Thaksin's Children To Be Forced To Pay Income Tax At 37 Per Cent Rate

[Tony Clifton]

Doesn’t everyone have personal conflicts with her husband?

I guess what she means is only the people she can buy are appropriate.

What is she expecting? The same treatment as if shopping at Siam Paragon, a wai every time she bats an eyelid and people submissively following her around, shoulders slouched while taking small steps dragging their feet like geisha. Maybe a dazzling display of fashion shoes and sparkling useless items in the courtroom could lure her in. How a bout a "Land For Sale" sign outside the courtroom?.

[Old Man River]

Monson wrote to the Bank of Thailand on Tuesday, a day after BOT Governor Tarisa Watanagase said the central bank had no objection to Pojaman's request to take Bt400 million out of the country as long as all the documents were in order. Monson wrote: "This lawsuit is against Pol Lt-Colonel Thaksin Shinawatra, Khunying Pojaman's husband. Her transfer of that amount of money will jeopardise my case against her husband and will seriously harm me.

"I would like to formally request that you, as the governor of the Bank of Thailand, disapprove of the request of Khunying Pojaman ... as well as any requests from Thaksin.

"You and the Bank of Thailand will be held responsible for any damages that might be caused to me by your actions."

- The Nation

This is ridiculous. If Monson gets sued in the US, does anyone really think that the Fed would stop him from transferring money out of the US prior to a court decision? Right now many in the current government are afraid to make even the most simplest of decisions.

[Tony Clifton]

Wouldn't that indicate that he'd be about to flee the country and they would let him do so?

[No beleeeeve!]

Is 329.2 million shares all they sold?

I don't agree with this figure either.....

How did they manage to sell 0.2 of a share?

329,200,000 is the figure above (329.2 million). If it was 329,000,000.02 that would indicate a .2 share.

[No beleeeeve!]

THAKSIN'S WIFE PLANS TO BUY 200 MILLION BAHT UK HOME

Central bank still refusing to allow Potjaman cash transfer

The Bank of Thailand (BoT) is still refusing to allow Potjaman Shinawatra, wife of the deposed prime minister, to transfer 200 million baht in cash to the United Kingdom to buy a house. Governor Tarisa Watanagase said the BoT had sent letters to the the Anti-Money Laundering Office and the Assets Scrutiny Committee, asking whether allowing Potjaman to transfer her money out of the country would violate any law. Neither anti-graft body has sent back a reply yet. ''We want to make sure that if we approve the transfer it will not lead to further problems later on,'' said Ms Tarisa. As Potjaman wants to transfer 200 million baht in cash, her transaction requires BoT approval. Responding to Ms Tarisa's remarks, ASC chairman Nam Yimyaem acknowledged receiving the BoT's letter. He said Potjaman actually wanted to transfer a total of 400 million baht out of the country, not 200 million.

Continued here:

http://www.bangkokpost.com/News/20Feb2007_news14.php

Can someone tell me why the Shinawatra family thinks everyone has the same educational attainment as their voter base? I find it a bit insulting to the Thais, but it only shows they have not changed.

[keda]

People who insulted AEC could face criminal charges

The Assets Examination Committee (AEC) plans to take legal action against those supporters of deposed Prime Minister Thaksin Shinawatra's children who verbally insulted AEC members on Wednesday at the Office of the Auditor-General (OAG).

AEC spokesman Sak Korsaengreung said he would ask security officials at the office for videotape footage showing the rowdy scene staged by Thaksin supporters in which they verbally insulted AEC members when Pinthongta Shinawatra arrived to testify to the AEC.

He said officials would check whether they were the same ones who were sentenced to jail for contempt of court and offending the court upon hearing the Criminal Court verdict issued against the three former election commissioners last July 25. Some are still under a one-year suspended-jail term.

Sak said the behaviour of the Thaksin supporters was unacceptable, especially when they insulted AEC chairman Nam Yimyaem.

"We will not allow anyone who is not involved with the case to enter the OAG compound next time," he said.

Auditor-General Jaruvan Maintaka said she would not personally take legal action against the Thaksin supporters.

AEC member Udom Fuangfung said the AEC would take the supporters to court if it found they were the same group of people who committed contempt of court last year.

Shin Corp executive Bhanapot Damapong yesterday postponed his appointment to testify to the AEC. He was scheduled to give his testimony today.

The Nation

Since when has it been a criminal offence to insult AEC members, or for that matter any government agent?

Even if Chulanont persists in surrounding himself with incompetents, the things he has going for him are his air of sincerity, his apparent motivation to bring people to task, though this can be demonstrated only if he is prepared to whip his own people into shape, and the few months he (ostensibly) has to reform the civil service to serve a less corrupt government than before.

