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

[sriracha john]

which incidentally would explain why so many publications here are anti-thaksin.

I think the real reason there are so many articles that are anti-Thaksin is because he's a megalomaniac, thieving, arrogant, murdering, insatiable, corrupt, egotistical, dishonest, self-centered, greedy, MF, SOB.

IMHO, of course.

I guess it would be pointless for me to invite you to join me on a pro-thaksin gathering, right?

No, not at all. I'll bring my own sign...

[sriracha john]

SHIN CORP DEAL

Thaksin could get 15 years if found guilty

Ousted prime minister Thaksin Shinawatra faces up to 15 years in jail if it's found he continued to manage Shin Corp shares that he transferred to other people's names before taking office in 2001. The ASC's Kaewsan Atipho raised the possibility Mr Thaksin's distribution of shares after his landslide victory in 2001 was a sham. The company was listed in 1992 and most Shin Corp shares were held in Mr Thaksin's name until his Thai Rak Thai party won the general election in 2001. Under the 1997 constitution, the PM and his spouse were barred from holding shares in a firm that had a concession contract with the state. Mr Thaksin therefore had to divest himself of the shares when he took office. The shares were transferred to Ample Rich (a company registered in the British Virgin Islands), his sister Yingluck, his son Panthongtae and other people including household employees. Thaksin would be in violation of Article 100 of the anti-corruption law if there was proof he continued to manage those shares, Mr Kaewsan said. The law provided for three years' jail and/or a fine of 60,000 baht on each offence. Thaksin made five asset declarations while in office, so he was liable to five counts of making a false asset declaration, or a cumulative jail term of 15 years, if found guilty, Mr Kaewsan said. He criticised the Shinawatra family for involving the son and daughter in the legal hassle over tax liability in the Shin Corp-Temasek deal, with the prospect of imprisonment.

Continued here:

http://www.bangkokpost.com/News/08May2007_news03.php

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

Does anyone believe that Thaksin was not in control of those shares?

Edited May 7, 2007 by sriracha john

[sriracha john]

Potjaman Shinawatra yesterday postponed giving testimony to the AEC over the Shin Corp share sale. Noppadon Pattama, legal adviser to the Shinawatra family, reported to the AEC that Pojaman was unable to testify today as scheduled because "she is engaged with business" overseas.

"This postponement is not a tactic to buy time because Potjaman will testify as a witness - not as the accused. So the AEC should be flexible," Noppadon said.

Noppadon did not, however, specify for how long Pojaman wanted to postpone her testimony.

- The Nation

[sriracha john]

Three are due in court

Pojaman Shinawatra, her brother and her secretary will appear before the Criminal Court on Monday to give their opening statement in a tax-evasion case against them, her lawyer said yesterday.

Virapat Srichaiya said the wife of former premier Thaksin Shinawatra, her brother Bhanapot Damapong and her secretary Kanchanapa Honghern would all appear in person.

The trio have been charged by public prosecutors with evading Bt546 million in taxes in connection with the 1997 sale of Shinawatra Computer and Communications shares. The court accepted the case in late March.

The lawyer said yesterday that the defence had listed several witnesses to testify in the case.

Kanchanapa yesterday met members of the Assets Examination Committee (AEC) to testify about a separate case regarding the sale of Shin Corp shares involving Thaksin and Pojaman's children Panthongtae and Pinthongta.

She left at about 5.30pm after seven hours of questioning.

Kanchanapa declined to discuss the details of her testimony and the AEC spokesman Sak Korsaengruang said the details could not be disclosed at this time.

- The Nation

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

Apparently now that Pojaman has finished her "important business overseas" she has allotted some time to face the courts. I hope the Playboy photo shoot in Hong Kong went well for her.

[Tony Clifton]

[sriracha john]

WAS THAKSIN PULLING THE SHIN CORP SHARE STRINGS?

