Thread: Thaskin is hiding the money, but they are finding it

THAKSIN'S ASSETS
Bt8 bn more goes missing

Bank accounts hold only Bt43 bn after rush of withdrawals last week



More than Bt8 billion was withdrawn from six accounts in Thai-land held by former premier Thaksin Shinawatra, his family and relatives a week before the Assets Examination Committee (AEC) ordered the freezing of the accounts.

A report from the Bank of Thailand (BOT) said that between June 4 and 11, more than Bt8 billion was withdrawn from six of the 21 accounts, leaving a combined balance of around Bt43 billion.

The account from which most of the money - Bt5.6 billion - was withdrawn is in the name of Thaksin's brother-in-law Bhanapot Damapong.

The AEC found on June 4 about Bt20 billion had been withdrawn from the 21 accounts (no exact figures are available for two accounts) holding the Bt73 billion from the Shin Corp sale and Bt53 billion was left.

On Monday, the AEC ordered the freezing of the 21 accounts and other accounts held by Thaksin and Pojaman.

An AEC source said the committee was keeping an eye on the banking transactions of people close to the Shinawatra and Damapong families to watch for any movement of large amounts of cash. Among the accounts under scrutiny are those of Thaksin's sister Yao-wapa Wongsawat.

The AEC yesterday had a meeting to appoint two new panels to investigate cases related to the asset freezing.

AEC spokesman Sak Kor-saengruang said a subcommittee headed by AEC member and Auditor-General Khunying Jaruvan Maintaka will investigate the source of the funds and trace the transactions in the frozen accounts. Another subcommittee headed by AEC member Amnuay Tantara will consider the complaint filed by the account holders against the freeze order.

The AEC will also issue a White Paper for public distribution, clarifying its decision to freeze the accounts, Sak said.

Jaruvan's panel will meet today to keep up with the progress.

Meanwhile, the AEC panel investigating irregularities in the Shin Corp share sale has summoned Panthongtae, but Thaksin's son has asked for a postponement to June 27 because he is currently abroad.

BOT Governor Tarisa Watanagase believes the Bt8 billion withdrawn from the 21 frozen bank accounts between June 4 and 11, is still in the Kingdom given there is no evidence of electronic overseas transfers.

"It is unlikely the money was physically carried out either, because there are not enough foreign currency banknotes in circulation for the conversion," she said.

Tarisa also noted that former prime minister Thaksin Shinawatra and his family have never asked the central bank for permission to take money out to finance the US$27 million (Bt954 million) luxury townhouse purchase in Hong Kong.

Since Tarisa has been governor, she has received and approved only one proposal - to remit ฃ70 million (Bt4.4 billion) for the purchase of a house in London.

Former governor MR Pridiyathorn Devakula, who made a visit to the BOT yesterday, added that during his tenure the family had not asked his permission for the transfer of money either for investment or property purchases.

According to BOT rules, monetary transfer out of the country of more than US$10 million needs approval from the central bank.

"He [Thaksin] might have bank accounts abroad and withdrew the money from those accounts to buy the house. As such, he did not need to ask for the central bank's permission," said Pridiyathorn.

He suggested the Anti-Money Laundering Office (AMLO) track down the ousted prime minister's monetary transactions, because commercial banks are required to report to the office any transactions in excess of Bt2 million. The money might be withdrawn for domestic activities or buying jewellery.

Tarisa said the central bank has been working on tracing the money transferred from the accounts of Thaksin and his wife, as ordered by the Assets Examination Committee.
"This would take time as it involves complicated transactions. We will start our work with the commercial banks first," she said.


Budsarakham

Sinlapalavan,

Bancha Khaengkhan,

Anoma Srisukkasem
The Nation



Links to 'ghost accounts' found


Ousted prime minister Thaksin Shinawatra had been found to have "ghost accounts" for stocks and cash transactions in overseas banks and stock-brokers which lead to the Assets Examination Committee (AEC) to freeze his assets, financial sources said.


The AEC has now in its hands damaging evidence that Thaksin still held banking and stock accounts in overseas financial institutions during the period leading up to his sale of Shin Corp to Temasek Holdings of Singapore.

Thaksin has been claiming all along that he had transferred all of his business interests to his children before entering politics in 2001.

"But it has been discovered that Thaksin kept the 'ghost accounts' overseas. This information has never been released before. The accounts were open to keep his cash and stocks in several institutions. The AEC now has this material evidence in its hands, which gave it the confidence to freeze Thaksin's assets in preparation of further prosecutions against him in the court of justice," said one financial source.

The AEC on Monday ordered local banks to freeze all the bank accounts, worth more than Bt52 billion, of Thaksin and his wife Pojaman on the grounds that he was unusually wealthy through exploiting his high position as prime minister to benefit his own company through policy corruption.

Thaksin has claimed he transferred his ownership in Ample Rich Investments, incorporated in the British Virgins Island, and which owned 10 per cent of Shin Corp, to his two children Panthongtae and Pinthongta before he entered politics in 2001.

But the AEC has found evidence that points the other way. The paper trail that followed afterwards shows that Thaksin was still the beneficiary owner of his wealth. Moreover, Thaksin also maintained the "ghost accounts" in top secrecy.

Singapore, which envisions itself as a regional financial centre, provides confidentiality protection for the banks, financial institutions and clients doing business.

But financial sources said the AEC has managed to secure the damaging information against Thaksin from counter-party financial institutions that were engaged in the transactions with Thaksin's banks and stock-broking firms.

When Thaksin came to office in 2001, the market capitalisation of Shin Corp was about Bt20 billion. During his five-year reign, the market capitalisation of Shin Corp almost quadrupled, allowing him to sell his 49 per cent stake in the company to Temasek for Bt73.3 billion.

The AEC is going to establish a damaging case against Thaksin by pointing out evidence that Thaksin still owned Shin Corp in the period leading to his sale of the company to Temasek and that he exploited his power as prime minister to enrich himself. The policy corruption implemented by Thaksin ranges from a revision of the pre-paid mobile phone business that benefited Advanced Info Service by Bt20 billion to a revision of the excise tax that benefited AIS by Bt40 billion.

This is not to mention policy corruption that has benefited Air Asia, ITV, and Shin Satellite, among others.

"The AEC's evidence has confirmed our belief, which we have tried to prove all along, that Thaksin was the real owner of Shin Corp before selling out to Temasek," said Korn Chatikavanij, deputy secretary-general of the Democrat Party.

There are now three cases relating to Shin Corp that are under investigation. The first case is Kularb Kaew, allegedly set up by Temasek as its nominee to buy out Shin Corp. The police are investigating this case.

The second involves Win Mark, found to have links with SC Assets, a property arm of the Shinawatra family, in a similar way that Ample Rich is linked to Shin Corp. The Department of Special Investigation is following up on this case.
The third case is the Ample Rich deal, which the AEC is now pinning on Thaksin, who is facing overwhelming legal evidence against him.


Thanong Khanthong
The Nation