sriracha john Posted December 2, 2006 Share Posted December 2, 2006 ASSETS SCRUTINY COMMITTEE / SHIN CORP SHARE PROBE Case against Shinawatra kids grows A former senior tax official yesterday assured the Assets Scrutiny Committee (ASC) the two grown up children of deposed prime minister Thaksin Shinawatra were liable to personal income tax from a profit of about 15 billion baht they received from the Shin Corp share sale. Komain Suepwiset, a former secretary-general of a committee in charge of interpreting terms used in taxes, met the ASC sub-panel investigating the share sale yesterday to explain definitions of the wording relevant to the share probe. His statements lent weight to consideration of any tax liability of Panthongtae and Pinthongta Shinawatra for the shares they received on Jan 20 before selling them to Singapore's Temasek Holdings on Jan 23, said the source. Ample Rich Investments Ltd sold 164.6 million Shin shares to each of Mr Thaksin's two children outside the stock market at one baht each only a few days before they were resold to Temasek for 49.25 baht apiece. This information is vital for the sub-panel which will decide whether or not to order the pair to pay tax. The decision will hinge on the interpretation of a tax ruling which stipulates that personal income tax liability is incurred where a person receives or buys shares at a price lower than market value in accordance with a special agreement arranged between two parties. In cases where a company gives away shares to its employees, directors or consultants or if it sells the shares to these people at a price lower than the market value based on a specially-arranged agreement, such persons receiving the shares are regarded as having taxable income under Article 39 of the Revenue Code. Continued here: http://www.bangkokpost.com/News/02Dec2006_news13.php Link to comment Share on other sites More sharing options...
sriracha john Posted December 4, 2006 Share Posted December 4, 2006 (edited) CORRUPTION SHIN CORP SHARE SALE Tax probe against Thaksin's kids to end soon The Assets Scrutiny Committee (ASC) will wrap up its tax probe against two grown-up children of ousted prime minister Thaksin Shinawatra involving a profit of 1.5 billion baht from the Shin Corp share sale by the end of the month. According to a committee member and a source, the panel was expected to cite the Finance Ministry's tax ruling to overrule Revenue Department advice given earlier to the Shinawatra family that the profit would be tax-free. Viroj Laohaphan, head of the ASC's sub-committee handling the probe, said recently that his team would decide by the end of the year whether to order Panthongtae and Pinthongta Shinawatra to pay tax on the profit. Ample Rich Investments Ltd sold 164.6 million Shin shares to each of Mr Thaksin's two children outside the stock market at one baht each only a few days before they were resold to Temasek for 49.25 baht. A source on the sub-panel said consideration of the case had almost come to an end, pending only a final discussion on one legal aspect. The sub-panel, which comprises certain members of the ASC and experts from other organisations, had agreed to apply articles 9 (bi) and 39 of the Revenue Code, and a Finance Ministry tax ruling issued in 1995 to the case. This meant the pair's 1.5-billion-baht profit was considered subject to capital gains tax as they had bought the shares at one baht apiece while the market value was about 47 baht apiece. The difference between the sale and purchase prices would be used for taxation and the siblings were likely to be forced to pay 5.6-5.8 billion baht in tax, said the source. Noppadol Pattama, a legal adviser to the Shinawatra family, recently insisted that the siblings would fight the case in court because the tax agency had already assured the family that the deal was tax-exempt. But the Shinawatra family could find it hard to continue citing such advice to counter the tax liability if the case went to court because the sub-panel aims to use the tax ruling as a key tool in the case. ''This kind of tax ruling is final according to the tax law and overrules any decision made by the Revenue Department,'' said the source, adding that the only thing that could take precedence over the ruling was a court verdict. The ruling provided grounds for consideration of tax cases involving personal income tax liability incurred where a person received or bought shares at a price lower than market value. Continued here: http://www.bangkokpost.com/News/04Dec2006_news09.php Edited December 4, 2006 by sriracha john Link to comment Share on other sites More sharing options...
