Thailand to target deposed PM's assets
BANGKOK: -- Thailand may seize the assets of ousted premier Thaksin Shinawatra, a self-made telecom tycoon believed to be worth over $2-billion (about R14,6-billion), the new military junta said on Friday.
"It's under consideration on how we will proceed," with Thaksin's vast assets, said air force chief Chalit Pukbhasuk, one of the military leaders who toppled Thaksin in a bloodless coup on Tuesday.
The junta also appointed a new nine-member National Counter Corruption Commission, clearing the way for a probe of the financial affairs of Thaksin, who was staying in London on Friday.
Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth $2,2-billion.
The 56-year-old, who took office in 2001, was the founder of Thailand's telecom giant Shin Corp., which includes the country's top mobile phone company, satellite services and a stake in a budget airline.
His family in January sold a nearly 50-percent stake in Shin Corp. and earned R1,9-billion under a tax-free deal, setting off months of street protests demanding his ousting over alleged abuse of power and corruption.
The commission said Friday that when Thaksin first took office he declared assets worth 15.12 billion baht (about $2,9-billion) held in 27 bank accounts and in stocks in 29 companies and investment funds.
Months after taking office, a top court found Thaksin not guilty on charges that he had failed to disclose full assets to the authority.
Thaksin also owned four houses, 35 buildings and land in Bangkok, in his hometown in northern Chiang Mai province, in the southern tourist resort of Phuket and elsewhere.
He also declared 10 cars including a Porsche and a Ferrari, and stacks of diamonds, rubies, topaz necklaces, rings and watches.
Earlier Friday, the junta expanded the powers of the national police chief, which would make it easier to press ahead with prosecutions against Thaksin and other members of his government.
Thailand's auditor general told local media that she would be ready to complete at least one long-standing corruption investigation into him within days.
The junta has promised to appoint a new civilian government within two weeks, and to draft a new constitution to clear the way for elections in October 2007.
Air chief Chalit said the generals were considering at least five candidates to become the new prime minister, but he declined to reveal their names.
"The new prime minister is likely to be a legal expert because he has to implement constitutional reforms, while his deputies can oversee economic affairs," he said.
"There are more than five people under consideration, and I expect he will be named soon," Chalit said.
-- AFP 2006-09-23
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Thailand To Seize Thaksin's Assets
Started by george, 2006-09-23 00:53
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359 replies to this topic
#2
Platinum Member Posted 2006-09-23 01:07:32
"The new prime minister is likely to be a legal expert because he has to implement constitutional reforms, while his deputies can oversee economic affairs,"
Great move, the previous PM was only a loophole expert. #3
Senior Member Posted 2006-09-23 01:10:35
Completely expected, and completely wrong. Thaksin probably did obtain a significant amount in shady if not outright illegal ways, but confiscating the property just because someone is out of political favor sends a very wrong message about Thailand. There should be legal procedings questioning the origin of property, but they should apply to all people in or close to politics, not just to Thaksin. Of course, snow in Bangkok is more likely than this...
#4
Platinum Member Posted 2006-09-23 01:18:33
Completely expected, and completely wrong. Thaksin probably did obtain a significant amount in shady if not outright illegal ways, but confiscating the property just because someone is out of political favor sends a very wrong message about Thailand. There should be legal procedings questioning the origin of property, but they should apply to all people in or close to politics, not just to Thaksin. Of course, snow in Bangkok is more likely than this... The purge must start with the head. It's only the begining of a process. Do not worry, some eminent members of Thaksin's clique will come under investigation too. You continue to think that it's only a "little corruption", like a bad thai tradition, a form of "exotism". No. With Thaksin, and for the first time in the modern history of this country, corruption has reached an industrial level. We are going to be surprised in the weeks to come... Now that officials can really conduct investigations. Pongsak (Minister transport), Somchai.... all of them are dirty. Sisters, wife, children, cousins, step brothers of Thaksin... All of them will feel the shame of the caught thieves. NCCC must do it swiftly. To set an example, a precedent. So future candidates will think twice. #5
Platinum Member Posted 2006-09-23 01:24:09
Exactly.
Ex- Senator Galung (not sure about spelling) mentioned that you can expect a minimum of 1000 people to follow Thaksin down the same alley. 
