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Thaksin’s assets likely to be seized

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Bangkok Post

6 Feb 2010

 

 

The 76 billion baht frozen assets of ousted former prime minister Thaksin Shinawatra might be seized, as the court is being pressured to do so by Thaksin’s political rivals, Jaturon Chaisaeng, former acting leader of the dissolved Thai Rak Thai Party, said on Saturday afternoon.

 

Mr Jaturon claimed the court is being pressured to rule against Thaksin by members of the government, the anti-Thaksin People’s Alliance for Democracy and the now defunct Assets Scrutiny Committee.

 

Opponents of the former prime minister have been trying to mislead the society into thinking that there would be unrest if the court ruled not to seize Thaksin’s assets.

 

He called on Prime Minister Abhisit Vejjajiva and the Democrat-led coalition to stop pressuring the court.

 

[color:blue]Mr Jaturon insisted that his move was not for putting pressure to the court. He just wants to bring back peace and order in the country.[/color] :rotfl:

 

The Supreme Court's Criminal Division for Holders of Political Positions is scheduled to read its verdict on Feb 26 on the 76 billion baht frozen assets of Thaksin and his family.

 

 

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Had a talk with a dyed in the wool redshirt a couple of weeks ago. He said that they have stashes of weapons and explosives and intend to provoke the government into violence. Then he went on to talk about how wonderful it would be to fight and die for justice in Thailand (he is incensed that the government would seize Thaskin's assets) and how if he dies, his family will be able to sue the government for lots of money. It sounds like he's been sold a bill of goods.

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Beware of "true believers" of every kind. :(

 

Sue the government after attacking with weapons and explosives? How much did the families of the victims of the Thammasat Massacre ever get - and they were the ones being attacked!

 

 

 

 

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Bangkok Post

11 Feb 2010

 

 

Thaksin's children say money is theirs

 

 

Two of Thaksin Shinawatra's adult children are insisting they held company shares in their own right, and their holdings should be spared if the court rules that their father's fortune should be confiscated by the state.

 

Panthongtae and Pinthongta Shinawatra say they were not nominees holding assets on behalf of their father, so the state should release their 40 billion baht share of the 76 billion baht which it seized from Thaksin. The court will hand down its ruling on Feb 26.

 

Kittiporn Arunrat, lawyer for Mr Panthongtae and Ms Pinthongta, yesterday filed closing statements on behalf of his clients with the Supreme Court's Criminal Division for Holders of Political Positions.

 

The court has wrapped up its hearing into a complaint filed by prosecutors that Thaksin accumulated a fortune illegally by abusing his authority when he was prime minister, issuing policies that benefited his family business which held shares in Shin Corp.

 

In the closing statements filed by their lawyer, Mr Panthongtae and Ms Pinthongta said their wealth, earned from the sale of 1.06 billion Shin Corp shares to Temasek Holdings, was their own, and not part of the family fortune. Neither Thaksin nor their mother, Khunying Potjaman na Pombejra, had a stake in the assets, they said.

 

Mr Panthongtae said he bought 30.92 million shares in Shin Corp from his father and 42.47 million shares from his mother on Sept 1, 2000, for 10 baht each and paid for them.

 

On Aug 29, 2001, Shin Corp diluted the par value of its shares from 10 baht to one baht. Mr Panthongtae's holding increased to 733.95 million shares.

 

He sold 367 million shares on Sept 9, 2002, and 73 million shares on June 3, 2003, to Ms Pinthongta for one baht a share.

 

On Jan 20, 2006, Mr Panthongtae bought 164.60 million shares from Ample Rich Co for one baht each.

 

Thaksin had set up Ample Rich on the British Virgin Islands in a plan to list Shin Corp on the Nasdaq in the US. The company held 32.92 million Shin Corp shares.

 

At the time, Thaksin was not involved in Ample Rich as he had sold his sole share to Mr Panthongtae for US$5 on Dec 1, 2000, as a birthday gift,

 

Mr Panthongtae said he decided to follow his uncle Bannapot Damapong's decision to sell his Shin Corp shares to Temasek Holdings for 49.25 baht each on Jan 23, 2006. His uncle wanted the cash to pursue other business interests.

 

Mr Panthongtae and Ms Pinthongta made 17.15 billion baht and 23.59 billion baht respectively from the share sales.

 

The son said he used the money to invest in other businesses, including buying land in Nakhon Ratchasima. His father and mother were not involved in his decision.

 

Ms Pinthongta's closing statement said she held 604.6 million Shin Corp shares for five years without any authority raising a complaint, until the Asset Scrutiny Committee was set up in 2007.

 

She said Mr Panthongtae sold her his Shin Corp shares of his own free will. She asked her mother's secretary, Kanchanapa Honghern, to manage the shares, but she received all dividends herself.

 

 

 

 

 

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<< Mr Panthongtae said he bought 30.92 million shares in Shin Corp from his father and 42.47 million shares from his mother on Sept 1, 2000, for 10 baht each and paid for them. >>

 

 

He paid for them with money he'd saved from his allowance.

 

 

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Yes, the whole concept of conflict of interest or perception of conflict of interest doesn't exist.

 

a. Dad "loaned" me a few billion baht - tax free. Just had to sign a promissory note.

 

b. I "bought" Dad's shares with that money - again tax free.

 

So now I'm the owner, and dear old dad has no interest anymore in the company.

 

Works for me! :up:

 

Now how about -

 

a. Dad loans me real money - I pay full tax on this "income". I pay interest to Dad, and Dad pays taxes on this interest income.

 

b. I buy all of Dad's stocks. Dad pays full tax on his selling (but conveniently there was no tax of selling stocks or capital gains at the time).

 

c. I pay buyers commission on the stocks I bought.

 

So now, after dad started with a few billion baht, what is left after paying taxes and commission is about 60%?

 

Sorry, these assumptions are of course simple and not what happened here.

 

So how about -

 

a. I give my brother my shares for a wedding gift.

 

b. He is the "owner" of the shares, so I have no interest in the company.

 

Again, works for me!

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... but how many of the super-rich in LOS have done exactly the same thing! Maybe all their assets should be seized. :devil:

 

 

correct. Double standard as ever.

 

 

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