sriracha john Posted December 4, 2006 Share Posted December 4, 2006 BURNING ISSUE Officials closely following the Shin Corporation paper trail Bank forced to disclose deals by Thaksin's kids, Ample Rich The Assets Examination Committee (AEC) has beefed up its probe into the Shin Corp deal by ordering Siam Commercial Bank to submit documents related to all the payments made by Temasek Holdings of Singapore to the Shinawatra-Damapong families. According to yesterday's Matichon newspaper, Viroj Laohaphand, the chairman of a working committee of the AEC, last week sent a letter to SCB asking for details of the financial transactions of the Shin Corp deal. The AEC is now trying to trace the money through transactions related to Ample Rich Investment Ltd, set up by Thaksin Shinawatra in the British Virgins Islands before he entered politics. Ample Rich Investment holds the key to the Shin Corp deal. It held 329.2 million shares (about 10 per cent) of Shin Corp before it sold the stocks to Panthongtae Shinawatra and Pinthongta Shinawatra, two of Thaksin's children, at Bt1 apiece on January 20, 2006. On the next stock market trading day on January 23, Panthongtae and Pinthongta sold the shares to Temasek Holdings of Singapore for Bt49.25 for a total of Bt16 billion. The total Shin Corp deal was worth Bt73.3 billion, involving as it did two other sellers - Bhanapot Damapong and Yingluck Shinawatra. There are some legal questions that the AEC would like to pursue in this deal. First, were there any actual transactions in the first place between Ample Rich and Panthongtae and Pinthongta, who were supposed to pay the firm Bt329.2 million for acquiring the Shin Corp stocks at Bt1 each? Sirote Sawasdipanich, the director-general of the Revenue Department, has suggested that the authorities have not found any evidence about the financial transactions between Panthongtae and Pinthongta on the one side and Ample Rich on the other. If this were to be the case, then it would mean that Ample Rich sold the 329.2 million stocks directly to Temasek. The AEC would now like to know whether Temasek paid the money into the accounts of Panthongtae and Pinthongta or into the account of Ample Rich. Or maybe the accounts were in the names of other people. MR Pridiyathorn Devakula, when Bank of Thailand governor, had indicated that the Shinawatra-Damapong families held the money earned from the sale of Shin Corp in local banks without moving the money out. Any unusual movements of this amount would have alerted the attention of the banking authorities. Another riddle over Ample Rich is whether Panthongtae and Pinthongta actually own the company as claimed. Thaksin set up Ample Rich with a capital of only US$1. Later on he transferred 32.92 million shares of Shin Corp (before the par value of the stocks was split to bring the total amount to 329.2 million shares) to Ample Rich. Thaksin sold Ample Rich to his children for US$1 - his original cost - without taking into account Ample Rich's assets. At the time, Ample Rich's assets also included its holding of 32.92 million shares of Shin Corp. The value of Ample Rich's assets therefore should have been Bt4.9 billion. Panthongtae and Pinthongta, as claimed by Thaksin's lawyers, were shareholders and directors of Ample Rich. A day before the deal with Temasek, Ample Rich sold the Shin Corp stocks to Panthongtae and Pinthongta at Bt1 a share, much below the market value in order to avoid having to pay tax. The next trading day, Panthongtae and Pinthongta sold all the stocks to Temasek for Bt49.25 a share without paying tax because the transactions were made on the stock exchange. The sale of Shin Corp triggered the political slide of Thaksin. Now the AEC is attempting to find out whether Thaksin tried to conceal his stock holdings without proper reports and whether the authorities could slap tax on his two children. The Nation Link to comment Share on other sites More sharing options...
Indifferent Posted December 5, 2006 Share Posted December 5, 2006 Good...Hit em where it hurts. Lets hope they follow through. Link to comment Share on other sites More sharing options...
sriracha john Posted December 6, 2006 Share Posted December 6, 2006 (edited) TAX INVESTIGATIONS ASC appoints Bannapot's questioners The Assets Scrutiny Committee (ASC) has appointed five interrogators to question Bannapot Damapong, the brother-in-law of deposed prime minister Thaksin Shinawatra, who faces charges of tax evasion in a share deal. In 2000, Khunying Potjaman, Mr Thaksin's wife, sold 26 million shares of Shin Corp to her stepbrother, Mr Bannapot. The sale was at 10 baht a share while the market price was 150 baht. Consequently, Mr Bannapot enjoyed a profit margin of 3.7 billion baht and should have been taxed 1.3 billion baht http://www.bangkokpost.com/News/07Dec2006_news06.php --------------------------------------------------------------------- This latest investigation is in addition to the other crooked deals with her brother reported earlier in the thread and involves the sale of stock rather than the infamous "wedding gift" of stock to her brother. One wonders just how many crooked deals one household can make... considering that this crass Imelda Marcos wannabe and her Bargain Basement Stock Sale Bonanza also included sales to her son, Pantiesandathong, and Thakky's sister, YingIgotnoluck. Amount involved: Billions. Edited December 6, 2006 by sriracha john Link to comment Share on other sites More sharing options...
