Yesterday, the Supreme Court ordered former prime minister Thaksin Shinawatra to pay ฿1.76 billion (more than $500 million) in back taxes, in relation to his sale of the Shin Corp. telecom company almost two decades ago. The verdict overturned previous rulings by the Central Tax Court and the Court of Appeal.
Thaksin sold a 48% stake in Shin Corp. to Singaporean company Temasek in 2006, just a few days after his government had changed the tax code and increased the legal limit on foreign ownership of telecom firms, in a blatant manipulation of the law for personal gain. The sale was one of the key factors leading to protests against him, which quickly escalated and led to a coup.
The Supreme Court had previously confiscated more than half of Thaksin’s assets, ruling that he had attempted to conceal his wealth by transferring his Shin Corp. shares to his children. Thaksin is currently serving a one-year prison sentence for corruption, though he remains the most influential figure in recent Thai politics.
Thaksin’s sister Yingluck, also a former PM, was also subject to a substantial fine earlier this year. She was ordered to repay ฿10 billion to the Ministry of Finance, in recompense for losses incurred by her government’s rice subsidy policy. (She had previously been fined an extraordinary ฿37.5 billion, though the amount was reduced by the Supreme Administrative Court.)
On its front page today, the Thai Rath (ไทยรัฐ) newspaper writes that “ทักษิณอ่วมหนัก” (‘Thaksin is in serious trouble’). In addition to his tax bill, the Office of the Attorney General announced yesterday that it will appeal against Thaksin’s acquittal on lèse-majesté charges. (This decision contradicts the recommendation of an OAG committee in September, which voted against an appeal.)
Thaksin sold a 48% stake in Shin Corp. to Singaporean company Temasek in 2006, just a few days after his government had changed the tax code and increased the legal limit on foreign ownership of telecom firms, in a blatant manipulation of the law for personal gain. The sale was one of the key factors leading to protests against him, which quickly escalated and led to a coup.
The Supreme Court had previously confiscated more than half of Thaksin’s assets, ruling that he had attempted to conceal his wealth by transferring his Shin Corp. shares to his children. Thaksin is currently serving a one-year prison sentence for corruption, though he remains the most influential figure in recent Thai politics.
Thaksin’s sister Yingluck, also a former PM, was also subject to a substantial fine earlier this year. She was ordered to repay ฿10 billion to the Ministry of Finance, in recompense for losses incurred by her government’s rice subsidy policy. (She had previously been fined an extraordinary ฿37.5 billion, though the amount was reduced by the Supreme Administrative Court.)
On its front page today, the Thai Rath (ไทยรัฐ) newspaper writes that “ทักษิณอ่วมหนัก” (‘Thaksin is in serious trouble’). In addition to his tax bill, the Office of the Attorney General announced yesterday that it will appeal against Thaksin’s acquittal on lèse-majesté charges. (This decision contradicts the recommendation of an OAG committee in September, which voted against an appeal.)