Voters need to know the truth before the next election

Did deposed prime minister Thaksin Shinawatra control Shin Corp shares during his two terms in office? The answer to that question is being sought by the ASC as part of its probe into Shin share transfers over the past ten years. If the answer is yes, Mr Thaksin could have violated the anti-corruption law that bars politicians and their spouses from holding shares in firms granted concessions by the state, and be subject to a total jail term of 15 years. The 'yes' answer could also mean Thaksin has lied to the Thai people, especially the ''11 million votes'' he claimed to have won legitimately in 2001 and ''19 million votes'' in 2005, and thus failed to maintain ultimate accountability to the voters. Shin Corp was listed in 1992 and most of its shares were held by Thaksin and his wife until his TRT party won the general election in 2001. The couple transferred their shares to Ample Rich, a company Thaksin founded in 1999, and to Thaksin's sister Yingluck, his son Pangthongtae, and Potjaman's brother Bannapot Damapong.

Sordid details continued here:

http://www.bangkokpost.com/News/12May2007_news11.php

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

The voters who twice supported him must be given the answer if the Thaksin they elected, lied to them.

[Jai Dee]

Shinawatra stock prosecution scheduled for today

The Shinawatra Computer and Communication tax evasion case is expected to proceed today under the guidance of the Asset Examination Committee.

The Asset Examination Committee will be proceeding with its prosecution of Mr. Banpot Damapong (บรรณพจน์ ดามมาพงศ์), Khunying Pojamarn Shinawatra (พจมาน ชินวัตร), and Mrs. Karnchana Honghern (กาญจนาภา หงษ์เหิน) on charges of tax evasion for stock transfers of the Shinawatra Computer and Communication company under article 37 of the Revenue Code's criminal law. The three suspects' charges include perjury, money laundering, and knowingly engaging in tax evasion. Prosecution is expected to occur today (May 14) at 13:30.

Officials report that the suspects may have been guilty of transferring 4.5 million Shinawatra Computer and Communication stocks worth 738 million baht without properly filing for tax revenues..

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

[sriracha john]

Shinawatra stock prosecution scheduled for today

The three suspects' charges include perjury, money laundering, and knowingly engaging in tax evasion. Prosecution is expected to occur today (May 14) at 13:30.

TiTV showed Potjaman waddling up the steps under heavy police escort...

so she's actually shown up to a proceeding when ordered to do so and on time... which in itself, is no small miracle.

It'll be interesting to see how things go today.

Edited May 14, 2007 by sriracha john

[sriracha john]

Potjaman Shinawatra, wife of deposed Prime Minister Thaksin Shinawatra, arrives in court to face tax evasion charges in Bangkok May 14, 2007. Pojaman, her brother and her secretary were fighting in court against charges of evading millions of dollars in taxes over a 1997 share transfer.

REUTERS

[Jai Dee]

Khunying Pojaman pledges not guilty to tax evasion

Khunying Pojaman, wife of ousted premier Thaksin Shinawatra pleaded not guilty Monday to charges of tax evasion over a stock sale on Monday.

She, her brother Banapot Damapong and an aide all pleaded innocent to charges of tax evasion of Bt738 million at the Criminal Court.

Court told lawyers to submit their evidence and witness lists on May 25.

Source: The Nation - 14 May 2007

[sriracha john]

Potjaman Shinawatra, wife of deposed Prime Minister Thaksin Shinawatra, arrives in court with her son Panthongtae to face tax evasion charges in Bangkok May 14, 2007.

REUTERS

Potjaman pleads 'Not guilty'

The wife of ousted prime minister Thaksin Shinawatra pleaded innocent on Monday at the Bangkok Criminal Court to charges of tax evasion. It was the first criminal case against the family since Mr Thaksin was removed in a military coup last Sept 19. Pojaman Shinawatra, her brother Banpot Damapong and her personal secretary Kanchanapa Honghern all pleaded not-guilty to charges of perjury and tax evasion and penalties of 546 million baht. Some 50 police lined the courthouse entrance as she arrived wearing a brown suit with yellow blouse, signifying respect for Thailand's revered king on his birthday (Monday), with her three children and pressed by a mob of reporters. A handful of supporters, who tried to give her flowers, were sidelined by the police. An hour-long hearing saw a court official read out details of the charges but judges did not set a date for opening arguments. Lawyers were told to submit their evidence and witness lists on May 25. The case could land all three in prison for between three months to seven years, and liable to fines of between 2,000 and 200,000 baht.

