Opposition Threaten to Impeach Taksin

Jaime · Ace Joined: 14 Jan 2004 Posts: 1930 Location: Sh*t Creek

This may be old news for ex-pats in Hua Hin but this has just got to us here in the UK:

From BBC News, 01 Feb 2006:

Thai PM defends mobile firm sale

Thai Prime Minister Thaksin Shinawatra has been forced to explain the detail of a nearly $2bn deal to sell off a 49% stake in his family's corporate empire.

The sale last week of Shin Corp shares to a Singaporean company has created a political storm for Mr Thaksin.

Mr Thaksin described the deal to sell the family's shares as an effort to free him from allegations of any conflict of interest.

Now his family's lawyer has spoken out, denying any wrongdoing.

For five years, Mr Thaksin has denied any suggestion that he mixed politics with business and used his job to benefit the company he founded.

But this latest move - the largest buy-out in Thailand's corporate history - has prompted questions over insider trading, tax avoidance and advantageously-timed regulatory reforms.

Surprise

The opposition Democrat Party has threatened to impeach the prime minister.

It has asked the Securities and Exchange Commission to investigate how his son and daughter were able to buy millions of shares just before the deal was done and then resell them for nearly 50 times as much, just three days later.

The country's Press Council and Law Society have criticised the sale, to Singaporean interests, of such a large stake in Thailand's mobile phone, satellite and television networks.

Newspaper editorials have warned the fortune the family earned from the sale could turn into political and legal misfortune for the prime minister.

On the street, even supporters of Mr Thaksin expressed surprise at the tax-free, $1.9bn deal for a prime minister who last month spent a week in a poor village vowing to eradicate poverty.

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lomuamart · Posted: Thu Feb 02, 2006 8:56 am Post subject:

That deal has created a political furore here, not least because our Fearless Leader has somehow managed to avoid paying tax on the profits of the sale. Something to do with his children owning the shares, rather than himself!! And his children made the decision to sell!!!!
He's still claiming that when he and his family visited Singapore recently, it was only for a holiday and shopping.
So much for eradication of poverty.
Unfortunately, most Thais are still reluctant to speak about this matter.
The allegations of "insider trading" are interesting to follow as share prices rocketed following repeated denials by the family and lawyers that the "shopping trip" to Singapore had anything to do with a possible future sale at that time.
He'd have been hung, drawn and quartered in the western world by now.
Disgraceful.
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"I spent a lot of my money on booze, birds and fast cars - the rest I just squandered". George Best.

Rider · Posted: Fri Feb 03, 2006 4:47 pm Post subject:

prcscct · Posted: Fri Feb 03, 2006 6:14 pm Post subject:

There's only one thing to say. His children are not much more than teenagers. Either with their consent or not, he set them up to take some if not all of the heat. The kind of parent that does that to his/her child is pure unmitigated SHIT. Nothing more needs to be said about leadership and ethics here in the land of no smiles at the moment. Pete