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  1. #1
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    William's Avatar
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    Was Thaksin Pulling The Shin Corp Share Strings

    WAS THAKSIN PULLING THE SHIN CORP SHARE STRINGS?

    Voters need to know the truth before the next election

    Story by SURASAK GLAHAN
    Did deposed prime minister Thaksin Shinawatra control Shin Corp shares during his two terms in office? The answer to that question is being sought by the Assets Scrutiny Committee (ASC) as part of its probe into Shin share transfers over the past ten years _ as ASC secretary Kaewson Athipho revealed at a forum on Monday.



    If the answer is yes, Mr Thaksin could have violated the anti-corruption law that bars politicians and their spouses from holding shares in firms granted concessions by the state, and be subject to a total jail term of 15 years.



    The 'yes' answer could also mean Mr Thaksin has lied to the Thai people, especially the ''11 million votes'' he claimed to have won legitimately in 2001 and ''19 million votes'' in 2005, and thus failed to maintain ultimate accountability to the voters.



    Whatever comes of the probe, the ASC's team has to establish the truth because the public has the right to know about an issue that concerns conflicts of interest.



    Mr Kaewson said the ASC's tax probe team had looked into Mr Thaksin's distribution of a 22.42% Shin Corp stake right before entering politics in 2001 to find out whether this was a ruse to get away with violating the law.



    Shin Corp was listed in 1992 and most of its shares were held by Mr Thaksin and his wife Khunying Potjaman until his Thai Rak Thai party won the general election in 2001. The couple transferred their shares to Ample Rich, a company Mr Thaksin founded in 1999, and to Mr Thaksin's sister Yingluck, his son Pangthongtae, and Khunying Potjaman's stepbrother Bannapot Damapong.



    Mr Pangthongtae received a total stake of 24.99% from his parents, and later transferred 14.98% to his younger sister upon her becoming an adult in 2003. The siblings also took over ownership of Ample Rich from their father.



    The siblings sold Ample Rich's Shin shares to Singapore's Temasek Holdings early last year. But whether or not the siblings really managed the deal without supervision or intervention from their father and mother remains debatable.

    Mr Pangthongtae, who co-founded How Come Entertainment, an advertising and organisation firm, with his friends, did not seem to know much about the Shin share transfers when he was questioned by the probe team early this year.



    Mr Pangthongtae told the team to ask his mother's secretary about the Ample Rich deal. His sister, who is at university in England, was also unable to answer most questions about the deal.



    Before the transaction took place, a Shinawatra family representative sought assurance from the Revenue Department in 2005 that the deal would be tax-free.



    ASC spokesman Sak Korsaengruang admitted that his tax probe team had also investigated the real owner(s) of Ample Rich. The team has traced the money trail of Ample Rich dividends, paid by Shin Corp, to find out whose bank accounts they were transferred to.



    Getting proof on whether Mr Thaksin managed the shares is crucial because the stakes are high in what many suspect were conflicts of interest. For example, two days before the Shinawatra and Damapong families' sale of a 49.6% stake in Shin Corp to Temasek, parliament approved the Telecommunications Business Operations Act (No.2) 2006, increasing the foreign ownership limit in telecom businesses from 25% to 49%.



    The majority of voters who twice supported him must be given the answer if the premier they elected lied to them. And that answer should come before they cast their ballots again later this year, no matter who the candidates are.
    The fact is, even voters who regard Mr Thaksin favourably need accountability from someone who was an elected leader.
    source: Bangkok Post 12 May 2007

    My bolding and underlining.

    And finally, we may just be getting to what I have thought for a long time was the real crux of the issue here.

  2. #2
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    Quote Originally Posted by William
    Did deposed prime minister Thaksin Shinawatra control Shin Corp shares during his two terms in office?
    Is the Pope a Catholic?

  3. #3
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    ^yes, rather an obvious question really

  4. #4
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    Is a pigs ass really pork, That is the question...

  5. #5
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    Quote Originally Posted by William
    Getting proof on whether Mr Thaksin managed the shares is crucial because the stakes are high in what many suspect were conflicts of interest. For example, two days before the Shinawatra and Damapong families' sale of a 49.6% stake in Shin Corp to Temasek, parliament approved the Telecommunications Business Operations Act (No.2) 2006, increasing the foreign ownership limit in telecom businesses from 25% to 49%.
    To be truthful, it wouldn't even matter if he controlled the shares, it would still be a conflict of interest because his close family gained from the decision.