sriracha john Posted December 7, 2006 Share Posted December 7, 2006 The Thaksin conspiracy of wanton corruption is beginning to unravel... although not unexpectantly. There's only so much crap you can stuff into a bag before it starts leaking out: Officials 'aided Thaksin kids evade taxes' The National Counter Corruption Commission ruled today that six Revenue Department officials including its chief are guilty of not taxing Thaksin's children in Shin Corp share sale, said Panthep Klanarongran, the scrutiny chairman. The panel this afternoon found that Revenue Department director-general Sirot Sawadpanish and five tax officials were negligent or committed wrongdoing in their jobs when they failed to tax Panthongtae and Pinthongta Shinawatra. Continued here: http://www.bangkokpost.com/breaking_news/b...s.php?id=114844 Link to comment Share on other sites More sharing options...
sriracha john Posted December 7, 2006 Share Posted December 7, 2006 The conspiracy widens in scoop to yet another corruption scandal that's rocking Thaksin's boat. Seems like any time Thaksin wanted a myriad of favorable tax rulings for ALL the members of his extended household, he had a go-to guy well under him. SHIN SHARE DEAL Revenue chief set to face charges Anti-graft body decides to indict Sirote, four others over tax exemption for Bhanapot The National Counter Corruption Commission (NCCC) yesterday resolved to indict Revenue Department director-general Sirote Swasdipanich and four other senior officials on criminal and disciplinary charges for allegedly failing to tax Bhanapot Damapong, who acquired 4.5 million shares of Shin Corp as a "gift" worth Bt738 million. The decision follows the Assets Examination Committee's (AEC) primary ruling in November that Bhanapot, a brother of Khunying Pojaman Shinawatra, had to pay Bt546 million in tax for the Shin Corp shares he acquired in 1997 from a domestic helper of the Shinawatra family. NCCC chairman Panthep Klanarongran said the commission had found grounds to believe that Sirote, then deputy director-general of the Revenue Department, and the four other officials failed in their duty to tax Bhanapot. The other officials are Vichai Jungrakkiat, then director of the Legal Office; legal officer Suchinda Saengchompu; C-8 legal officer Morirat Bunyasiri; and C-7 legal officer Kulluedee Saengsayan. They are to face charges of malfeasance and exempting tax collection, under articles 154 and 157 of the Criminal Law. They will also face charges of a disciplinary offence in accordance with Civil Service Directive Act 1992, Articles 82, 85 and 98. The NCCC will submit the investigation file within a week to the attorney-general for prosecution. NCCC member Klanarong Chantik said the investigation into the deal had originated from the commission's probe into the assets declaration of then prime minister Thaksin Shinawatra and its indictment against him for asset concealment. The Constitution Court acquitted him of the charges in August 2001. The Revenue Department testified in support of Thaksin, saying that Bhanapot was exempted from paying tax because he had received the shares from Pojaman as a wedding gift in accordance with tradition and custom. However, the NCCC later appointed a subcommittee to further investigate whether the transfer of shares qualified for exemption from tax according to Article 42 of the Revenue Code. The investigators' brief also covered possible offences by Revenue Department officials related to the transaction. The panel found that Pojaman did not have a duty to support Bhanapot, who had sound financial status. Besides, he was receiving benefits from her in return for his work. According to Article 1461 of the Civil Law, only spouses have a duty to support each other, while according to Article 1563, children have a duty to support parents. There was also a Supreme Court ruling which set a norm for the duty to provide support according to custom and tradition, and this case did not fall under that norm, the NCCC said. The NCCC also dismissed claims that the share transfer was a wedding gift because Bhanapot registered his marriage on January 1996, long before the share transfer in November 1997. Klanarong said that if the share transaction was meant to be transparent, the people involved should have just transferred the shares and not concealed the transaction through a nominee. He said the four Revenue officials had ruled on the tax exemption without providing proper justification or protecting the public interest. They failed to investigate whether the share transaction qualified as a gift. Klanarong said the Revenue Department deputy director-general at the time had twice opposed their decision, on September 14 and 24, 2001, before he was moved out of the post. Sirote was transferred in his place and acknowledged the transaction on September 28 and endorsed the ruling on October 1 after Morirat had explained the matter to him. The NCCC found that Sirote had committed criminal and disciplinary acts of malfeasance in failing to oversee the four officials in their duty. Sirote's aide attended the press conference at the NCCC office yesterday and was seen calling him to inform him of the decision. A government official found guilty of malfeasance is subject up to 10 years imprisonment and/or a fine up to Bt20,000 in accordance with Article 157 of the Criminal Law. Article 154 stipulates that a malfeasant officer in charge of collection or examination of tax or other fares be subjected to five to 20 years or life imprisonment and/or a fine of Bt2,000-Bt40,000. - The Nation Link to comment Share on other sites More sharing options...
