Thread: Where will Thaksin's 76 billion Baht go?

Anyone think that the Revenue Department, being government controlled, wants to get hold of 12 billion of it with the veiled intention of returning it to him before the court can seize it?

Revenue Dept orders bank to transfer frozen Bt12 billion from Shinawatra familyBANGKOK, Aug 25 (TNA) --

Thailand's Revenue Department on Monday ordered Siam Commercial Bank (SCB) to transfer Bt12 billion from the frozen accounts of a son and a daughter of ousted former prime minister Thaksin Shinawatra, now a fugitive, to pay as tax for his two children, a spokesman of the department said.
Spokesman Sathit Rangkasiri told a press conference that in order to clear the air of confusion faced by the bank, the Revenue Department had informed SCB to transfer the Bt12 billion, deposited at the bank and ordered frozen by the now-defunct Assets Examination Committee (AEC), to transfer the money which would be paid as tax by Mr. Thaksin's two children.
During the press conference, Mr. Sathit did not mention the Shinawatra family, saying only "taxpayers".
After receiving the money which will be added with fine and 1.5 per cent interest monthly, it will automatically become state revenue, said Mr. Sathit.

In accordance with the law, SCB must transfer the money to the Revenue Department within 15 days and if the bank fails without sufficient reason, it will be taken to task, he said.
Mr. Sathit said his department had informed SCB twice, by letter. The first letter was sent on July 31 and the second one last Friday, ordering the bank to speed up its transfer of the frozen money.
He said the Revenue Department had cooperated well with the coupmakers-installed AEC until the latter was dissolved and according to the nature of its duties it had to take action because the funds were still frozen in the bank.
If the "taxpayers" were ruled not guilty through an appeal process later, the money could be returned to them, the spokesman said.

The Revenue Department earlier ordered the Thaksin children to pay income tax of Bt12 billion from their earnings from Shin Corp share transactions between themselves and Ample Rich Investment Co.
The two are accused of evading tax payments on their estimated earnings of Bt15 billion from the transactions.
The Bt12 billion is part of Bt76 billion assets of Mr. Thaksin's family, obtained from the sale of Shin Corp. to Singapore's Temasek Holdings in January 2006 on the same day the Thai Telecommunications Act was enforced. The entire assets were frozen following the September 19, 2006 bloodless coup that toppled the former Thaksin government.
Mr. Thaksin and his family, now in England, paid no capital gains tax.

In another development, civil servants from the Attorney General's Office Monday carried 600 files, contained in 94 boxes, related to how Mr. Thaksin accumulated his abundant wealth, to the Supreme Court's Criminal Division for Holders of Political Positions.
The evidence will be used by the court in seizing the Bt76 billion assets of Mr. Thaksin's family.
The Court will meet at a later date to appoint nine judges to make a final verdict on the seizure of Bt76 billion for the state. (TNA)

http://enews.mcot.net/view.php?id=5913

Will the prosecutors beat the Revenue Dept to it?


Prosecutors seek Thaksin's assets


Mr Thaksin says the charges are aimed at derailing his political come-back


Prosecutors in Thailand have asked the Supreme Court to seize $2.2bn (£1.2bn) in assets belonging to ousted Prime Minister Thaksin Shinawatra.
The move is part of an investigation into alleged corruption during the businessman's five years in office.
Prosecutors said the money - frozen since the military seized power in a coup - should be put in state coffers.
Mr Thaksin, who denies any wrong-doing, is now in Britain where he owns the Manchester City football club.
He came to the UK earlier this month to avoid facing the corruption charges - allegations which he says are aimed at preventing his return to front-line politics.

"Unusual wealth"
Early on Monday, Thai prosecutors handed over a lengthy submission seeking the confiscation of the frozen assets.
"The prosecutors are presenting evidence to ask the court to take away his unusual wealth and put it in state coffers," Reuters news agency quoted chief prosecutor Seksan Bangsomboon as saying.
In the wake of the September 2006 coup, military-backed investigators instigated a series of charges against Mr Thaksin and his family for corruption and abuse of power.
When Mr Thaksin returned to Thailand in February after 18 months of self-imposed exile, he vowed to fight the charges and clear his name.
But on 31 July his wife was convicted of tax evasion and sentenced to three years in jail. Analysts say that the couple feared further cases could go against them and decided it was time to leave the country. The Supreme Court has issued arrest warrants for the couple, but it is not yet clear whether Thai authorities will seek their extradition from the UK.

BBC NEWS | Asia-Pacific | Prosecutors seek Thaksin's assets