Thailand : One Billion Baht Withdrawn from the Shinawatras' Bank Accounts

One Billion Baht Withdrawn from the Shinawatras' Bank Accounts
29 March 2010

Since the verdict on the assets seizure case was read, the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

He expressed concern that there might not be enough assets left to cover the damages from the family's tax evasion and the asset seizure cases, if nothing is done about the withdrawals.

Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts held by the Shinawatra family. He said no evidence has been found that the money has been transferred overseas.

Last month, the Supreme Court ruled to seize 46 billion baht or $1.4 billion in assets held by former Prime Minister Thaksin Shinawatra in the historic assets seizure case, leaving 30 billion baht of his assets untouched.

However, Korn said Thaksin reportedly opened several companies in Dubai, to which the withdrawn money is believed to be directed.

He noted that as Thailand's central bank allows 100 million US dollars of funds to be taken out of the country in a year, it is reasonable that the fugitive ex-premier must register new companies overseas if a large amount of money is involved in transfers.

The finance minister went on to say that the son and eldest daughter of Thaksin, Panthongtae and Pinthongta, have sold a certain number of shares in companies, the reason thought to be to avoid confiscation.

Korn said the Revenue Department is looking to seize assets held by Thaksin's children, to repay their outstanding taxes worth 12 billion baht, incurred in the sale of Shin Corp shares in 2006.

However, he explained that the Revenue Department may not be able to seize all the assets held by Panthongtae and Pinthongta, since most are shares in companies, which involved investments by third parties not alleged in tax evasion.

The finance minister concluded by saying that his ministry has informed Panthongtae and Pinthongta, as well as concerned commercial banks, that selling the particular shares at this time may be in violation of the law.

thailandoutlook.tv

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Originally Posted by Mid

Finance Minister Korn Chatikavanji

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Absolute clown

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Originally Posted by Mid

the Finance Minister has revealed that up to 1 billion baht has been withdrawn from bank accounts held by the Shinawatra family.

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Clown country.

Why should these details be made public?

"Finance Minister Korn Chatikavanji disclosed that he has received a report that nearly one billion baht has been withdrawn from bank accounts"

"However, Korn said Thaksin reportedly opened several companies in Dubai, to which the withdrawn money is believed to be directed."

"He noted that as Thailand's central bank allows 100 million US dollars of funds to be taken out of the country in a year, it is reasonable that the fugitive ex-premier must register new companies overseas if a large amount of money is involved in transfers"

"The finance minister went on to say that the son and eldest daughter of Thaksin, Panthongtae and Pinthongta, have sold a certain number of shares in companies, the reason thought to be to avoid confiscation."

"The finance minister concluded by saying that his ministry has informed Panthongtae and Pinthongta, as well as concerned commercial banks, that selling the particular shares at this time may be in violation of the law."




Thought to be, believed to be, might be, could be etc, etc....

Does this goose of a Finance Minister actually have any facts ?
A quite obvious politically motivated press release based on supposition rather than substance.

Fools that they are.

Give me what I want and I may go away

Difficult to understand how frozen assets can unfreeze themselves!

global warming maybe?

They are after every last satang , he was a very good business man not all was made from corruption.

^ Sold Man City for a large profit.

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Originally Posted by Mr Lick

Difficult to understand how frozen assets can unfreeze themselves!

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All assets were frozen until after the recent court case. He has some 30 billion baht free money after this case (excluding the 40+ billion baht they seized). Given that it's free money, what's the problem with him doing what he wishes?

Agree with a previous post, where is the ethics of confidentiality in banking? Do any of us want our personal transactions published in the press, particularly when they are legitimate?

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Originally Posted by Mr Lick

Difficult to understand how frozen assets can unfreeze themselves!

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Just part of the game of misdirection, to keep us off-balance..

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Originally Posted by Mr Lick

Difficult to understand how frozen assets can unfreeze themselves!

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I think it was Taksin's accounts that were frozen.
This is money moved out of other family members accounts

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Originally Posted by PAG

He has some 30 billion baht free money after this case (excluding the 40+ billion baht they seized)

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I'll stand corrected but I think you'll find some small print that suggested that free money was to be held to cover costs and interest etc

here we go : https://teakdoor.com/thailand-and-asi...ml#post1338164

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Originally Posted by BKKBoet

As per The Nation "The rest will remain frozen pending calculations of interest, dividends & settling of claims and all".