jumnien Posted December 8, 2006 Share Posted December 8, 2006 Thaksin's children demanded to pay 37% tax.... Military wants 29,000,000,000 baht increase in this years budget.... Coincidence? - We think not! Link to comment Share on other sites More sharing options...
sriracha john Posted December 8, 2006 Share Posted December 8, 2006 If the kiddies pay for the Defense Ministry increases, perhaps Bannapot can pay for a nice jump in the Education Ministry, and Potjamon could fund a big rise in Public Health Ministry expenses, and the their maid could supply needed revenue for the Agriculture Ministry, their gardener could single-handedly finance a nice bump for expenditures in the ICT Ministry, etc. etc. etc.. Actually, this is a nice idea, the ill-gotten gains from the Thaksin tyrannical regime are on such a massive scale, they can almost fund Thailand's entire budget by themselves. "We" think it's a great idea. Graft panel: Revenue chief guilty Sirote failed to tax Potjaman share deal The National Counter Corruption Commission (NCCC) has found Revenue Department chief Sirote Swasdipanich and four other officials guilty of a serious negligence of duty for failing to collect tax incurred from a share transfer between Khunying Potjaman Shinawatra and her step-brother. Besides Mr Sirote, the other four are Legal Office director Vichai Juengrakkiat and legal advisers Kulluedee Saengsayan, Moreerat Boonyasiri, and Suchinda Saengchompu, said NCCC spokesman Klanarong Chanthik. Continued here: http://www.bangkokpost.com/News/08Dec2006_news01.php Link to comment Share on other sites More sharing options...
JacknDanny Posted December 8, 2006 Share Posted December 8, 2006 Graft panel: Revenue chief guiltySirote failed to tax Potjaman share deal The National Counter Corruption Commission (NCCC) has found Revenue Department chief Sirote Swasdipanich and four other officials guilty of a serious negligence of duty for failing to collect tax incurred from a share transfer between Khunying Potjaman Shinawatra and her step-brother. Besides Mr Sirote, the other four are Legal Office director Vichai Juengrakkiat and legal advisers Kulluedee Saengsayan, Moreerat Boonyasiri, and Suchinda Saengchompu, said NCCC spokesman Klanarong Chanthik. Continued here: http://www.bangkokpost.com/News/08Dec2006_news01.php Nows the time to put the pressure on these guys. Name names and give evidence for a reduced sentence. Its only a matter of time before someone rolls over and that is when Thaksin will cop it big time Link to comment Share on other sites More sharing options...
jumnien Posted December 8, 2006 Share Posted December 8, 2006 Resorting to quoting the Bangkok Post are we? Were they not the paper with the "Vote No" headline on election day? Link to comment Share on other sites More sharing options...
JacknDanny Posted December 8, 2006 Share Posted December 8, 2006 Resorting to quoting the Bangkok Post are we? Were they not the paper with the "Vote No" headline on election day? Last time I checked, I was in Thailand! So what newspaper should SJ quote Manchester Evening News? Racing Post? Link to comment Share on other sites More sharing options...
sriracha john Posted December 8, 2006 Share Posted December 8, 2006 :D I can't speak for anyone else, but I always try to quote the Ayaamaha News from Mogadishu, Somalia whenever I want to find out what's happening in Thailand. Unfortunately, they don't cover all the issues being dealt with here. Link to comment Share on other sites More sharing options...
sriracha john Posted December 8, 2006 Share Posted December 8, 2006 Resorting to quoting the Bangkok Post are we? Were they not the paper with the "Vote No" headline on election day? Last time I checked, I was in Thailand! So what newspaper should SJ quote Manchester Evening News? Racing Post? with apologies for my slower response, please refer to the above. It really is the go-to newspaper for reliability. Link to comment Share on other sites More sharing options...