As to the new constitution, well, that may be giving the game away.

[baabaabobo]

OAG files charge against Thaksin kin

(BangkokPost.com) - Office of the Attorney General Wednesday decided to file charge against Potjaman Shinawatra, her step brother Bannapot Damapong and her secretary Karnchanapa Honghern for evading tax in the Shin Corp share sales.

If found guilty in court, the three will each be liable to up to seven years in jail and 200,000 baht in fines.

The Attorney General Wednesday ordered the ASC to bring in the three persons to the Criminal Court within 10 days.

The charge was filed in February by the Assets Scrutiny Committee, who found that the three allegedly arranged to set up the 738-million-baht share transfer in the Stock Exchange of Thailand in 1997 so Mr Bannapot could evade taxes.

When the National Counter Corruption Commission found out about the deal in 2001, Khunying Potjaman and Mr Bannapot colluded with the aide to inform tax agencies that the 4.5 million shares were a gift to her brother and therefore entitled to tax exemption. But the ASC ruled late last year that the deal was taxable.

Mr Bannapot was then ordered to pay 273 million baht in tax plus a fine of the same amount. He has appealed the ruling.

[Jai Dee]

The Attroney-General to declare the conclusion of Shin Corp share deal this afternoon

The Attorney-General will consider on whether Mr. Banpot Damapong (บรรณพจน์ ดามาพงศ์) and Khunying Pojamarn Shinawatra (พจมาน ชินวัตร) will be filed charges in allegations of tax evasion on Shin Corp's share deal. The declaration will be held this afternoon.

Spokesman of the Attorney General Office Attaphon Yaisawang (อรรถพล ใหญ่สว่าง) said that the case will be proposed to the Attroney-General and the office will consider on whether it will follow the Assets Examination Committee (AEC) to sue Khunying Pojaman and Mr. Banpot or not.

At the same time, the AEC subcommittee chaired by Wiroj Laohaphan (วิโรจน์ เลาหะพันธ์) has invited representatives from UBS Securities Thailand as the broker of the Shin Corp’s share deal to clarify further information of the case.

Meanwhile, the AEC subcommittee in charge of the CTX case chaired by Amnuay Thantara (อำนวย ธันธรา) has informed the allegation to Director of the Bureau of the Budget, Vudhibhandhu Vichairatna (วุฒิพันธุ์ วิชัยรัตน์).

Source: Thai National News Bureau Public Relations Department - 14 March 2007

[sriracha john]

Thaksin's kids 'liable for tax'

The Assets Scrutiny Committee (ASC) has concluded that both Panthongtae and Pinthongta Shinawatra, two of deposed prime minister Thaksin's children, are liable to pay 5.8 billion baht in income tax on their Shin Corp share deals made via Ample Rich Investments. The Shinawatra family earlier claimed Ms Pinthongta last year spent less than 180 days in Thailand, and thus should be exempted from income tax liability. Mr Panthongtae, who spent most of his time in the country, has already been ordered to pay a fine of six million baht by the Securities and Exchange Commission for violating disclosure and tender offer regulations relating to Shin share transactions through Ample Rich. But an ASC source said yesterday the fact that Shin shares had been deposited with the Thailand Securities Depository Co, a subsidiary of the Stock Exchange of Thailand, made both siblings liable for tax on

Continued here:

http://www.bangkokpost.com/News/22Mar2007_news11.php

[sriracha john]

THAILAND: Thai police chief says Shin sale broke law

General Sereepisut says there is enough evidence to send the case to prosecutors within two months

Bangkok --- Thai police believe they have enough evidence to show that Singapore investment company Temasek Holdings broke the law when it acquired telco giant Shin Corp.

They expect to have the case wrapped up and sent to the prosecutors within two months, police chief Sereepisut Taemeeyaves said yesterday.

Temasek has been drawn into the spotlight because of its leading role in a consortium that bought Shin Corp from Mr Thaksin's family.

The sale whipped up a storm over possible tax-dodging by his relatives and the loss of national assets to foreigners who may have breached Thai laws.

"We have enough evidence to believe that Kularb Kaew has broken the Foreign Business Act," said Gen Sereepisut yesterday, giving an update on the ongoing probe against Temasek's Thai partner in the Shin Corp takeover.

Police have been investigating the case since a Commerce Ministry probe last year found that Temasek may have overstepped Thai laws by using nominee shareholders to get around a 49 per cent limit on foreign ownership.

Kularb Kaew's majority stakeholder, Malaysian-Thai businessman Surin Upatkoon, has denied he is a Temasek nominee.

According to Gen Sereepisut, Mr Surin and three other parties involved in the deal failed to show up for a meeting with police on Monday. The meeting has been rescheduled for April 3.

