and his wife with the Office of Attorney-General, had earlier said the Ratchadapisek land could have earned twice as much as Mr. Somsak's panel had calculated.

However, it remains to be seen if the Supreme Court will subpoena the former prime minister, who has remained in self-exile overseas following last year's coup d'etat, as well as his wife to stand trial.

If found guilty under the National Counter Corruption Commission Act of 1999 and of elements of the Criminal Code, Mr. Thaksin and his spouse may be sentenced to a maximum three-year jail term and a maximum of Bt60,000, plus a maximum of 10 years in jail and a maximum of Bt20,000 fine respectively.

- MCOT

=======================

Getting down to the nitty-gritty...

[sriracha john]

First case against Thaksin heads to court

BANGKOK - The first corruption charges against ousted premier Thaksin Shinawatra are set to go to court later this week, Thailand’s attorney general told state-controlled television Monday.

The Assets Examination Committee recommended last month that Thaksin and his wife Pojaman should be charged over a controversial land purchase.

Attorney General Patchara Yuthi-dhammadamrong told Thai media that prosecutors plan to file the case at court on Thursday, in what would be the first charges against Thaksin since he was toppled in a coup last September.

Prosecutors also plan to ask the court to seize the five-hectare (13-acre) plot of land at question in the case.

‘The case will be taken to the Supreme Court on Thursday. The Attorney General’s Office will also ask the court permission to seize the land worth 772 million baht (23.4 million dollars),’ Patchara told Thai media.

Pojaman bought the plot in Bangkok for the relatively bargain price of 772 million baht in 2003 from the BoT’s Financial Institution Development Fund.

The land’s value had earlier been estimated at 2.1 billion baht, according to Patchara.

Investigators allege the transaction was illegal because, as the head of government, Thaksin oversaw the fund and its finances, thus making the sale a conflict of interest.

Although it would be the first criminal case filed against Thaksin, his wife is already fighting a court battle over tax evasion charges.

The same anti-graft committee last week froze about 1.5 billion dollars of Thaksin’s assets in 21 accounts as part of other ongoing corruption investigations.

The panel on Monday amended its order, saying the money frozen was actually held in 28 accounts. The total amount of money affected remains the same.

- AFP

[sriracha john]

Ousted Thai PM Faces New Penalties

BANGKOK, Thailand -- Efforts to punish ousted Prime Minister Thaksin Shinawatra for alleged corruption gained momentum Monday, as state prosecutors said they would seek to have him and his wife tried for a suspicious land deal, and an anti-graft panel ordered more of his assets frozen.

Thaksin was toppled by a bloodless coup last September, and has been targeted by several investigations into alleged corruption and abuse of power. He was abroad at the time of the coup, and has remained in exile.

The new actions came just three days after Thaksin issued a bitter public complaint that efforts to dismantle his party and seize his fortune were unfair and unjust, and he would fight them.

Attorney General Phatchara Yutithamdamrong announced Monday that his office would submit to court a criminal case concerning the 2003 purchase by Thaksin's wife, Pojamarn, of some prime Bangkok real estate from the Financial Institutions Development Fund, which is directed by the central bank. The fund was established to handle assets of insolvent companies after the 1997 financial crisis.

Last month, the anti-graft Assets Examination Committee decided to recommend to prosecutors that Thaksin and his wife face charges of conflict of interest and malfeasance in connection with the deal.

An anti-corruption law bars prime ministers or their spouses from doing business with a government agency, and the committee said Thaksin as prime minister ultimately oversaw the FIDF.

Phatchara said at a news conference that he will submit a lawsuit Thursday to the branch of the Supreme Court that handles cases of political office holders. His office also recommended that the plot of land, valued at 772 million baht ($23.7 million), be seized.

The conflict of interest charge carries a maximum penalty of three years in prison while the malfeasance charge carries a maximum penalty of ten years in prison, said Phatchara. The Thaksins would not have to appear in court when the charge is submitted, he said. They will be summoned to hear the charges only if the court accepts the case.

The Assets Examination Committee Monday ordered 8 billion baht ($245.7 million) in assets belonging to Thaksin's family frozen, following up a similar action it took last week.

It had already frozen 52.88 billion baht ($1.63 billion) believed to be proceeds from the Shinawatra family's 73.3 billion baht ($1.9 billion at January 2006 rates of exchange) sale last year of telecommunications company Shin Corp. to Temasek Holdings Pte. Ltd., a Singapore state investment company. It alleged there was reason to believe the deal involved corruption.

A spokesman for the committee, Sak Korsaengruang, said it determined that the 8 billion baht had been shifted out of the earlier frozen bank accounts shortly before the order was issued covering them.