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Originally Posted by Mid

Quote:

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Originally Posted by PAG

He has some 30 billion baht free money after this case (excluding the 40+ billion baht they seized)

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I'll stand corrected but I think you'll find some small print that suggested that free money was to be held to cover costs and interest etc

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OK, so that suggests to me that these withdrawals were from accounts which weren't frozen, or affected by the recent court case. Even more reason to question the ethics of reporting any form of transactions in this case.

Just in case anyone is interested:

For the Asset seizure case, the AEC froze all the money in Thailand that they could find which was directly linked with the sale of Shin Corperation. As some of this money was given to various companies, lawyers and charities a total of 22 different defendants had assets frozen. The vast majority was in the form of bank accounts, but it also included Cashier Cheques, Mutual funds and Land.

Below is a list of defendants, assets frozen and assets seized.

Thaksin Shinawatra

8 accounts frozen with a combined value of 548,516,633.77
2 accounts seized with a combined value of 548,480,533.78

Amount of assets remaining = Baht 36,129.99

Pojaman Shinawatra

26 accounts frozen with a combined value of 2,487,488,520.55
11 accounts seized with a combined value of 1,451,479,330.78

Amount of assets remaining = Baht 1,036,009,189.77

Pingthongtha Shinawatra

7 accounts frozen with a combined value of 23,529,837,028.57
7 accounts seized with a combined value of 23,529,837,028.57

Amount of assets remaining = Baht 0.00

Pangthongthae Shinawatra

10 accounts frozen with a combined value of 17,217,129,811.08
7 accounts seized with a combined value of 17,132,675,411.08

Amount of assets remaining = Baht 84,454,400.00

Yingluk Shinawatra

3 accounts frozen with a combined value of 335,502,451.00
2 accounts seized with a combined value of 133,502,451.00

Amount of assets remaining = Baht 202,000.00

Bannaphot Damapong

11 accounts frozen with a combined value of 9,920,484,954.26
6 accounts seized with a combined value of 5,520,021,142.00

Amount of assets remaining = Baht 4,400,463,812.24

Bussaba Damapong

1 account frozen with a combined value of 40,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 40,000,000.00

Chinnicha Wongsawat

2 accounts frozen with a combined value of 600,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 600,000,000.00

P.T Corporation

2 accounts frozen with a combined value of 2,300,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 2,300,000,000.00

SC Office Plaza Co.Ltd

3 accounts frozen with a combined value of 2,000,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 2,000,000,000.00

Worth Supplies Co.Ltd

4 accounts frozen with a combined value of 2,200,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 2,200,000,000.00

SCK Estate Co.Ltd

1 account frozen with a combined value of 2,000,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 2,000,000,000.00

OAO Education Co.Ltd

2 accounts frozen with a combined value of 617,500,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 617,500,000.00

Thaicom Foundation

1 account frozen with a combined value of 200,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 200,000,000.00

B/B/D. Property Co.Ltd

2 accounts frozen with a combined value of 2,000,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 2,000,000,000.00

B.B.D. Development Co.Ltd

2 accounts frozen with a combined value of 3,400,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 3,400,000,000.00

Pramai Suri Property Co. Ltd

9 accounts frozen with a combined value of 1,300,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 1,300,000,000.00

Somporn and Associates Co. Ltd

1 account frozen with a combined value of 100,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 100,000,000.00

Mr. Somporn Pongsuwan

3 accounts frozen with a combined value of 45,963,619.86
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 45,963,619.86

OAI Consultant and Management Co. Ltd

1 account frozen with a combined value of 130,000,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 130,000,000.00

Wiwitworn Chamber

1 account frozen with a combined value of 13,500,000.00
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 13,500,000.00

Traffic Solution Fund

1 account frozen with a combined value of 70,850.79
0 accounts seized with a combined value of 0.00

Amount of assets remaining = Baht 70,850.79


Total Value of Assets actually frozen = Baht 70,986,126,023,.48
Total Value of Assets seized = Baht 48,315,995,897.23

I wonder how much his chauffeur and maids had in their account ? :mid:

probably a few billions from the Thamasek sale, since they were the "official" owners in 2001 :p

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Originally Posted by slimdog

Just in case anyone is interested:

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thanxs bloke and welcome to TD :)

The Office of the Attorney-General has approved the Finance Ministry's order for commercial banks to transfer funds in various bank accounts belonging to ousted premier Thaksin Shinawatra and his family to the state coffers.