Continued here:

http://www.bangkokpost.com/topstories/tops...s.php?id=118734

Edited May 14, 2007 by sriracha john

[Ijustwannateach]

Yeah, *he's* straight... not!

[sriracha john]

Tax evasion trial opens for wife of ousted Thai prime minister

BANGKOK, Thailand: The wife of ousted Thai Prime Minister Thaksin Shinawatra went on trial Monday on charges of tax evasion, in the first corruption-related case to be prosecuted against his inner circle.

Separately, a special government committee recommended Monday that Thaksin and his wife, Pojaman, be prosecuted over her purchase of land in Bangkok at a favorable price from a semi-official agency.

Pojaman, her brother and her secretary are being tried on charges of evading millions of baht (dollars; euro) in taxes related to a 1997 transfer of shares in the family's flagship business, which became Thailand's biggest telecommunications company.

Pojaman could face 14 years in prison if convicted. All three have pleaded innocent.

Lawyers for Pojaman successfully sought a delay until May 25 to give them more time to prepare evidence and witnesses for their defense.

Thaksin was ousted last Sept. 19 in a military coup. Pojaman has kept Bangkok as her primary residence, periodically joining her husband on trips to other Asian countries and at an apartment they own in London.

The case centers on a 1997 transfer of shares in Shinawatra Computer, the company that later became the family's telecommunications empire, which was sold last year to a Singapore state-owned company for US$2.2 billion.

An investigation by the Assets Examination Committee found that Thaksin's wife and her brother had to pay back taxes of about 546 million baht (US$17 million or €12.6 million at current exchange rates) on the share transfer.

Investigators ruled that Pojaman and her brother misrepresented the nature of the share purchase to avoid paying taxes.

- Associated Press

[Jai Dee]

Pojaman Shinawatra, second left, wife of former prime minister Thaksin, is accompanied by her children Paethongtarn, left, Pinthongta, third left, and Panthongtae as they leave the Criminal Court yesterday.

Pojaman, her brother and her secretary have been charged with evading Bt546 million in tax in connection with the 1997 sale of Shinawatra Computer and Communications shares.

Source: The Nation - 15 May 2007

[Jai Dee]

Pojaman, brother, secretary in court for tax-evasion case

Charged with evading Bt546 million on 1997 share deal; children also attend

The wife of the former prime minister, Pojaman Shinawatra, her brother and secretary appeared in the Criminal Court yesterday to plead not guilty to charges of tax evasion in regard to a stock deal.

Pojaman's children Panthongtae, Pinthongta and Paethongtarn accompanied their mother to give morale support. However, the three accused may not appear often as the court has allowed the trial to proceed without them being present, as they had requested.

The Shinawatra family's lawyer Noppadon Pattama said the three told the court they had businesses to take care of.

Khunying Pojaman, her brother Bhanapot Damapong and her secretary Kanchanapa Honghern have been charged by public prosecutors with evading Bt546 million in tax in connection with the 1997 sale of Shinawatra Computer and Communications shares. The court accepted the case in late March.

The court has postponed the receipt of documentary evidence until May 25 as the defendants said they were unable to get it assembled in time.

Noppadon said the court had stressed that they should not give media interviews about the case.

Pojaman apologised to well-wishers for not accepting flowers by herself, Noppadon said. Thaksin, he said, had instructed him to try his best to prove the defendants' innocence according to the law.

In a separate case, a fact-finding panel at the Assets Examination Committee (AEC) suggested indicting Thaksin and Pojaman in regard to the purchase of a prime block on Ratchadapisek.

Noppadon said they had prepared a defence team headed by Pichit Chuenban. However, it was still uncertain whether the case would go to court.