"We will ask the Attorney-General's Office to file charges against Surin and three other people within the next two months," Bernama news agency quoted the police chief as saying. The other parties were not named.

Gen Sereepisut also said investigators planned to question 20 more people before submitting their case to the Attorney-General, who will make the final decision on whether to press charges.

Meanwhile, Mr Thaksin, who is living abroad, may also face formal charges of disrespecting King Bhumibol Adulyadej, which, if proven, could land him in jail for up to 45 years.

Gen Sereepisut said the former premier could have three charges of lese majeste filed against him based on remarks made to a group of taxi drivers during one of his weekly national radio addresses, and to his supporters waving Thai flags saying "Long Live His Majesty".

Attorney-General Patchara Utithamdamrong said yesterday: "The National Police Bureau and the Attorney-General's Office agree that any political activities or any political conflicts must not drag down the monarchy."

The army generals who launched the coup cited Mr Thaksin's disrespect for the King as one of their reasons for moving against him.

Finding Temasek in breach of Thai law could send a negative signal to investors used to taking advantage of grey areas in the law under previous business-friendly governments.

But the Shin Corp deal is also widely seen as a special case because of its highly political nature - and a ruling against Kularb Kaew may in practice be an isolated one, leaving other investors unfazed.

- Straits Times (Malaysia)

[John K]

Thaksin's kids 'liable for tax'

The Assets Scrutiny Committee (ASC) has concluded that both Panthongtae and Pinthongta Shinawatra, two of deposed prime minister Thaksin's children, are liable to pay 5.8 billion baht in income tax on their Shin Corp share deals made via Ample Rich Investments. The Shinawatra family earlier claimed Ms Pinthongta last year spent less than 180 days in Thailand, and thus should be exempted from income tax liability. Mr Panthongtae, who spent most of his time in the country, has already been ordered to pay a fine of six million baht by the Securities and Exchange Commission for violating disclosure and tender offer regulations relating to Shin share transactions through Ample Rich. But an ASC source said yesterday the fact that Shin shares had been deposited with the Thailand Securities Depository Co, a subsidiary of the Stock Exchange of Thailand, made both siblings liable for tax on

Continued here:

http://www.bangkokpost.com/News/22Mar2007_news11.php

So having been ordered to pay, how long do you think the government will wait before they throw them in jail for not paying?

[jumnien]

Will the Thaksin family be paying their fines directly to the Sondi family or the Sonthi family? What will the Surayud cut be?

[Tony Clifton]

Will the Thaksin family be paying their fines directly to the Sondi family or the Sonthi family? What will the Surayud cut be?

Stick to the words in red to begin with.

[Naam]

Thaksin's Children To Be Forced To Pay Income Tax At 37 Per Cent Rate, on proceeds from the sale of Shin Corp

346 postings, 10,285 views. are TV-members getting a share of these taxes?

[Jai Dee]

Attorney General's Office schedules hearing for Khunying Pojamarn on March 26

The Spokesperson to the Attorney General's Office affirmed that legal proceedings against Khunying Pojamarn Shinawatra (พจมาน ชินวัตร) and associates would begin on March 26.

The Spokesperson to the Attorney General's Office, Mr. Athapol Yhaisawang (อรรถพล ใหญ่สว่าง), revealed investigative progress on the case of the wife of former Prime Minister Thaksin Shinawatra, Khunying Pojamarn Shinawatra, Mr. Banpot Damapong (บรรพจน์ ดามาพงศ์), and Mrs. Karnchanapa Honghern (กาญจนาภา หงษ์เหิน). Mr. Athapol said that the three defendants would be asked to testify to the Attorney General's Office on March 26 at 10:00 AM.

The Spokesperson to the Attorney General's Office will be coordinating with the Asset Examination Committee (AEC) in ensuring that the three defendants reported to the court on time. Mr. Athapol affirmed that legal proceedings against the suspects would occur on the set date and would not be rescheduled.

Mr. Athapol reported that the three defendants would have to sign documents affirming their understanding of levied charges, after which they would be sent to the Criminal Court to receive their hearing. The Spokesperson to the Attorney General's Office said that bail may be allowed depending on the court's decision.

Source: Thai National News Bureau Public Relations Department - 22 March 2007

[sriracha john]

Two more months to crack case

The police will be given another two months to make significant progress in the Kularb Kaew-Shin Corp nominee case, the Department of Special Investigation (DSI) director-general said yesterday.

After that, a joint DSI-police evaluation of the case will be held and if the progress made by the police is deemed unsatisfactory, a DSI team could take the case over and start from scratch, Sunai Manomai-udom said.

