26 February 2010

“To confiscate all of the wealth of Mr Thaksin would be unfair...”

Democracy Monument

The Supreme Court ruled today that more than half of former PM Thaksin Shinawatra’s assets, frozen in 2007, will now be confiscated. The Assets Examination Committee had frozen ฿76 billion pending the outcome of an anti-corruption investigation, and Thaksin was convicted in absentia in 2008.

Of the total assets in question, ฿46 billion will be seized, and the remaining ฿30 billion will be returned. The Supreme Court judge delivering the verdict said: “To confiscate all of the wealth of Mr Thaksin would be unfair”.

The court ruled that Thaksin had attempted to conceal his personal wealth while he served as prime minister, by transferring his 48% stake in Shin Corp. to his children. It was his sale of Shin Corp. to Temasek in 2006 that sparked the People’s Alliance for Democracy’s anti-Thaksin protests, which led to a coup against him and four subsequent years of political instability.

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