Thaksin had the right to defend himself according to the law. So he might return to the country to do that, Noppadon said.

The former PM said he would do nothing to pressure the court. So the Council for National Security (CNS) had no right to detain Thaksin if he came back, Noppadon claimed.

In regard to alleged tax evasion in relation to the Shin Corp share sale and Ample Rich Investments, Panthongtae and Pinthongta would let their lawyer represent them and testify to the Revenue Department on May 30, Noppadon said. However, the department had not informed them yet of the calculated tax amount for the case.

Source: The Nation - 15 May 2007

[sriracha john]

Potjaman Shinawatra faces 14 years in prison if convicted

Various excerpts from around the globe:

Thaksin's wife back in court

The case centers on allegations that in 1997 - four years before Thaksin came to power - Potjaman transferred shares in the family's telecommunications empire to her brother through her maid's account. Investigators say it was a deliberate deception to evade tax.

But the family's lawyer says it was a gift from Potjaman to her brother and was therefore tax exempt.

Our correspondent says Thaksin has always credited his wife for what he is today. He says she was instrumental in starting the family's small computer business and developing it into Thailand's biggest telecommunications company, Shin Corp.

The former prime minister is now in exile, but is also facing a string of corruption inquiries.

He could be jailed for up to 15 years if it is found he continued to manage shares he transferred to other people's names - including domestic staff - to evade taxes.

- Al Jazeera

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

Also similarly reported on:

Tax Trial Opens for Wife of Ex-Thai PM

- Forbes (USA)

Thai Prime Minister's wife undergoes tax evasion trial

- Pravda (Russia)

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

Ex-Thai PM's wife denies tax fraud

BANGKOK, Thailand - The wife of former Thai Prime Minister Thaksin Shinawatra, her brother and her secretary pleaded not guilty on Monday to tax evasion charges in a case which could finish off the charismatic billionaire politically.

Potjaman Shinawatra, flanked by her three children and the other co-defendants, told the judge in a pre-trial statement they were not guilty, their lawyer told reporters.

"They denied all the charges," lawyer Noppadon Pattama said after the pre-trial hearing at Bangkok's Criminal Court with 50 politicians of her husband's party outside to give moral support.

"Prime Minister Thaksin, who is in Europe now, told me yesterday to fight a good fight through the last court. He wanted us to use all the legal channels available," Noppadon said.

The court postponed the start of the trial to May 25 as the defendants asked for more time to gather evidence to counter charges filed by prosecutors in March, Noppadon said.

Potjaman, her brother and secretary, freed on 15-million-baht bail, could face up to 14 years in jail in a case involving the transfer of shares in what is now Shin Corp, the firm Thaksin founded.

In November, graft investigators ordered the Revenue Department to tax her brother Bannapot almost $15 million on 4.5 million shares he bought from a Shinawatra maid with money given to him by Potjaman in 1997.

The investigators ruled the deal, decreed tax-free at the time as a gift on a special occasion, was a handout by Potjaman to her brother, then chairman of what is now Shin Corp, and must be taxed.

- Reuters

[John K]

Noppadon said the court had stressed that they should not give media interviews about the case.

I wonder if Noppadon asked for this. The absurdity of some of the statements he has given could find their way into a book similar to excuses smokers give to smoke.

[sriracha john]

Pojaman Shinawatra, silent partner in Thaksin's empire

BANGKOK - Ousted Thai premier Thaksin Shinawatra's wife Pojaman, who pleaded not guilty Monday to tax evasion charges, is the silent partner in her husband's political and corporate interest.

Described by Thaksin as his conscience and the only person he completely trusts, she built up a fortune guiding his decision-making but now risks prison over their lucrative business dealings.

"No matter how important I have become, I always listen to her," Thaksin once told reporters while he was still prime minister. He was ousted in a coup in September.

Always perfectly coiffed and dressed in sharp tailored suits, Pojaman often appears in Thai media but rarely says anything.

Rather, she perfected the art of appearing in public as the concerned wife and mother, allowing cameras to capture her during religious ceremonies or accompanying Thaksin and their three children.