  6. #6
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    Dis Cheney relinquish control of his shares in Halliburton, did Bush relinquish control of his share in Carlyle?
    Part of my career was setting up these sort of Trust affairs, usually for the purpose of avoiding tax. I'm sure you already know the answer.

  7. #7
    Mid
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    Charge deferred
    By Post Reporters

    The Office of the Attorney-General has delayed the indictment of former prime minister Thaksin Shinawatra on charges of being unusually rich as a result of the sale of his shares in Shin Corp.

    The OAG said on Friday it wanted to form a joint inquiry panel with the Assets Scrutiny Committee (ASC) to search for more information as that which had been recommended by the ASC was incomplete. The ASCís tenure ends on Monday.

    Waiyawuth Lortrakul, deputy attorneygeneral, said a working panel of prosecutors handling the seizure of Mr Thaksinís assets was divided on the case.

    Some prosecutors agreed that the case needed further investigation.

    They said the ASC did not separate the assets Mr Thaksin had prior to facing the allegation from those that he gained after the Shin Corp share transaction, Mr Waiyawuth said.

    Those prosecutors reasoned that filing an indictment to have all of Mr Thaksinís assets worth over 76 billion baht seized may not be fair to him and he may contest this in court, Mr Waiyawuth said.

    But other prosecutors argued the indictment should be submitted to the Supreme Courtís Criminal Division for Holders of Political Position without delay because tomorrow is the deadline for the OAG to make a decision on indicting Mr Thaksin.

    Mr Waiyawuth, who heads the prosecution panel, said Jullasingha Wasantasingha, another deputy now acting on behalf of the attorney-general, ordered him to write to the ASC chairman to ask that a joint panel be formed to make further inquiries into the case.

    Mr Waiyawuth said the assets seizure case would be the first civil case the OAG would submit to the Supreme Court for indictment.

    He said there should be no problem with the timeframe for the OAG to make a decision on indictment.

    He said Article 81 of the National Counter Corruption Commission (NCCC) law gives the OAG a maximum of 90 days to consider indictment in civil cases.

    Therefore, the OAG still has 60 days left to make its decision.

    As the ASCís tenure will end on Monday, he expected the ASC to hand over all the cases to the NCCC.

    ASC member Kaewsan Atipho forwarded to the OAG for indictment the case accusing Mr Thaksin of being unusually rich on May 29.

    bangkokpost.net

  8. #8
    bkkandrew
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    Quote Originally Posted by Mid View Post
    charges of being unusually rich


    Only in Thailand could a law be drafted thus.

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    As usual, law is made up / amended as it goes along to suit the rich and powerfull

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    Quote Originally Posted by tuferguson View Post
    As usual, law is made up / amended as it goes along to suit the rich and powerfull
    Lucky for him innit ?

  11. #11
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    Quote Originally Posted by sabang View Post
    Dis Cheney relinquish control of his shares in Halliburton, did Bush relinquish control of his share in Carlyle?
    Part of my career was setting up these sort of Trust affairs, usually for the purpose of avoiding tax. I'm sure you already know the answer.
    For the sake of argument the answer is yes, they were put in Blind Trusts, now the trust manager could have done anything...

    But that is not the real issue, its the amount of shares controlled by the Toxin family/nominees. Neither Cheney nor Bush had quite the same 'controls' me thinks.

    Just an observation.

    E. G.
    "If you can't stand the answer --
    Don't ask the question!"

  12. #12
    Mid
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    Court Postpones Verdict on Shin Corp Tax Evasion Case
    28 January 2009

    The Criminal Court has postponed reading a verdict to rule whether former Revenue Department Chief Siroj Sawatphanich is guilty for failing to tax the transfer of 4.5 million Shin Corp shares from the Shinawatra family.

    The Criminal Court postponed reading its verdict today to rule whether former Revenue Department Director-general Siroj Sawatphanich and four other state officials are guilty for failing to collect tax from the transfer of 4.5 million Shin Corp shares worth 738 million baht from the Shinawatra family.

    Ousted Prime Minister Thaksin Shinawatra and his then-wife, Pojjamarn transferred the Shin Corp shares to Pojjamarn's step-brother, Bunnapoj Damapong and Thaksin's household help without paying tax.