The DSI executive board agreed that the police should continue to probe the case after a senior officer convinced board members that his officers had made "impressive" progress.

Acting police chief Seripisut Temiyavej last week appointed a new team of investigators to replace those named by former boss Kowit Watana, following their slow progress after six months.

The DSI board yesterday agreed to probe 11 other cases, which were mostly taken from the police.

- The Nation

[Jai Dee]

Shin Corp share deal expected to be finalized within this month

AEC Subcommitee members report that the Shin Corp's share deal will be finalized at the end of the month.

The Chairman of the investigative subcommittee under the Assets Examination Committee, Wiroj Laohaphan (วิโรจน์ เลาหะพันธ์) says he is confident the subcommittee can finalize the Shin Corp’s share deal within this month after receiving adequate details from a close source to Khunying Pojamarn Shinawatra (พจมาน ชินวัตร).

The AEC subcommittee earlier called in Mrs. Pranee Wetchapreukpitak (ปราณี เวชพฤกพิทักษ์), a close friend of Khunying Pojamarn, to clarify facts related to the Shin Corp deal.

At the same time, former Interior Minister ACM Kongsak Wanthana (คงศักดิ์ วันทนา) clarified facts to the subcommittee investigating the CTX scandal purchase and the procurement of baggage conveyer at 13.30 hours. He affirmed that he was not involved in the procurement scandal.

Source: Thai National News Bureau Public Relations Department - 24 March 2007

[Jai Dee]

Extensive police presence during arraignment of defendants in Shin Corp scandal

Authorities have laid down tight security measures to ensure order during the arraignment of 3 prominent figures in the Shin Corp stock scandal.

More than 100 police officers from local precincts under the Metropolitan Police Bureau Division 2 have established a tight security perimeter around the Attorney General's Office today (March 26), to maintain order during the arraignment of 3 prominent defendants charged with tax evasion of traded Shin Corps stocks.

The 3 defendants in the scandal included the wife of former Prime Minister Thaksin Shinawatra, Khunying Pojamarn Shinawatra (พจมาน ชินวัตร), the former Chairman of Shin Corporation, Mr. Banpot Damapong (บรรณพจน์ ดามาพงศ์ ), and the personal secretary of Khunying Pojamarn, Mrs. Karnchanapa Honghern (กาญจนาภา หงษ์เหิน ).

The defendants are expected to report to the Director General of the Department of Special Litigation, Mr. Seksan Bangsomboon (เศกสรรค์ บางสมบุญ), at 10:00 AM today (March 26). Police report that supporters of the defendants have not arrived as expected, and only a large number of media correspondents remain outside the Attorney General's Office to report on proceedings.

Meanwhile one company of police officers has also been deployed in front of the Criminal Court on Ratchadapisek (รัชดาภิเษก) Road to prevent disorder when the 3 defendants are transferred from the Attorney General's Office to courtrooms.

Source: Thai National News Bureau Public Relations Department - 26 March 2007

[John K]

Not really directly related, but does anyone want guess who recently attended this school?

Minister orders probe into 'tea money'

Education Minister Wijit Srisa-an ordered an inquiry yesterday into Samsen Wittayalai School following reports its staff asked for a Bt100,000 "donation" from parents of children admitted to its English programme.

"The ministry's inspector generals will form a probe team to find out what happened," Wijit said.

The Education Ministry has barred state schools from accepting donations during the student admission period in a bid to prevent schools from trading seats for "tea money".

The Samsen Wittayalai School, however, has already announced which students have been accepted into its English programme and requested a Bt100,000 donation from parents of the successful applicants. The donation is not mandatory.

"No matter what, Samsen Wittayalai School should get a rebuke for asking for donations at this time, because other parents could perceive this as a tea-money practice," Wijit said.

One parent, who spoke on condition of anonymity, said she never received any information about the Bt100,000 donation.

"When I asked the school about the donation, I was told that I could pay it in instalments," the parent said.

Samsen Wittayalai School director Wisarut Sonthichai said that the English programme at his school needed donations because the Bt35,000 tuition fees could not cover actual costs.

"Students learn in air-conditioned rooms. Teachers are native speakers with master degrees and teaching materials are imported from overseas," he said.

He insisted that even if parents could not provide donations, their children would still enjoy the right to be part of the English programme. "It's not a mandatory condition," he said.

