Thaksin and his family own assets about Bt12.7 billion

Total assets of former Prime Minister Thaksin Shinawatra and his family when he finished his first term in 2005 was Bt12.68 billion and debts of Bt110 million.

The figures was revealed by National Counter Corruption Commission on Friday. Prime minister and his cabinet members as well as their families were required by laws to declare their assets.

According to Thaksin's assets list submitted to the NCCC, Thaksin has Bt506 million, his wife, Khunying Pojamarn, Bt8.91 billion and his daughter, Paethongtarn Bt3.26 billion, when Thaksin finished his first term on March 14, 2005.

The laws require children of prime minister and ministers who are under 20 to declare their assets.

NCCC reported total assets of Thaksin and family as of March 14, 2006 increased to Bt12.75 billion. Thaksin owns Bt512 million, Pojamarn Bt8.99 billion and Paethongtarn Bt3.24 billion.

The Nation

ASSET DECLARATION

Thaksin 'poorer' after his PM stint

Bt73-bn Shin Corp profit not included in March assets

The assets of deposed prime minister Thaksin Shinawatra, his wife and younger daughter were worth about Bt12.7 billion as of March, the national anti-graft body reported yesterday.

Thaksin had Bt512 million, his wife Pojaman Bt8.99 billion and his daughter Paetongtarn Bt3.26 billion when the ex-PM submitted their financial reports on March 14, one year after his first Cabinet completed its term.

The National Counter Corruption Commission (NCCC) yesterday made available publicly details about the assets and liabilities of members of the previous Cabinets led by Thaksin.

The assets disclosure has raised doubts over his family's real wealth, although the three Shinawatra members have become Bt1 billion poorer since Thaksin first took office in 2001.

In 2001, Thaksin had Bt569 million, wife Pojaman Bt9.9 billion and daughter Paetongtarn Bt3.24 billion.

A sum of Bt73 billion, which the Thaksin family received from a tax-free sell-off of Shin Corp shares to Singapore's Temasek Holdings in January when he allegedly exploited the government's policies to benefit his family's telecom empire, was not included.

It is only because Thaksin's two other children, Panthongtae and Pinthongta, who held stakes in Shin Corp, are no longer required by law to disclose their assets and liabilities as they have reached the legal age of 20.

The NCCC's long-awaited public release of Thaksin's officially declared assets comes a month after a military coup ousted him from office.

Thirty-three members of Thaksin's latest Cabinet, which was overthrown in the September 19 coup, have all submitted their financial statements with the NCCC at the order of the anti-graft agency appointed by the coup-makers. The NCCC said recently that it could release information regarding the latest assets declaration in a month.

The ex-premier, one of Southeast Asia's richest men before taking office in 2001, was widely accused of corruption and crafting policy to enrich himself and his friends.

Critics denounced the official figures as misleading and inaccurate, saying Thaksin transferred large sums of money and stock holdings to relatives and others close to him, including his maid and driver. Much of his money is also believed to be held in offshore accounts in tax havens like the British Virgin Islands.

US magazine Forbes ranked Thaksin the 18th richest man in Southeast Asia in 2005 with a fortune worth US$1.3 billion (Bt52 billion), a figure that opponents believe is a more accurate indicator of his wealth.

"The issue we've taken with him in the past was all those things that never showed up in the first place - all the assets that he never declared but are either under his control or under his ownership," Democrat Party leader Abhisit Vejjajiva was quoted by Associated Press as saying.

The issue of Thaksin's assets could sow seeds of doubt over his honesty, which was first challenged in 2001 when he faced an NCCC charge of asset concealment. He survived the Constitution Court's ruling by eight votes to seven in favour of his innocence.

But Thaksin has faced allegations since then over conflicts of interest over which businesses of his family, relatives and close aides had benefited from their positions in the government.

The value of Shin Corp in 2001 when Thaksin assumed power was about Bt20 billion. In the firm's sell-off to Temasek, Thaksin's family and the Damapong family of his wife Pojaman received Bt73 billion.

Deputy Prime Minister MR Pridiyathorn Devakula recently said that while holding the Bank of Thailand's presidency, the Bt73 billion was still in Thailand under his observation.

NCCC spokesman Klanarong Chantik said yesterday he could not say the anti-graft body was convinced by the report. But he insisted that the anti-graft body would launch deep investigations into all kinds of transactions among Thaksin's family members or other people if they were linked to conflicts of interest.

The Nation