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FROM: http://www.bangkokpost.com/news/politic ... ich-family

Court finds Thaksin used office to enrich family

• Published: 27/02/2010 at 12:00 AM
• Newspaper section: News

The Supreme Court has ordered the seizure of 46.37 billion of the 76.6 billion baht in frozen assets belonging to the Shinawatra family.
The court's Criminal Division for Holders of Political Positions ruled Thaksin Shinawatra and his former wife had concealed their declarable assets and Thaksin abused his position as premier to enrich their Shin Corp business empire.

The seized funds were part of the 76.6 billion baht the Shinawatra family gained from selling their stake in Shin Corp to Singapore's Temasek Holdings, and the share dividends.

The nine judges presiding over the case reached a majority ruling that Thaksin abused his authority during his two terms in office, from 2001 to 2006, to benefit Shin Corp. Telecoms policies and other measures he either initiated or played a decisive role in benefited the firm, judge Pairoj Wayuparb said.

This was a conflict of interest as the court ruled unanimously the couple were the owners of 1.4 billion Shin Corp shares, equivalent to a 48% stake in the company, during Thaksin's terms as prime minister.
The judges said Thaksin controlled the shares through proxies: his adult children and other relatives.

The court ruled that earnings from the shares and dividends gained while Thaksin was in office were assets that were illegally acquired through the abuse of power and therefore must be seized.

The judges said 30.2 billion baht of the frozen assets will be returned to Thaksin and his former wife as they had been acquired before Thaksin became prime minister in 2001.
''Seizing of all of the

[76.6 billion baht] assets belonging to Thaksin and Khunying Potjaman would have been unfair,'' said judge Riddhidheb Devakula.

The court ruled that Khunying Potjaman's divorce from Thaksin did not protected her portion of the assets from seizure as the wealth was accumulated while they were together.

Evidence gathered by the Assets Scrutiny Committee showed Thaksin and Khunying Potjaman had controlled the company and effectively still held the shares while Thaksin was in office.

The share transfer to their proxies, reported to the Securities and Exchange Commission, only took place on paper and did not affect their actual control of the assets, the court said.

The judges said a promissory note, entered into evidence by the prosecution, had been backdated in order to cover up the couple's fake sale of shares to their children, Thaksin's younger sister, Yingluck Shinawatra, and Khunying Pojaman's older brother, Bannapot Damapong.

The document, dated March 16, 1999, refers to ''Khunying Pojaman'', a title she was only bestowed later.

While the family defended its claim the couple sold their shares to their two adult children, Panthongtae and Pinthongta, in 2000, the court said they failed to provide reliable evidence.

The judges also ruled Thaksin owned Ample Rich Investment Co as evidence shows he was the firm's only signatory.

Thaksin had a role in the development and implementation of five telecoms policies that directly benefited Shin Corp while he collectively owned a 48% stake in the frim with his then wife.

He played a direct role in two policies: the 2003 cabinet resolution to convert mobile-phone operators' concession fees into excise tax; and a 4 billion baht loan to Burma from the Export-Import Bank of Thailand.

His roles in three other policies were conflicts of interest because they involved state agencies which he supervised as prime minister.

They include changing contractual obligations that allowed Advanced Info Services (AIS) to reduce its revenue sharing payments to TOT from 25% to 20% from 2001, a move that helped the firm make savings and gain a competitive advantage over its rivals.

Contractual obligations on roaming services and satellite services were also changed. The policies and measures helped build investor confidence in Shin Corp and its subsidiaries which resulted in significant gains in share value on the stock exchange, the court said.

About the author

Writer: Surasak Glahan

Position: Reporter

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Court finds Thaksin used office to enrich family

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