46.3 bn THB of ex-PM seized

BANGKOK, 26 February 2009 (NNT) – The Supreme Court’s Criminal Division for Holders of Political Positions rules with majority vote to confiscate assets of ex-PM Thaksin Shinawatra and his ex-wife totaling 46.3 billion THB out of the frozen 76 billion THB.

The seized assets have been acquired from his selling of Shin Corp shares to Singapore’s Temasek Group. In the ruling, the court resolved to return the remaining assets plus dividends worth altogether 36 billion THB to the defendant, saying the amount was the value of shares that the ex-Prime Minister had possessed before he took the office.

Judges said confiscation of all assets would not be fair for the defendant.

22 people, including Mr Thaksin and members of his family, held the shares of Shin Corp before selling them to Temasek. Shin Corp is the country’s biggest telecom company.

The judges earlier ruled that Mr Thaksin had abused his power while in office to benefit Shin Corp by converting telecom concession payments to excise tax. He was also found guilty of concealing shares by holding them via proxies.