ovenman Posted December 8, 2006 Share Posted December 8, 2006 I prefer to quote the Bangkok Herald-Examiner. Unfortunately it is often difficult to find a copy to quote from... Link to comment Share on other sites More sharing options...
hammered Posted December 8, 2006 Share Posted December 8, 2006 Resorting to quoting the Bangkok Post are we? Were they not the paper with the "Vote No" headline on election day? Considering it is compulsory to vote and that the no vote option is a valid one in Thailand that they were urging people to vote no in an election that had been clearly arranged unconstitutionally it seems that they were offering the only advice that made sense. Link to comment Share on other sites More sharing options...
jumnien Posted December 8, 2006 Share Posted December 8, 2006 Resorting to quoting the Bangkok Post are we? Were they not the paper with the "Vote No" headline on election day? Considering it is compulsory to vote and that the no vote option is a valid one in Thailand that they were urging people to vote no in an election that had been clearly arranged unconstitutionally it seems that they were offering the only advice that made sense. Journalistic integrity suggests that ediorials and opinions be clearly labelled and not pedalled as news. Nothing wrong with an opinion, it's done the world over, just a little common sense is needed. Link to comment Share on other sites More sharing options...
jumnien Posted December 8, 2006 Share Posted December 8, 2006 Just a suggestion. You might get better news coverage of events in Myanmar from publications other than the "New Light of Myanmar". But whatever floats your boat! Link to comment Share on other sites More sharing options...
sriracha john Posted December 8, 2006 Share Posted December 8, 2006 Good tip, I suppose. :D Just be sure to pass that along to our corporate-sister forum: Burmavisa.com anyway, to go back to the topic: Anybody with a calculator care to tally up the sums of the various Shin clan member's mounting debts to the Treasury through this fine or that tax? What are they potentially up to as a group? Link to comment Share on other sites More sharing options...
Jai Dee Posted December 9, 2006 Author Share Posted December 9, 2006 SHIN CORP SCANDAL Thaksin's children 'should be taxed' AEC panel to recommend levying of high rate on Panthongtae, Pinthongta A panel of the Assets Examination Committee (AEC) agrees that the Revenue Department should tax former prime minister Thaksin Shinawatra's children for their purchase of Shin Corp shares from Ample Rich Investment Ltd, an AEC source said yesterday. The source said the subcommittee would on Wednesday ask the AEC to appoint a panel to calculate the tax amount. Meanwhile the panel will continue looking for irregularities, such as share concealment, in the deals. The subcommittee agreed that Panthongtae and Pinthongta Shinawatra should be taxed at the highest rate of 37 per cent on the profit gained. This means they will have to pay about Bt5.8 billion in tax, the source said. The panel also agreed that the Revenue Department should tax Ample Rich, the source said. Panthongtae and Pinthongta bought the shares from Ample Rich at Bt1 each in January, when the share price was Bt49, before selling them to Singapore's Temasek Holdings the very next day. Thaksin's lawyer formerly claimed that Panthongtae and Pinthongta were also shareholders and board members of Ample Rich. The AEC and the Revenue Department have different opinions about the tax collection from Panthongtae and Pinthongta. The department said the tax should be collected according to Article 40 (8) of the Code of Revenue while the AEC's subcommittee said it should be collected according to Article 40 (2) of the same law. The article applied will affect the due date for tax declaration and payment, as well as the penalty for failing to pay the tax. AEC chairman Nam Yimyaem said yesterday that if the committee recommended collection of tax on the Shin Corp share sale but the Revenue Department refused to comply, the AEC would ask the courts to enforce the ruling, even though it would take a long time. The source said the Revenue Department would send documents from Panthongtae, Pinthongta and the Bank of Thailand to the AEC on Tuesday. The department formerly refused to give the documents to the AEC, claiming it had not received such documents from the parties involved. The National Counter Corruption Commission (NCCC) on Thursday resolved to indict Revenue Department director-general Sirote Swasdipanich and four other senior officials on criminal and disciplinary charges for allegedly failing to tax Bhanapot Damapong, Thaksin's brother-in-law, who received 4.5 million Shin Corp shares worth Bt738 million as a gift in 1997. Deputy Finance Minister Sommai Phasee said yesterday that Sirote should consider himself relieved of his duties. At the same time, the ministry's Civil Service Committee, led by Finance Minister Pridiyathorn Devakula, should start finding a replacement for Sirote. PM's Office Minister Khunying Dhipavadee Meksawan said the NCCC resolution was final and the Pridiyathorn said he would not protect Sirote if he was guilty of malfeasance. However, he still has to study the NCCC investigation report, which is expected to reach him next week, before deciding whether to suspend Sirote while the ministry's Civil Service Committee considers his punishment. On being attacked for earlier guaranteeing that there were no irregularities in the Revenue Department relating to Shin Corp share sales, Pridiyathorn said Bhanapot's case went back to before he had been in charge and he had only been talking about the Ample Rich case. Source: The Nation - 9 December 2006 Link to comment Share on other sites More sharing options...
