MaiLuk Posted January 30, 2006 Report Share Posted January 30, 2006 Limbo and LT, Thanks for posting these articles. To summarize the above long article: Taksin transferred 329,200,000 shares of Shin Corp to a corporation in the Virgin islands that he owned. When accused of failing to report his ownership of the shares in that offshore corporation when he was running for office in 2001, he claimed he did not own that VI corporation because he had transferred that corporation's shares to some third party. He refused to name the third party. And he was believed by the counter-corruption commission. Then 3 days before the recent Shin selloff, that VI corporation sold the Shin shares to Taksin's kids for 1 baht per share. The kids then sold the Shin shares for 48 baht per share as part of the Shin selloff to the singapore buyer. At a 15 billion profit. Not a bad profit for holding shares for 3 days. The obvious implication is that Taksin controlled that corporation all along. And/or that insider info was used when the VI corp sold the shares at 1 baht to the taksin kids. Of course in western countries this would legally (and instantly) be determined to be a sham set up solely to avoid taxes and reporting laws and taksin would face prison. Any attempt to justify the way the transaction was set up would be dismissed as soon as everyone stopped laughing. But TIT so will he get away with it? Link to comment Share on other sites More sharing options...
MaiLuk Posted January 30, 2006 Report Share Posted January 30, 2006 >>Will he get away with it?<< I don't know why i asked that. Its a fairly dumb question Link to comment Share on other sites More sharing options...
limbo Posted January 30, 2006 Author Report Share Posted January 30, 2006 Guess you were trying to pick something up along the road........... Link to comment Share on other sites More sharing options...
Lord Toad Posted January 30, 2006 Report Share Posted January 30, 2006 I have a feeling he is in big sh1t. It was on Thai mainstream TV last night: Thai GF watching and I think all this was being spelt out. Sondhi has this next big meeting end of the week. A week is a long time in Politics and I think T is about to find out how long long raelly is. One thing I think is certain this ain't going away quickly. Link to comment Share on other sites More sharing options...
steffi Posted January 30, 2006 Report Share Posted January 30, 2006 Apparently the "fine" for insider trading is twice that of the gain benefited from the transaction. That would be a lot of money to pay. There's 0 chance that he'll be found guilty of insider trading. But the Thai people also want to know how he managed to shift that much money out of the country in the first place and why that company wasn't declared on his assets declaration? I don't think he's in deep shit now but when/if he loses party power they'll come after him then. This will be on Sondhi's agenda come Feb 4 me thinks. Link to comment Share on other sites More sharing options...
steffi Posted January 30, 2006 Report Share Posted January 30, 2006 I don't think anybody could get this transaction thru their compliance department in any western bank. Which investment bank brokered this transaction? Link to comment Share on other sites More sharing options...
surebet Posted January 31, 2006 Report Share Posted January 31, 2006 Lets not get carried away, With $2 billion sitting in his bank account right now, Thaksin could afford any sort of "Shake - me - down" they are trying to pull on him for a relative pittance. Its the standard 2% "commision" on a third world deal isn't it? Link to comment Share on other sites More sharing options...
steffi Posted January 31, 2006 Report Share Posted January 31, 2006 You know if they a really did want to investigate how this transaction took place they would have issued subpoenas to the new owners and threatended them with removal of their "guaranteed" 3g licenses if they do not comply. The fact that they haven't shows that this investigation is a complete charade. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.