Govt threatens extradition, but says safety will be guaranteed
Ousted prime minister Thaksin Shina-watra and his wife Khunying Pojaman must turn up by June 29 to hear formal charges of assets concealment involving SC Asset or face arrest warrants and extradition.
Department of Special Investigation director-general Sunai Manomai-udom said yesterday representatives of SC Asset, the family's property company, and Busaba Damapong, the wife of Pojaman's step-brother Bhanapot must also turn up to be officially informed of the charges.
"All must come in person, including Thaksin who cannot use political circumstances as an excuse or authorise any representatives," he said.
"In a criminal case, representatives are not applicable. If the charged individuals intentionally avoid meeting the investigating officers, they face an arrest warrant. If they are abroad, they will be extradited."
Sunai said technically the accused could postpone their appearances three times. Only then could police issue arrest warrants.
Since the Army seized control late last year, Thaksin has remained overseas.
Prime Minister Surayud Chulanont said yesterday the government would guarantee Thak-sin's safety if he chooses to return and fight the char-ges against him.
"We will provide safety for him once he returns home to defend himself against the charges as it is our duty. I can give an assurance that all relevant government authorities will provide him with the necessary security," Surayud said.
He said Thaksin would not be taken into custody if he returned home, but he should contact the government before deciding to do so. Thaksin had earlier vowed he would end his exile and return to fight the Assets Examination Commit-tee's freezing of his assets. He has since backed down from that commitment.
Meanwhile, Pojaman yesterday also failed to show up
before the Assets Examination Committee that is investigating her Shin share sale, saying she was ill in Singapore.
The DSI yesterday announced there was evidence the accused conspired in concealing their shares in SC Asset, a listed company, which is in violation of the Securities and Exchange Act. Involved are four overseas funds - Win Mark, Value Investment Mutual Fund (VIF), Overseas Growth Fund (OGF) and Offshore Dynamic Fund (ODF).
"The investigating team also found Thaksin could have violated the anti-corruption law. He could have intended to conceal the shares when he was the prime minister, and he could have committed actions for control or benefits from the companies. This will be a separate case that the DSI will forward to the National Counter Corruption Commission," Sunai said.
On the SC Asset case, he said the DSI had "convincing evidence" that Win Mark, VIF, OGF and ODF were nominees of Thaksin and his wife.
"They were the beneficial owners and controlled power over the shares of SC Asset and five other companies, which had been held by the funds," Sunai said.
Backing up the charges are documents and individuals, including a document that showed Win Mark's investment of Bt1.527 billion came from Thaksin, he said.
Meanwhile, the DSI has no evidence that shows Thaksin's daughters Pinthongta and Paethongtarn, who are SC Asset's shareholders, either knew or were involved in the alleged action.
SC Asset (formerly OAI Property) was set up before 2000 by Thaksin and his family. A portion of shares in the company, as well as five other companies owned by his family, were sold to British Virgin Islands-registered Win Mark in mid-2000 at the combined value of Bt1.527 billion. The other five companies are PT Corporation, Worth Supplies, BP Property, SCK Estate and SC Office Park.
Three years later, Win Mark sold SC Asset shares to VIF. In the same year, VIF forewent the rights for new SC Asset shares to Thaksin's daughters - Pinthongta and Paethongtarn - who automatically netted Bt71 million in capital gains from the new shares, which were priced at Bt15 against Bt10 par value.
Shortly after that, VIF transferred the SC Assets shares to OGF and ODF, which held the shares until August 2006.
In 2004, Win Mark sold shares in the other five companies to Pinthongta and two family companies at cost, raising doubts of its intention in having held the shares for a long time.
The DSI's investigation concluded that in filing its initial public offering application in 2003, SC Asset failed to include shares owned by OGF and ODF in the Shinawatra family's stake. If included, the family's stake could have been 79.87 per cent, not 60.82 per cent as stated, which meant a controlling power over the company. That action violated the SEC Act and Busaba, then director who co-certified the filing, is liable to five years imprisonment and fines twice the value of the securities involved.
As OGF and ODF are Thaksin and Pojaman's nominees and sold shares in four lots in 2006, as beneficial owners, both of them were required to report new shareholdings to the SEC.
Failing to comply with the law, they could be sentenced to five years jail and fines of twice the value of the securities involved.
The DSI investigation was completed in cooperation with the Securities and Exchange Commission, which earlier was criticised for being lenient toward the Shinawatra family by not charging anyone involved in the alleged share concealment.
SEC deputy secretary-general Prasong Winaipaet said yesterday it was the SEC that first spotted the evidence but decided to forward it to the DSI which has power to press for additional information.
He said the SEC was prepared to for similar cooperation in other cases.
-The Nation
