Thaksin opens his account

By Surasak Glahan

The ex-PM's lawyer says the so-called "missing" 23 billion baht portion of the 73-billion-baht Shin Corp sale proceeds from Temasek is still in Thailand, earmarked in part for purchase of the Manchester City Football Club - and the ASC knew all along.

The lead legal adviser to ousted prime minister Thaksin Shinawatra, Noppadon Pattama, was responding to remarks by the Assets Scrutiny Committee (ASC) which claimed that the money was missing.

Rather, he said the money remained in local firms and banks.

"The money has been prepared for investment in England's Manchester City football club and other property developments," he said.

A large chunk of 16.4 billion baht has been invested in seven companies by Mr Thaksin's two adult children and his wife's stepbrother, he said.

Mr Thaksin's children, Panthongtae and Pinthongta, spent six billion baht from this amount to invest in four local companies: PT Corporation Co, Worth Supply Co, Pramaisuree Property Co, and SC Office Plaza Co, he said.

Bannapot Damapong, Khunying Potjaman's stepbrother, spent 10.4 billion baht investing in three companies: OAI Management Co, BBD Development Co, and BBD Property Co.

However, Mr Noppadon said he did not have any information on whether the money had been transferred in the form of shares or deposits in these firms.

In addition, Mr Panthongtae has also deposited two billion baht of the Shin share sale profits in two Krung Thai bank accounts, while his sister has five billion baht from the profits in two Siam City Bank accounts and one Thanachart account, he said.

These sums, totalling seven billion baht, have been prepared for investment in the football club which has now reached the due diligence process, he said.

The deal will be finalised this Sunday and this money, which was not subject to ASC's order to freeze Mr Thaksin's assets, will be used in the purchase, he added.

If the panel manages to order the freezing of this chunk and makes it impossible for Mr Thaksin's London-based legal team to close the deal, the investigators will have to take responsibility for damages, he added.

He claimed the families had already informed the ASC of these bank accounts but the panel did not include them in its list of 21 accounts ordered frozen.

Sak Korsaengruang, ASC spokesman, declined to comment on Mr Noppadon's remarks, saying Auditor-General Jaruvan Maintaka would handle the matter.

The 11-member panel on Monday ordered local banks to freeze the 21 accounts, holding about 52 billion baht in total, held by Mr Thaksin's children and relatives, which comprise deposits from the Shin Corp sale.

It said the freeze was needed because it found that 20 billion baht of the profits could not be traced, and it wanted to prevent other assets under its probes from going missing.

On Wednesday, the Bank of Thailand told the panel that around eight billion baht from the 52-billion-baht amount had been withdrawn over a one-week period.

While the ASC said the missing amount totalled 28 billion baht, Mr Noppadon insisted the 23.4-billion-baht amount he had clarified was what the panel was looking for.

Asked who would be the real bidder for the football club if the money was coming from the children's accounts, not their father's, Mr Noppadon said the former premier would buy the club on behalf of his children.

"It is okay. The children own the money while their father administers it. I believe the shareholding and the management can be separated," he said.

His legal team will file criminal lawsuits against the ASC, requesting temporary protection of the frozen assets as well as revocation of its freeze order.

Mr Noppadon said the ousted prime minister did not buy a house in Hong Kong as reported by the media.

Mr Thaksin has decided not to return to Thailand soon, he said, citing remarks by the Council for National Security chairman Sonthi Boonyaratkalin about his safety as the main reason for the decision.