Jai Dee Posted December 9, 2006 Author Share Posted December 9, 2006 THAILAND: Thai tax officials negligent in not taxing former PM's family Accusations of corruption in sale of telecommunications company will be heard in court next week Bangkok --- Thailand's official anti-graft body ruled that five government tax officials, including the chief of the Revenue Department, were negligent for failing to tax relatives of former Prime Minister Thaksin Shinawatra over a share trading deal. The ruling on Thursday by the National Counter Corruption Commission means the case will be sent next week to the public prosecutor's office to be tried in court. The ruling, announced at a news conference by the anti-graft body's chief, Panthep Klanongran, is one of the first legal actions to be taken over alleged wrongdoing by Mr Thaksin's regime since he was overthrown in a bloodless September 19 coup. Revenue Department head Siroj Sawatphanich, who has been criticised in the press for failing to enforce tax regulations in several cases involving Mr Thaksin and his family, was among those the commission ruled against. Since early this year, Mr Thaksin's critics had sought his ouster for alleged corruption and abuse of power. Mr Thaksin was a telecommunications tycoon who became one of the country's richest men before entering politics. Under Thai law, when he became prime minister, he had to get rid of his shares in companies doing business with the government. As a result, most were transferred to his relatives and children. The case against the five tax officials involved a share transaction made by Mr Thaksin's brother-in-law, Banaphot Damapong. Investigations are under way of several other business deals involving Mr Thaksin's family, including his children, who held the bulk of his family's wealth. The most controversial deal involved the family's sale of telecommunications company Shin Corporation earlier this year to companies controlled by Temasek Holdings, a Singaporean state-owned company, for 73.3 billion baht (HK$114 billion). The sale drew widespread protests in Thailand because it placed strategic assets, including communications satellites, in the hands of foreigners, and because the deal was structured so that Mr Thaksin's family did not have to pay capital gains taxes on it. Protests over the sale fuelled calls for Mr Thaksin to resign, causing political tensions that culminated in September's coup. Source: South China Morning Post - December 9, 2006 Link to comment Share on other sites More sharing options...
sriracha john Posted December 10, 2006 Share Posted December 10, 2006 Bhanapot 'will pay back tax' The brother-in-law of former prime minister Thaksin Shinawatra is prepared to pay back taxes on a controversial share transaction, a family lawyer said yesterday. Lawyer Noppadon Pattama said Bhanapot Damapong was ready to do so pending a court ruling. However, he alleged the Asset Examination Committee had improperly asked the Revenue Department to levy Bt5 billion in back taxes on two of Thaksin's children, Panthongtae and Pinthongta. In addition, Noppadon insisted Thaksin had never attempted to evade tax and the family had fully cooperated in recent revenue investigations. - The Nation ---------------------------------------------------------------- well then, that's a nice start to help out the Treasury and its budget deficit. 546 MILLION BAHT Now then, let's start working on a few more of these Shinawatra clan dealings... Link to comment Share on other sites More sharing options...
wpcoe Posted December 10, 2006 Share Posted December 10, 2006 Back to the deal with the Thaksin's kids, I'm confused. As I understand it, the current brouhaha is over the transaction where Ample Rich sold Shin Corp shares to the Thaksin progeny for B1/share, and then the kids sold those B1 shares for market price to Temasek. And it has now been determined that the (very!) short-term capital gains the kids realized were taxable income. Where did those shares in Ample Rich come from in the first place, and at what price were they purchased by Ample Rich? Seems like SOMEBODY took a capital loss to have Ample Rich be able to sell them at B1. Some part of this puzzle is eluding me. Link to comment Share on other sites More sharing options...