[sriracha john]

SHIN CORP SALE ASSETS SCRUTINY COMMITTEE VERDICT

Siblings have to pay 5.8 Billion Baht tax on profit, panel finds

After months of investigation, a probe team looking into the Shin Corp share transfer involving two children of deposed prime minister Thaksin Shinawatra has come up with a decision _ the siblings are liable to personal income tax. A highly-placed source said the probe team, under the Assets Scrutiny Committee (ASC), concluded yesterday that Panthongtae and Pinthongta Shinawatra were liable to personal income tax at the rate of 37% of the 15-billion-baht profit from the purchase of Shin shares, outside the Stock Exchange of Thailand (SET), from their own company Ample Rich in January last year. This means they are liable to pay 5.8 billion baht in tax. The team, led by former revenue chief Viroj Laohaphan, will announce its conclusion on Monday _ the deadline for tax return filing. Mr Viroj said his team had produced a 20-page probe report which showed a tax assessment for the siblings' earnings from the deal.

Continued here:

http://www.bangkokpost.com/News/31Mar2007_news12.php

[Jai Dee]

Shin Corp's investigation completed

The Chairman of the investigative subcommittee under the Assets Examination Committee (AEC), Wiroj Laohaphan (วิโรจน์ เลาหะพันธ์) says the Shin Corp's investigation is now completed.

Mr. Wiroj says the conclusion of the investigation will be proposed to the AEC for consideration on April 2nd. AEC will then approve the allegation and set up the subcommittee to implement the prosecution.

As for the investigation of CTX scandal procurement and the baggage carousel system at Suvarnabhumi Airport, Mr. Chaikasem Nitisiri (ชัยเกษม นิติสิริ ), former board of the Suvarnabhumi Airport, clarifies the facts regarding the AEC subcommittee’s appointment today.

Source: Thai National News Bureau Public Relations Department - 31 March 2007

[John K]

SHIN CORP SALE ASSETS SCRUTINY COMMITTEE VERDICT

Siblings have to pay 5.8 Billion Baht tax on profit, panel finds

After months of investigation, a probe team looking into the Shin Corp share transfer involving two children of deposed prime minister Thaksin Shinawatra has come up with a decision _ the siblings are liable to personal income tax. A highly-placed source said the probe team, under the Assets Scrutiny Committee (ASC), concluded yesterday that Panthongtae and Pinthongta Shinawatra were liable to personal income tax at the rate of 37% of the 15-billion-baht profit from the purchase of Shin shares, outside the Stock Exchange of Thailand (SET), from their own company Ample Rich in January last year. This means they are liable to pay 5.8 billion baht in tax. The team, led by former revenue chief Viroj Laohaphan, will announce its conclusion on Monday _ the deadline for tax return filing. Mr Viroj said his team had produced a 20-page probe report which showed a tax assessment for the siblings' earnings from the deal.

Continued here:

http://www.bangkokpost.com/News/31Mar2007_news12.php

Thaksin is such a wonderful roll model. I think you could see this as just another variation of a human shield.

[John K]

AEC orders Thaksin's children to pay Bt10 billion over alleged tax evasion

Assets Examination Committee (AEC) rules on Monday two of Thaksin Shinawatra's children, Panthongtae and Pinthongta, will have to pay Bt10 billion for the alleged tax-evasion case after they sold shares of Shin Corp to Ample Rich Investments.

AEC announced the decision on Monday afternoon.

[John K]

Thaksin children must pay B10 bln taxes

(bangkokpost.com from reports)

The Revenue Department has been obliged to collect more than 10 billion baht in personal income tax from Panthongthae and Pinthongtha Shinawatra, son and daughter of deposed prime minister Thaksin, involving sales of their Shin Corp shares.

Viroj Laohaphand, chairman of a subcommittee of the Assets Examination Committee in charge of auditing tax payments by the Shinawatra family, says the Committee had resolved to have the Revenue Department collect 5.9 billion baht in personal income tax plus 4.8 billion baht in withholding tax from the deposed prime minister's children, who made more than 15.8 billion baht in profit from the sales of their Shin Corp shares to Singapore’s Temasek Holdings Company.

The chairman of the AEC subcommittee said Mr Panthongthae and Ms Pinthongtha were found to have bought 329 million Shin Corp shares from Ample Rich Investment Company and then sold them to the Singaporean firm for 49.25 baht per share. The sales profit incurred a total of 10.7 billion baht in personal income and withholding taxes.

He added that overdue tax payment is subject to a 1.5 per cent interest fee per month.

The committee spokesman Sak Sak Korsangruang said both persons could possibly be given a criminal penalty for their tax-evading charges, while certain officials of the Revenue Department could possibly be faced with duty- negligence charges.

In January, Panthongtae Shinawatra told the Assets Examination Committee his mother's personal secretary took care of the sale of his Shin Corp shares to Singapore's Temasek Holdings and he just signed the paperwork.

During his testimony, Panthongtae mostly responded to questions with "I don't know".

Panthongtae said he did not know much about the deal as his mother's secretary Kanjanapa Honghern handled the proceedings, according to a Committee member.

