Over half of Thaksin's assets seized
Source: Agencies |
February 27, 2010, Saturday
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THAILAND'S highest court ruled yesterday to seize 46 billion baht (US$1.4 billion) from ousted Prime Minister Thaksin Shinawatra's US$2.29 billion in frozen assets, saying he had abused his political power for personal gain.
The Supreme Court said seizing all the frozen wealth "would be unfair as some of it was made before Thaksin became prime minister."
The verdict brings an end to a case that began after Thaksin, a former telecommunications tycoon, was deposed by a 2006 military coup for alleged massive corruption and abuse of power.
Corruption investigations began immediately after the coup, and 76 billion baht in accounts in Thailand belonging to Thaksin and his family was frozen pending legal action.
Yesterday's verdict was expected to be celebrated by Thaksin's foes, protested by his supporters and potentially inflame Thailand's four-year political crisis.
Security was tight around the courthouse as the nine-judge panel took 7 1/2 hours to read the verdict against Thaksin and his family. The proceedings were broadcast live on national television.
Thaksin, who faces a two-year jail term from an earlier conviction, monitored the proceedings from exile in Dubai, where he gave a commentary via a video link and Twitter.
"This is total political involvement. The government knew the result in advance," Thaksin said shortly after the verdict. "I've been prepared for the result since yesterday (Thursday). I knew that I would get hit, but they are kind enough to give me back 30 billion (baht)."
An unknown portion of Thaksin's wealth was earlier moved abroad.
Hundreds of Thaksin supporters at the headquarters of the opposition Puea Thai party, which is allied to Thaksin, booed as the verdict was read. Some women began crying and one man jumped up on a chair and started screaming at a television screen showing the court proceedings.
The court ruled that Thaksin illegally concealed his ownership of stock in Shin Corp, the family's telecommunications empire, and abused his authority by crafting government policies to benefit Shin Corp's businesses.
The court addressed five cases of alleged "policy corruption" and ruled that in four of the five Thaksin was guilty of abusing his authority during his 2001-2006 tenure as prime minister.
One of the cases involved a US$127 million low-interest government loan to Myanmar in 2004.
The Supreme Court said seizing all the frozen wealth "would be unfair as some of it was made before Thaksin became prime minister."
The verdict brings an end to a case that began after Thaksin, a former telecommunications tycoon, was deposed by a 2006 military coup for alleged massive corruption and abuse of power.
Corruption investigations began immediately after the coup, and 76 billion baht in accounts in Thailand belonging to Thaksin and his family was frozen pending legal action.
Yesterday's verdict was expected to be celebrated by Thaksin's foes, protested by his supporters and potentially inflame Thailand's four-year political crisis.
Security was tight around the courthouse as the nine-judge panel took 7 1/2 hours to read the verdict against Thaksin and his family. The proceedings were broadcast live on national television.
Thaksin, who faces a two-year jail term from an earlier conviction, monitored the proceedings from exile in Dubai, where he gave a commentary via a video link and Twitter.
"This is total political involvement. The government knew the result in advance," Thaksin said shortly after the verdict. "I've been prepared for the result since yesterday (Thursday). I knew that I would get hit, but they are kind enough to give me back 30 billion (baht)."
An unknown portion of Thaksin's wealth was earlier moved abroad.
Hundreds of Thaksin supporters at the headquarters of the opposition Puea Thai party, which is allied to Thaksin, booed as the verdict was read. Some women began crying and one man jumped up on a chair and started screaming at a television screen showing the court proceedings.
The court ruled that Thaksin illegally concealed his ownership of stock in Shin Corp, the family's telecommunications empire, and abused his authority by crafting government policies to benefit Shin Corp's businesses.
The court addressed five cases of alleged "policy corruption" and ruled that in four of the five Thaksin was guilty of abusing his authority during his 2001-2006 tenure as prime minister.
One of the cases involved a US$127 million low-interest government loan to Myanmar in 2004.
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