But behind the scenes, she exerts enormous influence over Thaksin and his political and business interests, and is a trusted trouble-shooter when things go wrong.

"She is tough, but she will show her toughness only when needed," former Thaksin cabinet member Vissanu Kreu-Ngarm once said.

While Thaksin has stayed in exile since the coup, she has shuttled in and out of the country, managing his affairs here and then travelling to meet him as he travels the world.

Pojaman was born on November 22, 1956, as the youngest of four children of former assistant national police chief Sameur Damapong.

She started her education at the prestigious Saint Joseph Convent School, where she first met Thaksin, who was a friend of her brother's.

She went on to study arts in the United States where Thaksin was studying for his doctorate. They married in Thailand in 1976, and had three children -- Panthongtae, Pintongta and Praethongtan.

Pojaman helped Thaksin build up a small computer business into a telecom empire that became known as Shin Corp and included Thailand's biggest mobile phone company, Advanced Info Service.

When he became prime minister, Thaksin relied on Pojaman to resolve feuding within his Thai Rak Thai (Thais Love Thais) party, and she was generally perceived as his only true confidante on matters of policy and business.

Much of the billions of dollars that Thaksin earned through Shin Corp was actually held in her name. She even owned the glass-and-steel high-rise where TRT once kept its party headquarters.

Thaksin's fall has left her -- as well as her step-brother and two of her children -- in the sights of corruption-busters appointed by the junta.

Pojaman is now on trial for tax evasion charges that could land her in prison over a 1997 sale of Shin Corp shares.

She also remains under investigation in a slate of other corruption cases, including over Thaksin's sale of Shin Corp last year to Singapore's Temasek Holdings.

The deal sparked huge public protests that eventually led to the coup -- and ultimately her appearance in court.

- AFP

[sriracha john]

Board shakeup at Shin as profit dips

Shin Corp, Thailand's largest telecommunication conglomerate, yesterday appointed Virach Aphimeteetamrong as chairman of the board of directors, replacing Pong Sarasin. Mr Pong has come under investigation for acting as nominee for Temasek, as he previously owned 31% of Kularb Kaew Co, a key shareholder of Shin, before selling almost all of his stake to Surin Upatkoon, a Sino-Thai businessman based in Malaysia. The change came after the company reported worse-than-expected first-quarter earnings. Shin attributed its losses to the write-down of goodwill and the concession value of its subsidiaries. Shin Corp, controlled by Singapore's Temasek Holdings, told the Stock Exchange of Thailand yesterday that Mr Pong had resigned effective on Monday. Shin Corp yesterday reported a net loss of 1.72 billion baht in the three months to March 31, compared to a profit of 2.23 billion baht a year earlier. Temasek and Shin executives declined to comment on the change.

Continued here:

http://www.bangkokpost.com/Business/16May2007_biz31.php

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

geez... remove Thaksin's manipulating power when he was PM from Shin's equation and the bottom drops out of it...

[sriracha john]

Witnesses named for Pojaman's hearing

Public prosecutors yesterday submitted a list of 39 witnesses in the Pojaman-Bhanapot case for alleged Bt546-million tax evasion.

Ousted premier Thaksin Shinawatra's wife Pojaman, her brother Bhanapot Damapong and her private secretary Kanchanapa Honghern are fighting criminal charges stemming from the alleged scam.

The Criminal Court has scheduled hearing prosecution witnesses from June 18. The defence will begin calling its 25 witnesses on July 23.

The trial is expected to be completed in August.

- The Nation

[sriracha john]

Shin Satellite sells unit for $200 million

Temasek buys Lao and Cambodian firms

Shin Satellite said yesterday that it would sell 49% of its Lao and Cambodian operations to a unit of Temasek Holdings for $200 million, causing the company's shares to jump 23.16% in heavy trade. SATTEL shares closed on the Stock Exchange of Thailand at 10.90 baht, up 2.05 baht, in trade worth 932.47 million. Dumrong Kasemset, the company's executive chairman, said the transaction would help reduce the company's debt burden and improve its financial status. Shin Satellite's total debt topped $500 million, with a debt-to-equity ratio of 1.39 times as of the end of March.