The panel was told he could not remember all of the details about the share sale.

[sriracha john]

Pinthongta, Panthongtae ordered to pay tax of Bt10 Billion

Ex-PM's kids tried to avoid duties; bill could double if the decision is challenged

A sub-panel of the Asset Examination Committee has concluded that Panthongtae and Pinthongta Shinawatra owe more than Bt10 billion in tax in connection with the Shin Corp deal. AEC members Sak Korsaengruang, Kaewsan Atibodhi, and Viroj Laohaphan called a press conference last night to reveal the findings of their investigation into the Shin Corp deal. They concluded that the two children of the ousted prime minister Thaksin Shinawatra had attempted to avoid paying tax on the Shin stock transactions.

Viroj said Panthongtae and Pinthongta must pay tax of a combined Bt5.691 billion from the proceeds of Bt16.295 billion they earned on January 23, 2006 after selling their Shin stock holdings to Temasek of Singapore.

On January 20, 2006, the two bought 329.2 million shares of Shin Corp from Ample Rich Investments, incorporated in the British Virgin Islands, for Bt1 apiece, only to sell the stocks to Temasek the following Monday for Bt49.25 apiece. In the process, they made a capital gain of Bt48.25 a share.

The AEC sub-panel ruled that Panthongtae and Pinthongta, who each sold Bt164.6 million worth of stocks, must pay tax of Bt2.845 billion each from the capital gains they realised.

Ample Rich Investments would also have to pay tax from its sale of the Shin Corp stocks at Bt1 apiece to Panthongtae and Pinthongta. As a director of Ample Rich Investments, Panthongtae must pay Bt3.443 billion and Pinthongta Bt1.44 billion on behalf of Ample Rich Investments.

The total amount that Panthongtae and Pinthongta must pay to the Revenue Department is Bt10.575 billion.

Panthongtae and Pinthongta were found to be shareholders of Ample Rich Investments, which was not involved in any business. It simply held about 11 per cent, or 329.2 million shares, of Shin Corp.

Ample Rich was capitalised at US$5, with Panthongtae holding four shares worth $4 and Pinthongta one share worth $1.

Thaksin set up Ample Rich before transferring 10 per cent of the Shin Corp stocks to the paper company. Before entering politics in 2000, he transferred his business interests to his son, Panthongtae.

After the Shinawatra and Damapong families had decided to sell their entire 49-per-cent stake in Shin Corp to Temasek, Panthongtae and Pinthongta were involved in a series of transactions outside and inside the capital market. The zig-zag transactions resulted in the Shinawatras paying no tax at all for the stock sale, igniting a political furore that signalled the beginning of the end for the Thaksin government.

Following the military coup, the AEC was formed to go after the assets of politicians and their associates, including the Shinawatras and Damapongs. Last week Khunying Pojaman Shinawatra and her brother Bhanapot Damapong were sued at the Criminal Court for allegedly having avoided paying tax worth more than Bt543 million.

Viroj said Panthongtae and Pinthongta must pay the tax by April 7 otherwise their assets could be seized and they might have to pay additional fines worth 1.5 per cent of the total amount.

Meanwhile, an official at the Revenue Department said yesterday Panthongtae and Pinthongta had submitted their income tax forms, but they did not include their income from the sale of Shin Corp shares to Ample Rich Investments.

In fact, they had asked for a tax refund , said the official who asked not to be named.

The Revenue Department would soon inform the two to pay the additional tax on their income from the share sales within 30 days, the official said.

If Panthongtae and Pinthongta failed to do so, the department could begin legal proceedings, the official said. Although the two could appeal to the court at any time, the department could seize their assets when the case was finished and the court had ordered them to pay the tax.

According to the Revenue Code, the tax amount would have doubled by that time.

- The Nation

Edited April 2, 2007 by sriracha john

[sriracha john]

Why Ample Rich deserves to be in the 'Guinness World Records'

Is it just a funny old world of people doing their best to avoid taxes legally, or is it a blatant scam that breached the law?

All I know is the story of Ample Rich is just amazing, and here are reasons why it should somehow be included in the "Guinness World Records":

1) It was set up for just US$1 (Bt34.98) in March 1999. Not that strange if we consider the fact that many firms were registered at dirt-cheap prices, not to mention those born in the obscure British Virgin Islands. Yet I couldn't help thinking of the poor lads in my neighbourhood who needed Bt3,000 to start a somtam-kai yang business. And the damage that "one dollar" has caused to the local and world economy is still accumulating.

