THAILAND: Court seizes assets belonging to former premier Thaksin Shinawatra's family, found guilty of abusing power to benefit his business

Record ID: 805039

  • Title: THAILAND: Court seizes assets belonging to former premier Thaksin Shinawatra's family, found guilty of abusing power to benefit his business
  • Date: 27th February 2010
  • Summary: BANGKOK, THAILAND (FEBRUARY 26, 2010) (REUTERS) ***CONTAINS FLASH PHOTOGRAPHY*** SECURITY OUTSIDE SUPREME COURT AT NIGHT VARIOUS OF TEAM OF ATTORNEYS OF FORMER THAILAND'S PRIME MINISTER THAKSIN SHINAWATRA GATHERED IN CORRIDOR FOLLOWING VERDICT PROSECUTOR, SURROUNDED BY PRESS, LEAVING COURT ROOM VARIOUS OF THAKSIN'S ATTORNEY LEAVING AMIDST JOURNALISTS AND OFFICIALS VARIOUS OF RIOT POLICE GUARDING OUTSIDE COURT (DAY SHOTS) EXTERIOR OF PUAR THAI PARTY HEADQUARTERS THAKSIN'S SUPPORTERS LISTENING TO VERDICT WOMAN CRYING (SOUNDBITE) (Thai) THAKSIN'S SUPPORTER SAYING: "This is not fair, everyone knows there is no justice in Thailand with its double standards for treating different people. Even so, we still expected court to hold a fair trial. But didn't get justice." VARIOUS OF THAKSIN'S SUPPORTERS CRYING AND SHOUTING WHILE LISTENING TO VERDICT THAKSIN ON LIVE FEED ADDRESSING SUPPORTERS (SOUNDBITE) (Thai) FORMER THAILAND'S PRIME MINISTER THAKSIN SHINAWATRA SAYING: "These days I am being deprived of justice. I will continue searching for justice."
  • Embargoed: 14th March 2010 12:00
  • Keywords:
  • Location: Thailand
  • Country: Thailand
  • Topics: Crime / Law Enforcement,Domestic Politics
  • Reuters ID: LVAEL95IKLIEWROO42XA4T82OEY7
  • Story Text: Thailand's top court on Friday seized 1.4 billion U.S. dollars in assets belonging to the family of former premier Thaksin Shinawatra for abuse of his power, far less than expected, in a decision that could appease some anti-government forces.
    The court said Thaksin had concealed his ownership of shares in his family telecommunications conglomerate Shin Corp during his five years in office and geared government policies to benefit the company, but ruled that 900 million U.S. dollars amassed before his premiership be unfrozen.
    Authorities said major violence was unlikely in response to the ruling but mobilised thousands of police and troops to pre-empt any backlash by supporters of the 60-year-old fugitive at the centre of a five-year political crisis in Southeast Asia's second-biggest economy.
    Prior to the ruling, analysts said any decision allowing Thaksin's family to keep a portion of the assets would be more favourable for markets in the short term by reducing the risk of an imminent showdown in Thailand's divisive colour-coded crisis.
    The judges said Thaksin had abused his power in all five major cases against him, which included shaping telecoms and satellite policies, including concessions fees and state loans, to benefit Shin Corp.
    Thaksin, ousted in a 2006 coup and convicted in absentia of graft, has denied the charges from self-imposed exile in Dubai.
    At the Puea Thai party headquarters in Bangkok, hundreds of his supporters cried and sobbed quietly, while others shouted in frustration and anger after the verdict.
    Thaksin is still immensely popular among Thailand's rural poor.
    "This is not fair, everyone knows there is no justice in Thailand with its double standards for treating different people. Even so, we still expected court to hold a fair trial. But didn't get justice," said an unidentified supporter of Thaksin.
    After the verdict, Thaksin said he was not surprised. He denied any wrongdoing and urged his supporters to keep on fighting for democracy and justice.
    "These days I am being deprived of justice. I will continue searching for justice," he said in a video-link to about 800 supporters.
    Some analysts say a court verdict unfavourable to Thaksin, could have added weight to allegations he was the victim of a political vendetta and spark an angry response from supporters.
    Although the verdict has turned a new page in an intractable political crisis that has alarmed many investors, few believe it will provide any hope of a long-term resolution.
    The final verdict was reached after more than seven hours and came after the close of Thailand's stock market, which reopens on Tuesday (February 23) after a long weekend holiday, allowing investors to weigh up the outcome.
    Security remained tight around Bangkok's Supreme Court on what has become known as "Judgement Day", with cellphone signals jammed to prevent remote-detonated bombings and judges ferried to the courthouse, some from safe houses, in bullet-proof cars.
    Six-hundred police guarded the court. Security agencies said thousands of riot troops were on standby in case of unrest.
    The pro-Thaksin "red shirt" movement, whose demonstrations last year sparked Thailand's worst street violence in 17 years, plans a mass rally in Bangkok on March 14 but said it would not protest on Friday, whatever the verdict.
    The twice-elected Thaksin has said he will fight any seizure of the assets from exile. He is believed to be in Dubai.
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