Continued here:

http://www.bangkokpost.com/020607_Business...n2007_biz19.php

[Jai Dee]

Pojaman wants five-week delay

The Assets Examination Committee will decide tomorrow whether to allow Khunying Pojaman Shina-watra another five weeks before she has to testify on the Shin Corp share sale, spokesman Sak Korsaeng-rung said yesterday.

He said AEC subcommittee head Viroj Laohapan reported that Pojaman was due to testify tomorrow but had asked to postpone her appearance till July 10, saying she had obligations overseas.

The Viroj panel would decide if she had reasonable grounds for such a long postponement.

Sak said if the Attorney General had not reached a decision on whether to file charges over the Ratchada-pisek land purchase by June 24, the AEC was ready to file a suit directly to the Supreme Court's tribunal for people who have held political office.

An AEC panel probing the purchase of CTX bomb detectors at the new airport decided not to allow Suriya Jungrungreangkit to put off testifying for two months. The panel had said if Suriya did not testify in person or on paper, it would regard his lack of response as him having no questions about the allegations made against him.

Source: The Nation - 05 June 2007

[sriracha john]

It's time they revoke this fat ass's bail and let her fulfill her "overseas obligations" from inside a cell while she awaits her next court appearance.

Just let her husband be satisfied by the singer Mai... I'm sure he'd be in favor of that deal.

Edited June 5, 2007 by sriracha john

[Jai Dee]

Khunying Pojaman instructed to give testimony of Shin Corp's share deal on June 19th

The Asset Examination Committee (AEC) has called upon Khunying Pojaman Shinnawatra, the ex-Prime Minister’s wife, to give testimony on June 19th at 10.00 hours..

AEC Spokesman Sak Korsangruang (สัก กอแสงเรือง) discloses Khunying Pojaman has asked for postponement of her date to give testimony about Shin Corp’s deal, adding this is the third time of her request to postpone the date. However, Mr. Sak says the AEC has denied the request due to inadequate reason.

Mr. Sak says Khunying Pojaman is not allowed to send documents clarifying the matter; she herself must come; otherwise, she will face six months in jail or 10,000 baht of fine or both.

Source: Thai National News Bureau Public Relations Department - 06 June 2007

[John K]

According to my calendar the day before June 18 the start of trial for Shin. I guess everyone should be back in town that week. I can hardly wait.

[Tony Clifton]

I'm curious. How does one get the title "Khunying"?

[sriracha john]

Thaksin's wife ordered to testify on time or face jail

Thailand's former Prime Minister Thaksin Shinawatra's wife Pojaman will face up to six months jail term if she does not turn up to testify at the Assets Examination Committee (AEC) on June 19, AEC announced on Wednesday.

Sak Korsaengruang, spokesman for AEC, said that it appeared Pojaman "intentionally postponed giving testimony on Shin Corp share sale twice to delay the prosecution process."

She did not give reason for the first postponement and the AEC allowed her to put off the testimony 27 days from May 9 to June 6 as she requested.

But she failed to turn up Wednesday even though she made the appointment by herself, Sak told reporters.

Pojaman, her step-brother and personal secretary to the Shinawatra family have been appealed to court to face charges of evading 546 million baht (16.6 million U.S. dollars) in back taxes involved in a 1997 transfer of shares in the family telecommunications empire later known as Shin Corp.

The case of Pojaman is the first of a dozen Thaksin-related corruption cases. The outcome of the ruling will affect not only the Shinawatra family, but numerous business and political associates of the ousted premier in this and more than a dozen outstanding corruption cases.

- Xinhua

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

One must remember that she has been gallivanting around the globe and disregarding the court appearances WHILE ON BAIL.

Revoke the bail, jail her, and she'll make every appearance required.