2) It was registered by Thaksin Shinawatra. Again, not that strange if he hadn't "sold" "his own" Shin Corp stock to this new company at Bt10 a share for a total "transaction" of Bt329 million in June of that same year. The best part was that Ample Rich Investment "borrowed" the sum from his wife to "buy" the shares. The loan hasn't been repaid, as far as we know.

3) We can also put it this way: Khunying Pojaman practically lent money to a company set up by her husband to buy shares from her own company.

4) Why would one do that? Thaksin explained at the time of the asset-concealment scandal that he was preparing to make inroads into Nasdaq. That seemingly honest ambition makes it all the more puzzling as to why he failed to report this part of his assets while holding political office around the time of those transactions.

5) In December 2000, Thaksin, rocked by the assets-concealment inquiry, was said to have "sold" Ample Rich to his son, Panthongtae, for $1. Not that strange for obvious reasons, but the whole picture was getting a bit intriguing: a young man had taken over a company his dad founded, which bought shares from the boy's parents in a transaction funded by money borrowed from the mother.

6) In August 2001, splitting par value of Shin shares meant Ample Rich was holding 329.2 million shares (from 32.92 million shares). No Nasdaq activities were documented, but that wasn't that unnatural. The Shinawatras were not the ones acting suspiciously this time around, but rather the Anti-Money Laundering Organisation, which paid zero attention to any Ample Rich development whatsoever and would soon after launch a serious probe into the bank accounts of several senior journalists and publishers of newspapers critical of Thaksin.

7) Thaksin's daughter, Pinthongta, became an Ample Rich co-owner after buying a - yes - $1 Ample Rich share from brother Panthongtae in May 2005 after he had increased its registered capital to $5 (five shares). They owned 164.6 million Shin shares each.

8) The 329.2 million Shin shares went home on January 20, 2006. Ample Rich "sold" the shares to its "owners", Panthongtae and Pinthongta, for Bt1 apiece. Now, the Shinawatra youngsters practically bought their own shares from a company set up by their father which borrowed from their mother to buy the shares from her own company. Are you still with me? *just barely... but please go on*

9) Went home but not for long. Three days later, the 329.2 million Shin shares headed straight into the hands of Temasek, at Bt49.25 apiece. Clean as a weasel. The Shinawatras argued that no tax had to be paid, because Ample Rich was "not making any profit", whereas Panthongtae and Pinthongta "did not make profit" either at the point of transaction. When the Shinawatra siblings did make a profit, their defence said, it was a tax-free situation, because they sold the shares to Temasek as individuals in the stock market.

10) Let's put it this way: Panthongtae and Pinthongta the Ample Rich owners could not sell directly to Temasek because they would have been taxed for about Bt2.3 billion. They had to sell the shares to Panthongtae and Pinthongta the individuals, who could "park" the shares (bought from their mother's company with money borrowed from her) and then sell them to the Singaporeans.

11) Another technicality was the Shinawatras' claim that the share transfer between Panthongtae and Pinthongta the Ample Rich owners and Panthongtae and Pinthongta the individuals took place in Singapore. While that could back their no-tax argument, the assets investigators insisted the transfer was "completed" in Thailand, when the global trotting Shin stocks were officially parked at the Shares Depository Centre here.

(The assets investigators also decided that the January 20, 2006, transfer was taxable, because Thai law states that company executives who receive shares from their firms must be taxed.)

12) Following Monday's ruling by assets investigators, two youngsters who paid a total of $2 to "buy" an offshore company now face up to Bt10 billion in taxes. Ample Rich, which cost $1 to set up, has also wrecked a country's politics, caused unprecedented national and global divides and soured bilateral relations. The firm is still owned by Panthongtae and Pinthongta and still hasn't paid the debt owed their mother, who reportedly lent it money to practically buy her own company's shares.

Tulsathit Taptim

- The Nation Editorial

[Sing_Sling]

Brilliant article

[sriracha john]

THAILAND: Thaksin kin may face charges over unpaid taxes

Bangkok --- Graft-busters appointed by Thailand's junta threatened to file criminal charges against two children of ex-premier Mr Thaksin Shinawatra for failing to pay tax on a lucrative business deal.

The Assets Examination Committee ordered Panthongtae and Pinthongta Shinawatra to pay 10.4 billion baht in back taxes on the sale of his telecom Shin Corp.

They had been ordered last year to pay the tax bill by March 31, but by the end of Monday had still not paid up.

"We have asked the Revenue Department to officially inform Panthongtae and Pinthongta to pay the amount within 30 days. If they don't, the next step in the process could eventually lead to the confiscation of their assets," the committee's spokesman Sak Korsaengruang said on Tuesday.

"The committee is also investigating further to see whether those persons intentionally avoided paying taxes. If yes, we will recommend the prosecutors to file criminal charges against them," he said.