Waiwud Lortrakul, deputy chief of the OAG, yesterday said there should not be any problem in executing the Supreme Court's February 26 verdict regarding confiscation of Bt46 billion of Thaksin and his family's assets.

Banks to transfer Shinawatra funds to state coffers

and his family's assets.:mid:

let those funds be used for social programs like education and healthcare for the poor,

I bet the reds would agree with that or would they ? :p

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Originally Posted by Butterfly

let those funds be used for social programs like education and healthcare for the poor,

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Nice idea, but it's as about likely to happen as you being struck by lightening tomorrow afternoon at 15:13 and 27 seconds.

Quote:

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Originally Posted by Mid

The Office of the Attorney-General has approved the Finance Ministry's order for commercial banks to transfer funds in various bank accounts belonging to ousted premier Thaksin Shinawatra and his family to the state coffers.

Waiwud Lortrakul, deputy chief of the OAG, yesterday said there should not be any problem in executing the Supreme Court's February 26 verdict regarding confiscation of Bt46 billion of Thaksin and his family's assets.

Banks to transfer Shinawatra funds to state coffers

and his family's assets.:mid:

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A windfall for certain individuals no doubt. Expect to see a few judges upgrading to the latest Mercedes pretty soon.:)

Shinawatra’s 46bn THB asset to be transferred to state next week
Rungkarn Rujiwarangkul

BANGKOK, 2 April 2010 (NNT) – Minister of Finance Korn Chatikavanij expects the state to receive the 46 billion THB asset of the Shinawatra family next week following the court’s ruling on the 76 billion THB asset seizure case in February.

Mr Korn said that the ministry, which has been granted the authority by the National Anti-Corruption Commission and the Attorney General to seize the asset, is taking necessary procedure according to the ministerial practice. It will submit the request to relevant commercial banks next week to transfer the 46 billion THB asset to the state coffer.

The minister has assured the Comptroller General’s Department (CGD) that although the transfer procedure involves a lot of details and requires a thorough handling, it has clear-cut steps to follow.

CGD’s Director General Pongpanu Svetarundra said that the asset seizure process is not complicated. Once commercial banks receive the Ministry’s letter, they will transfer the money to the Bank of Thailand, after which the Bank will issue official letters certifying the money as state property.

thainews.prd.go.th

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Originally Posted by Panda

Quote:

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Originally Posted by Mid

The Office of the Attorney-General has approved the Finance Ministry's order for commercial banks to transfer funds in various bank accounts belonging to ousted premier Thaksin Shinawatra and his family to the state coffers.

Waiwud Lortrakul, deputy chief of the OAG, yesterday said there should not be any problem in executing the Supreme Court's February 26 verdict regarding confiscation of Bt46 billion of Thaksin and his family's assets.

Banks to transfer Shinawatra funds to state coffers

and his family's assets.:mid:

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A windfall for certain individuals no doubt. Expect to see a few judges upgrading to the latest Mercedes pretty soon.:)

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Their Mia Nois and Khun Nais will be upgraded to slightly better digs in the Suthisan Road area too I reckon. We'll see them all shopping at Central Lad Prao soon with all those goofy looking old comb-over boyfriends...

^ Possibly a little concerned about encroaching elections though. They must know they will go down with the Oligarchy if they dont show some impartiality. And if true democracy takes hold and they are held accountable for their actions then they will really be in deep shit! Not really a good outlook for the corrupt judiciary. They picked a side that is coming to the end of an era sooner rather than later. But in true Thai style we could expect them to switch allegiance if only to save their own arses rather than to take their share of the profits as was customary under the old system.