Plus Posted December 10, 2006 Share Posted December 10, 2006 I think the shares were always Thaksin's, just registered under different people. He just incured some tax liabilities while shifting them from one pocket to another. Link to comment Share on other sites More sharing options...
wpcoe Posted December 10, 2006 Share Posted December 10, 2006 I think the shares were always Thaksin's, just registered under different people. He just incured some tax liabilities while shifting them from one pocket to another. Unless he got them for free originally, then wouldn't he and/or Ample Rich must have registered a significant capital loss when selling them to the kids at B1? Link to comment Share on other sites More sharing options...
sriracha john Posted December 10, 2006 Share Posted December 10, 2006 If you asked for Potjamon's input, she'd probably say they were future "wedding gifts" to her children. Link to comment Share on other sites More sharing options...
marshbags Posted December 11, 2006 Share Posted December 11, 2006 (edited) Taken from todays B.Post General news >> Monday December 11, 2006 Quote:- ASSETS TAX EVASION INVESTIGATIONS Jaruvan says ASC will be fair with Shinawatra family rulings Assets Scrutiny Committee (ASC) member Jaruvan Maintaka yesterday said the panel will be fair and just in its judgement of tax evasion charges against members of ousted prime minister Thaksin Shinawatra's family, fending off questions of the committee's neutrality aired by the family's lawyer over the weekend. Noppadol Pattama, a Shinawatra family legal adviser, said on Saturday that Mr Thaksin was concerned about the ongoing investigation into share deals by two of his children, Pinthongta and Panthongtae, particularly as four of the 12 committee members were outspoken critics of him and his administration. However, Khunying Jaruvan, who is also the auditor-general, said there was no need for Mr Thaksin to be concerned, as the case is being handled by a full working team and is not a one-man show. The case would not be swayed by bias or personal feelings against any individuals, she said. Unquote. Please go to the url for the complete article:- http://www.bangkokpost.com/News/11Dec2006_news11.php I wonder what / who she could been relating to regarding " not a one man show " It would seem your fears are unfounded ex CEO of the premiership. Just maybe it,s because you can no longer influence freedom of expression. Oh! didums T.S. don,t throw your toys out of the pram, as well with your ill gotten gains. He he heeeeeeee marshbags Edited December 11, 2006 by marshbags Link to comment Share on other sites More sharing options...
sriracha john Posted December 12, 2006 Share Posted December 12, 2006 ...just a couple o' billionaires Former prime minister Thaksin Shinawatra's children, Panthongtae, left, and Pinthongta, face a huge tax bill over the sale of the family company. Associated Press --------------------------------------------------------------------------------- Headline: Thaksin's children to testify on tax case Lawyer: Evidence will prove they did not lie The two adult (hmmm....that's debatable) children of deposed prime minister Thaksin Shinawatra will this week counter with evidence a claim by the Revenue Department that they lied about a deal they made with Ample Rich Investments Ltd in January this year, according to family lawyer Noppadol Pattama. If the evidence can prove the claim is not true, Panthongtae and Pinthongta Shinawatra would possibly not be considered for any criminal charge. Their mother Khunying Potjaman and uncle Bannapot Damapong are facing charges for allegedly telling lies about another 738 million baht shares transfer in 1997. (hmmm... nice family tree they got there) Mr Noppadol said the evidence - documents to prove there was a real transaction between the siblings and their own company Ample Rich - would be submitted to the tax agency this week. http://www.bangkokpost.com/topstories.php?id=114997 Link to comment Share on other sites More sharing options...
sibeymai Posted December 12, 2006 Share Posted December 12, 2006 Where else in the world could the chic behind the counter selling you your cheeseburger be a billionaire....and not even finished university yet. All those poor people in Isaan must be just plain lazy......if they only sold cheeseburgers instead of growing rice they could all be billionaires too. Lazy sods !! Link to comment Share on other sites More sharing options...
mongoose Posted December 12, 2006 Share Posted December 12, 2006 (edited) ---------------------------------------------------------------------------------Headline: Thaksin's children to testify on tax case Lawyer: Evidence will prove they did not lie Mr Noppadol said the evidence - documents to prove there was a real transaction between the siblings and their own company Ample Rich - would be submitted to the tax agency this week. http://www.bangkokpost.com/topstories.php?id=114997 The Nation described the documents as "recently discovered". Perhaps recently created. Will the analysis of payments and receipts fit with the documents oor ? Edited December 12, 2006 by mongoose Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now