Thailand to target deposed PM's assets

[upi402]

Thailand to target deposed PM's assets

BANGKOK: -- Thailand may seize the assets of ousted premier Thaksin Shinawatra, a self-made telecom tycoon believed to be worth over $2-billion (about R14,6-billion), the new military junta said on Friday.

"It's under consideration on how we will proceed," with Thaksin's vast assets, said air force chief Chalit Pukbhasuk, one of the military leaders who toppled Thaksin in a bloodless coup on Tuesday.

The junta also appointed a new nine-member National Counter Corruption Commission, clearing the way for a probe of the financial affairs of Thaksin, who was staying in London on Friday.

Forbes magazine in July said Thaksin is Thailand's fourth richest businessman with a fortune worth $2,2-billion.

The 56-year-old, who took office in 2001, was the founder of Thailand's telecom giant Shin Corp., which includes the country's top mobile phone company, satellite services and a stake in a budget airline.

His family in January sold a nearly 50-percent stake in Shin Corp. and earned R1,9-billion under a tax-free deal, setting off months of street protests demanding his ousting over alleged abuse of power and corruption.

The commission said Friday that when Thaksin first took office he declared assets worth 15.12 billion baht (about $2,9-billion) held in 27 bank accounts and in stocks in 29 companies and investment funds.

Months after taking office, a top court found Thaksin not guilty on charges that he had failed to disclose full assets to the authority.

Thaksin also owned four houses, 35 buildings and land in Bangkok, in his hometown in northern Chiang Mai province, in the southern tourist resort of Phuket and elsewhere.

He also declared 10 cars including a Porsche and a Ferrari, and stacks of diamonds, rubies, topaz necklaces, rings and watches.

Earlier Friday, the junta expanded the powers of the national police chief, which would make it easier to press ahead with prosecutions against Thaksin and other members of his government.

Thailand's auditor general told local media that she would be ready to complete at least one long-standing corruption investigation into him within days.

The junta has promised to appoint a new civilian government within two weeks, and to draft a new constitution to clear the way for elections in October 2007.

Air chief Chalit said the generals were considering at least five candidates to become the new prime minister, but he declined to reveal their names.

"The new prime minister is likely to be a legal expert because he has to implement constitutional reforms, while his deputies can oversee economic affairs," he said.

"There are more than five people under consideration, and I expect he will be named soon," Chalit said.

-- AFP 2006-09-23

[ButterflyBlood]

1. Good, seize the crap from that corrupt Bush crony corporatist

nt

[Mike Daniels]

2. Wow, supporting a military body that has now outlawed political activity

and people gathering in the streets in groups of five or more. Strictly because the former leader was close to Bush....

I can only assume you'll support coups against leaders you agree with as well from here on out.