The tax bill includes 5.6 billion baht in personal taxes, plus another 4.8 billion baht owed by their offshore trading company Ample Rich, which was used to facilitate the sale of Shin Corp to Singapore's Temasek Holdings.

Mr Thaksin's lawyer insisted that no taxes were owed on the deal and vowed to appeal the ruling.

"The resolution made by the AEC is clearly politically motivated, in another attempt to penalise people close to Thaksin," he said. "We will absolutely fight against the allegations in the court to the end."

Mr Thaksin's family sold their 49 per cent stake in Shin Corp to Temasek for US$1.9 billion (S$2.9 billion) in January 2006.

The deal was structured to avoid paying any taxes, sparking public anger that erupted in months of street protests culminating in the coup last September.

Thai prosecutors last month charged Mr Thaksin's wife Pojaman Shinawatra, her step-brother and her personal secretary with tax evasion over an earlier sale of Shin Corp shares, in the first criminal corruption since the coup

- Asia Media

[Jai Dee]

Mr. Sak indicates Shinawatra's family is trying to extend time

The Spokesperson to the Assets Examination Committee (AEC), Mr. Sak Korsangruang (สัก กอแสงเรือง), views the Shinawatra’s family is trying to extend time for the case of Ratcha land purchase, causing the delay to AEC investigation.

Prime Minister Surayud Chulanont earlier indicated that the investigation against Shinawatra’s family will complete within this month. Mr. Saks says some cases are still delayed, especially land purchase, two-three digit lotteries, and Shin Corp’s share deal. He claims government agencies do not give cooperation, and the Shinawatra’s family is trying to extend the time.

Mr. Sak informs that the ex-PM Thaksin Shinawatra and his wife, Khunying Potjaman Shinawatra, are required to clarify the case of land purchase today. He says they can clarify the case by themselves or submit the document. However, they have asked more 30 days. He says the approval of the postponement depends on Mr. Udom Feung-fung (อุดม เฟื่องฟุ้ง), the Chief of AEC Sub-committee considering the case.

Mr. Sak remarks that Mr. Thaksin and his wife are trying to avoid clarifying the case to AEC and waiting to time to defend themselves in the court.

Mr. Sak adds AEC Sub-committee today will consider the report on investigation of Shin Corp’s share deal before submitting the documents to Revenue Department to collect tax. As for the criminal charge against Mr. Panthongtae and Ms. Pinthongtha Shinawatra in the allegation of tax evasion, he says the consideration might take about two weeks.

Source: Thai National News Bureau Public Relations Department - 04 April 2007

[John K]

THAILAND: Thaksin kin may face charges over unpaid taxes

Bangkok --- Graft-busters appointed by Thailand's junta threatened to file criminal charges against two children of ex-premier Mr Thaksin Shinawatra for failing to pay tax on a lucrative business deal.

The Assets Examination Committee ordered Panthongtae and Pinthongta Shinawatra to pay 10.4 billion baht in back taxes on the sale of his telecom Shin Corp.

They had been ordered last year to pay the tax bill by March 31, but by the end of Monday had still not paid up.

"We have asked the Revenue Department to officially inform Panthongtae and Pinthongta to pay the amount within 30 days. If they don't, the next step in the process could eventually lead to the confiscation of their assets," the committee's spokesman Sak Korsaengruang said on Tuesday.

"The committee is also investigating further to see whether those persons intentionally avoided paying taxes. If yes, we will recommend the prosecutors to file criminal charges against them," he said.

The tax bill includes 5.6 billion baht in personal taxes, plus another 4.8 billion baht owed by their offshore trading company Ample Rich, which was used to facilitate the sale of Shin Corp to Singapore's Temasek Holdings.

Mr Thaksin's lawyer insisted that no taxes were owed on the deal and vowed to appeal the ruling.

"The resolution made by the AEC is clearly politically motivated, in another attempt to penalise people close to Thaksin," he said. "We will absolutely fight against the allegations in the court to the end."

Mr Thaksin's family sold their 49 per cent stake in Shin Corp to Temasek for US$1.9 billion (S$2.9 billion) in January 2006.

The deal was structured to avoid paying any taxes, sparking public anger that erupted in months of street protests culminating in the coup last September.

Thai prosecutors last month charged Mr Thaksin's wife Pojaman Shinawatra, her step-brother and her personal secretary with tax evasion over an earlier sale of Shin Corp shares, in the first criminal corruption since the coup

- Asia Media

The more I read this particular new post, the more I can see the arrogance of Thaksin even when the ruling is not in his favor. I bet all they will find for assets they can confiscate is a few used MP3 players and some comic books. The money I am very sure it flowing out day by day into Thaksin’s account (if it ever really belong to anyone else).