    The Criminal Court revealed that this case contains a lot of documents and evidence and the court is still unable to finish scrutinising that evidence.

    As a result, the court has decided to postpone reading the verdict on this case to February 26 at 9am.

    The state prosecutor previously filed a lawsuit against Siroj as well as four other defendants Ė former Director of the Revenue Department's Legal Office, Vichai Juengrukkiat; and former Revenue Department's legal advisors, Suchinda Sangchompu, Moreerat Bunyasiri, and Kulruedee Sangsayun Ė accusing them of failing to collect tax, dereliction of duties, and negligence as state officials in line with Criminal Code Articles 154 and 157.

    The tax evasion caused the state to lose 270 million baht in revenue.

    The cases date back to 1999 when Thaksin was forming the Thai Rak Thai Party. Under Thai law, Thaksin was required to sell shares in companies that were doing business with the state. He gave those shares to his relatives and the household help as the Revenue Department ruled they did not have to pay taxes.

    thailandoutlook.tv

  13. #13
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    Quote Originally Posted by Mid View Post
    being unusually rich
    Does this refer to making an honest living?

  14. #14
    Thailand Expat misskit's Avatar
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    Senior officials get bail in Shin Corp share sale case

    A FORMER deputy finance minister and three former Revenue Department officials were released on bail for failing to collect billions of baht in income tax on the sale of Shin Corp shares to Singapore’s Temasek Holdings in 2006.

    They face three years in jail if the Appeal Court upholds their conviction.

    The Criminal Court ruled that Benja Louicharoen, who was deputy finance minister during the Yingluck Shinawatra government, and three other then-senior Revenue Department officials, were guilty of helping Panthongtae and Pinthongta Shinawatra, son and daughter of former premier Thaksin Shinwatra, evade nearly Bt16 billion in income taxes.

    In addition, Thaksin's former wife Khunying Potjaman na Pombejra's personal secretary, Pranee Wejpreukpitak, was sentenced to two years in jail for being an accomplice in this case.

    According to the lawsuit filed by National Anti-Corruption Commi-ssion, Panthongtae and Pinthongta are required to pay about Bt7.9 billion each in income tax for the sale of their Shin Corp shares based on the difference between the acquisition price of Bt1 per share and the sale price of Bt49.25 per share.

    The siblings each sold 164.6 million shares of Shin Corp to Temasek in 2006, and were required to pay corresponding income tax, but Benja and others violated Article 157 of the Criminal Code on negligence of duty and abuse of power by helping the two avoid the huge tax bill.

    Benja, who at the time was also deputy director-general of the Revenue Department, along with former legal affairs chiefs Chamras Yamsoi-thong, Moleerat Boonyasiri, and Kitch Vipulanusas, were released on a bail of Bt420,000 each, while Pranee was released on a Bt300,000 guarantee as all five have said they will file an appeal.

    According to the Revenue Code, individuals who gain a profit from the sale of shares are required to pay income tax based on the difference of purchase and sale price. However, the defendants did not perform their duties properly and abused their powers to help both Panthongtae and Pinthongta avoid the massive taxes.

    Previously, Moleerat also faced a criminal lawsuit along with Sirote Sawadpanich, a former director-general of Revenue Department, for negligence of duty and abuse of power in a related income-tax case in which Potjaman transferred 4.5 million shares of Shin Corp to her elder brother Bhanapot Damapong and other persons without paying taxes properly.

    Senior officials get bail in Shin Corp share sale case - The Nation

  15. #15
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by misskit
    A FORMER deputy finance minister and three former Revenue Department officials were released on bail
    Soon to appear in their new Dubai condos.

  16. #16
    Thailand Expat terry57's Avatar
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    Yesterday I was at an Industry show at Queen Sirikit Convention Center.

    As i was checking stuff out I noticed these extremely well dressed guys wearing wires in their ears and insignia like out of Star-trek. Body guards they were.

    There was Yingluk walking around having her Photo taken with the Punters, very friendly and accommodation she was. She had way to much make up but still a fine looking woman indeed.

    Anyway she was chatting with a lady who was displaying her organic rice.

    I thought, maybe Yingluk is going to buy a shit load and give it to some of her Ex supporters up Norf.

    Good story today about her brothers mates who are in serious shit over dumbing down his kids Tax returns.

    In the slam they have been sent.
    Stroller is a Yerman faggot.

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