Edited June 6, 2007 by sriracha john

[sriracha john]

Potjaman must testify or face jail, says ASC

The Assets Scrutiny Committee (ASC) has rejected Potjaman Shinawatra's request for a second postponement to testify in the Shin Corp share sell-off case. The ASC said the wife of ousted prime minister Thaksin could be jailed for up to six months and fined a maximum of 10,000 baht if she does not turn up for testimony on June 19. She had asked that the ASC allow her to testify on July 10. The ASC, however, found her reason for the request, her preoccupation with a business engagement overseas, unjustified. She sent the request dated June 1 to the panel from Singapore. ASC spokesman Sak Korsaengrueng said she must report to the panel on June 19 or she could face legal action. The ASC approved Potjaman's first postponement, which switched the appointment from May 9 to yesterday. Although the second request was rebuffed, the ASC still gave her some more time to prepare. It has now rescheduled the appointment to June 19.

Continued here:

http://www.bangkokpost.com/News/07Jun2007_news14.php

Edited June 7, 2007 by sriracha john

[sriracha john]

Shin Corp sells out of Thailand's top budget carrier, Thai AirAsia

BANGKOK (AFP) - Shin Corp, the Singapore-controlled telecom giant founded by ousted premier Thaksin Shinawatra, said Wednesday it has sold its stake in budget airline Thai AirAsia to focus on its core telecom business.

Shin Corp's 50 percent stake in the nation's top low-cost carrier sparked public controversy last year after Singapore's state-linked Temasek Holdings bought the telecoms company.

Critics argued that a foreign firm should not control a domestic airline and that the deal violated Thailand's foreign ownership laws.

To comply with the ownership law, Shin Corp last year set up a Thai company called Asia Aviation to control its shares.

Thai businessman Sittichai Veerathummnoon controlled 51 percent of Asia Aviation with Shin Corp holding 49 percent.

Shin Corp has now sold those remaining shares to a group of six of the airline's managers, led by Thai AirAsia chief executive Tassapon Bijleveld, the company said in a filing to the Thai stock exchange.

The group of managers paid 472 million baht (13.7 million dollars) for just over 20 million shares, at a price of 23.50 per share, the statement said.

"The divestiture of Thai AirAsia's stake is part of Shin Corp's strategy to focus on the group's core telecom and media businesses," a Shin Corp spokeswoman told AFP.

"Budget carrier Thai AirAsia is considered a non-core activity," she added.

"It is expected that Thai AirAsia's management is considering whether to offer to buy more shares from Sittichai," the spokeswoman said.

Shin Corp has been under Temasek's control since Thaksin's family sold its stake in the telecom giant in January 2006 for 1.9 billion dollars in a tax-free deal that set off public outrage against the former premier.

The outrage snowballed into months-long street protests against Thaksin, who was ousted by the military in September 2006. Since then, he has remained in exile.

Following the power-grab, the junta launched efforts aimed at dismantling Thaksin's business empire and took over iTV, Thailand's only private broadcaster, which was once partly owned by Shin Corp, in March.

Coup leader General Sonthi Boonyaratglin also caused a diplomatic stir in February when he said he would reclaim Thai satellites that came under control of Temasek and accused Singapore of spying on Thailand via the satellites.

He later backed off to defuse the row with Singapore.

Analysts said Shin Corp's decision to sell its Thai AsiaAsia shares was motivated by the political pressure on Temasek.

"Temasek has tried to soften the political disputes by exiting from some Shin Corp businesses. It wants to keep control only of the group's flagship mobile phone business," said Prasit Sujiravorakul, a telecoms analyst at Capital Nomura Securities.

- AFP

[John K]

Just a thought, Thaksin’s kids are fighting paying taxis on Shin. Now if I understand correctly evidence is pointing that Thaksin is and was the owner and he is actually responsible for the taxes. If that is the case then does that not make his children part of a conspiracy to defraud the government by falsely saying it was theirs? And if that is the case is that not a criminal offence punishable by fines and jail time?

As I said just a thought and if any gurus out there can correct this or support it, please do so.