#6
Platinum Member Posted 2006-09-23 02:34:55
Some of his millions were probably earned honestly.
Edited by Admin2. #7
Advanced Member Posted 2006-09-23 02:40:57
The Maid and the Chauffeur seemed to have been highly paid considering their job responsibilities. Phatongtae is also highly wedged up for a student and maybe his degree from Ramkamhaeng can be reviewed now.
#9
Posted 2006-09-23 03:03:34
Most likely just the due taxes on recent sales of large assets,
which would leave still very comfortable. #10
Senior Member Posted 2006-09-23 03:44:12
Thailand to target deposed PM's assets Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion. Who are the three? The ones richer than him? Would be interesting to know. ....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!! Edited by VTR1000, 2006-09-23 03:50:00. #11
Newbie Posted 2006-09-23 04:05:41
congratulation to the general sonthi....
snip - Admin2 #12
Admin Posted 2006-09-23 04:08:35
Thread tidied up.
This forum is subject to the prevailing political situation in Thailand which is detailed in the link in my post above. We ask that members understand that, for the time being, we have to be careful what is posted on the forum. #13
Super Member Posted 2006-09-23 04:15:56
The process now behind the scenes is to dismantle Toxin's web of influence and part of this will be the abolition of TRT. Toxin is a classic case of an overreacher (play:Edward II). It was getting like the President Marcos era. All ruling elites must seek to at least pay lip service to represent wider society. By flogging off his assets and finessing the avoidance of taxes, it was clear that the only purpose of his rule was self and own family. He was and remains a risk to any semblance of a stable Thai society. Democracy? The fight over the appointment of electoral commisioners and no-taxin's efforts to put in his placemen at Forces level was a creeping attempt at his own dictatorship. Once his wealth and network has been neutralised and charges brought against him, then the situation will stabilise, but until then watch this space. Longer-term we all know that he is waiting for a VIP to not be a part of the scene. For those who have moved they are determined that he will not have the opportunity to bounce back. Critical support for the yellow pieces in this chess game.
#14
Advanced Member Posted 2006-09-23 04:47:44
Take away this mans position---OK
Take away his money--now he will fight. I would. #15
Advanced Member Posted 2006-09-23 04:57:06
Thailand to target deposed PM's assets Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion. Who are the three? The ones richer than him? Would be interesting to know. ....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!! It has been Euro in Italy for years already.  Back to the topic. I just read in another newspaper, the Council for Democratic Reform under Constitutional Monarchy (CDRM) said that they have no plan to seize Toxin's asset by themselves. They will let NCCC investigate and take care of that, which I think it's quite generous already, in addition to the fact that they didn't freeze Toxin's accounts from day 1. And as far I know (from newspapers), his accounts are still not locked, which is what I couldn't understand. I don't think they should just seize all the assets. Only the amount they found that it's not legally obtained should be fair enough, plus calculated interest and fine for damage he caused, of course. That could worth all he has in Thai banks and properties. Somehow I don't think it would make him poor. Poorer than when he was PM, maybe. But while investigating, shouldn't it be safer to freeze the account, especially when the account's owner is now abroad. #16
Senior Member Posted 2006-09-23 05:38:53
Thanks Admin. We don't want to lose our source of news. #17
Newbie Posted 2006-09-23 05:39:33
Thailand was Thaksins own personal banana republic....All Thaksins ill gotten gains should be taken...If he had only steped down a few months ago he could have kept it all...But no he wanted all the money and all the power too...What is the worst thing that can happen to a Thai peson?..The dreaded loosing face....Thaksin has lost face so bad he will NEVER NEVER come back.....
#18
Platinum Member Posted 2006-09-23 05:43:43
A Porsche and a Ferari, wow, that seem pretty spartan. If I had that kind of dosh I'd have a least 30....