Complaining that he was persecuted, Thaksin said Friday in a video shown an a public rally of his supporters that the committee's allegations were "libelous, unfair and unethical."

"I already said that I'm retiring from politics but I am just asking that my family and I live with dignity," he said. "It doesn't mean that I'm not going to fight. I will fight for my honor to prove my innocence."

But he also said he supported political reconciliation, and was open to talks with the military-appointed government that succeeded him.

Prime Minister Surayud Chulanont said at a press conference Monday that he was willing to negotiate with Thaksin, as long as it did not interfere with the judicial process.

"Any negotiation with (Thaksin) must not interfere with the legal cases against him ... the government will not intervene with the court process," Surayud said. "I will do what can be done lawfully but more than that, I am not willing to negotiate."

- Associated Press

=========================================

They are starting to stack up now...

Will tomorrow be as disruptive to Thaksin's life as today was??

Another day.... another trial.... more potential jail time...

http://www.thaivisa.com/forum/index.php?s=...t&p=1368628

[sriracha john]

Attorney General indict Ex-PM and wife in Ratchadaphisek land purchase case

The Attorney General signed an indictment against Former Prime Minister Thaksin Shinawatra and his wife, Potjaman Shinawatra, in the Ratchadaphisek land deal case. He also requests the court to seize the land plot and give it to the country.

Attorney-General Pachara Yuthithamdamrong signed the indictment today against the two alleged persons who will face four charges. The Attorney-General says he will submit the indictment to the Criminal Division for Holders of Political Positions of the Supreme Court on June 21th at 10.00 a.m.

- ThaiNews

[sriracha john]

World-wide distribution of this news continues.... the word pariah is not far off...

Thaksin set to be charged

OUSTED Thai prime minister Thaksin Shinawatra will be charged this week with corruption over his wife Potjaman's purchase of a prime piece of Bangkok real estate.

The charges of official misconduct and conflict of interest, due to be filed with the Supreme Court on Thursday, would be the first corruption allegations against Mr Thaksin to make it to court since he was removed in a military coup in September.

Attorney-General Phatchara Yutithamdamrong said last night the charges concerned the 2003 purchase by Pojaman of land from the Financial Institutions Development Fund, which is directed by the central bank. The fund was established to handle assets of insolvent companies after the 1997 financial crisis.

The anti-corruption body yesterday froze 8 Billion Baht ($290 million) in his family's assets, following up a similar action it took last week.

The Assets Examination Committee last week froze 52.88 Billion Baht believed to be proceeds from the family's 73.3 Billion Baht sale last year of telecommunications company Shin Corporation to Temasek Holdings, a Singapore state investment company.

The AEC alleged there was reason to believe the deal involved corruption.

Spokesman Sak Korsaengruang said the AEC had determined that the 8 billion baht had been shifted out of the earlier frozen bank accounts shortly before last week's order was issued.

Mr Phatchara said Mr Thaksin would be charged with "misconduct of a government official and violation of a ban on state officials being party to transactions involving public interests".

The conflict of interest charge carried a maximum penalty of three years in prison while the malfeasance charge carried a maximum penalty of 10 years in prison, Mr Phatchara said.

Mr Thaksin's lawyer, Noppadol Pattama, said the exiled prime minister would return to fight the charges.

"We are glad that the case will finally go to court where we still have trust in justice and fairness," Mr Noppadol said.

"Thaksin will definitely come back."

Last month, the AEC ruled Mr Thaksin and Pojaman had broken anti-graft laws preventing political leaders doing business with government agencies. Mr Thaksin as prime minister ultimately oversaw the FIDF.

Pojaman bought the land for 772 million baht from a unit of the Bank of Thailand in 2003, while Mr Thaksin was in the middle of his first term in office.

The AEC said it wanted prosecutors to annul the deal, return the land to the bank and confiscate the money involved.

Mr Thaksin has been in exile since the coup, staying mostly in London and Beijing.

The new actions came just three days after Mr Thaksin issued a bitter public complaint that efforts to dismantle his party and seize his fortune were unfair and unjust, and he would fight them. But he also said he supported political reconciliation, and was open to talks with the military-appointed government that succeeded him.

Prime Minister Surayud Chulanont said yesterday that he waswilling to negotiate with Mr Thaksin, as long as it did not interfere with the judicial process.

"I will do what can be done lawfully but more than that. I am not willing to negotiate," General Surayud said.

- Reuters

==================================

And now with Reuters saying that Noppadope is saying that Thaksin will definitely return to Thailand to face these charges.... the first to come to court..... then the whole thread on his return that was dying off because everyone thought he wouldn't return, comes back to life.

It's time for Thaksin.

Edited June 18, 2007 by sriracha john