Oh well, different strokes for different folks. #19
Newbie Posted 2006-09-23 06:05:57
Thailand to target deposed PM's assets Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion. Who are the three? The ones richer than him? Would be interesting to know. ....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!! #20
Platinum Member Posted 2006-09-23 06:06:36
Thailand to target deposed PM's assets Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth R2,2-billion. Who are the three? The ones richer than him? Would be interesting to know. ....and what is R2,2-billion? Is that Rand, Ruppees, Baht even, or Dollars or Pounds? I'm a multi milllionaire in Vietnam and Italy, really!!! You will find details about the other three, all wealthier than Thaksin, at the following site: [link removed by Admin2] They are, according to Forbes ranking: 214. Charoen Sirivadhanabhakdi, Thailand, 61, $3.2, alcohol 292. Chaleo Yoovidhya, Thailand, 74, $2.5, Red Bull 317. Dhanin Chearavanont and family, Thailand, 66, $2.4, agriculture Thaksin was clearly a wealthy man before taking office and was taken to court over the stated value of his assets some months after taking office. He was cleared by the courts. Why do we assume that, because he's rich, that he's a crook? Paul McCartney's a billionaire, is he also corrupted? Bill Clinton was on the verge of bankruptcy but is now a multi-millionaire. So many critics, I wonder where all of you get your facts. ํI'm afraid you're comparing apples and oran... 2 1/2 inch screws here. #21
Senior Member Posted 2006-09-23 06:35:10
It’s probably a good thing that Thaksin assets have been seized. I have no doubt that he was making money from his political position. I suspect that has been true for a long time, he’s not the first politician to do this, I suspect most of his forbearers have done the same. I don’t think it’s bad that a military junta has taken control as long as the power they have will be used to give the Thai people what they deserve and need. I am a farang but I also lived in Thailand when ‘Fat Boy’ ruled the roust. [snip - Admin2].  #22
marquisatal member Posted 2006-09-23 06:37:25
I wonder how much of his assets are acutually in the country? He would have been a down right fool to have left alot of them here. If they are overseas, then I supspect that there will have to be very stringent criteria that will have to be meet before they are handed over. Watch this space!
#23
Senior Member Posted 2006-09-23 06:43:26
I wonder how much of his assets are acutually in the country? He would have been a down right fool to have left alot of them here. If they are overseas, then I supspect that there will have to be very stringent criteria that will have to be meet before they are handed over. Watch this space! #24
Senior Member Posted 2006-09-23 06:43:36
[quote name='george' date='2006-09-23 00:53:41' post='908735']
Thailand to target deposed PM's assets BANGKOK: -- Thailand may seize the assets of ousted premier Thaksin Shinawatra, a self-made telecom tycoon believed to be worth over $2-billion (about R14,6-billion), the new military junta said on Friday. "It's under consideration on how we will proceed," with Thaksin's vast assets, said air force chief Chalit Pukbhasuk, one of the military leaders who toppled Thaksin in a bloodless coup on Tuesday. The junta also appointed a new nine-member National Counter Corruption Commission, clearing the way for a probe of the financial affairs of Thaksin, who was staying in London on Friday. Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth $2,2-billion. The 56-year-old, who took office in 2001, was the founder of Thailand's telecom giant Shin Corp., which includes the country's top mobile phone company, satellite services and a stake in a budget airline. His family in January sold a nearly 50-percent stake in Shin Corp. and earned R1,9-billion under a tax-free deal, setting off months of street protests demanding his ousting over alleged abuse of power and corruption. The commission said Friday that when Thaksin first took office he declared assets worth 15.12 billion baht (about $2,9-billion) held in 27 bank accounts and in stocks in 29 companies and investment funds. ============ As that alone is more or less the money he got from selling AIS, what about all that land he directly or indirectly accumulated? One can only guess but likely adding all in, one can likely multiply that number a few times... #25
Senior Member Posted 2006-09-23 06:58:43 Quote Thaksin was clearly a wealthy man before taking office and was taken to court over the stated value of his assets some months after taking office. He was cleared by the courts. Why do we assume that, because he's rich, that he's a crook? Paul McCartney's a billionaire, is he also corrupted? Bill Clinton was on the verge of bankruptcy but is now a multi-millionaire. So many critics, I wonder where all of you get your facts. Not sure adding bill with this argument is a good idea. He escaped his own legal problems ,anyway sounds maybe like a good idea to read more then post under current circumstances.... One thing I notice here in currently sunny Phuket: a lot of people seem to be feeling happy about this all. In addition cleaning up about 5 years of remains of what happened will keep them all busy.. I see really no reason why tourism should get a hit when tourists coming here get no problems, feel happy and see people happy... I only wonder about one thing. Would it not be a good idea to remove that diplomatic passport? |
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