1.4 billion dollars of Thaksin's assets to be seized: Thai court

The verdict took over six hours to read among the judges. The panel of nine Supreme Court judges, amid tight security, Friday ruled that former Thai Prime Minister Thaksin Shinawatra had abused his power while in office to the advantage of family-linked companies and businesses.

In the majority ruling that was broadcast on radio and television, the judges called for the seizure of 1.4 billion dollars in assets of Thaksin's more than 2.3 billion dollars currently frozen by the state.

Thaksin held power for five years until he was ousted in a coup in 2006. The military-backed government launched an investigation through a special committee led by the country's auditor general and senior judges. The investigation was later taken over the National Counter Corruption Commission.

Constitutional breach

The court said Thaksin had breached the constitution by not reducing or disposing the shares in his family-run Shin Corp. to less than five per cent. According to the judges, Thaksin and his former wife Pojaman had concealed their shareholding. This was in contravention of the constitution that prohibits conflicts of interests.

Thaksin had earlier appealed to his supporters to stay calm while he remains in exile after having fled the country in 2008 ahead of a court verdict that found him guilty of corruption and sentenced him in absentia to two years in jail.

Pasuk Pongphaichit, a political economist and author, says the verdict reflects how many had hoped Thaksin would use his business skills for the progress of the country. "Mr. Thaksin had disappointed a lot of people in the sense that in the end he was just a businessman who had liked to buy cheap and sell dear for profit and thinking of little else."

Thumbs up from the Democrat Party

Kraisak Choonhavan, a member of the governing Democrat Party, praised the judiciary for the verdict. "I really like to congratulate the judiciary system. It would certainly mark a precedent for the future governance of Thailand that is one of the most important landmarks in Thai history."

But others are less sure. Thaksin gained his popularity through populist policies for the rural and urban poor but was accused by the urban middle class of corruption and abuse of power.

Red shirts keep coming back

Thitinan Pongsudhirak, a political scientist at Chulalongkorn University, says the verdict will do little to heal the deep political divisions in the country. Thaksin has been supported by groups who wear red shirts as identification.

"The verdict is only going to start a new cycle, another episode, turning the leaf for Thailand's political transformation. Thaksin has been an agent for that transformation. He keeps coming back, along with his followers. The red shirts keep coming back."

Red shirt groups have vowed to maintain pressure against the government with fresh demonstrations due to get underway in mid March in a bid to force the government of Prime Minister Abhisit Vejjajiva to call new elections.

Author: Ron Corben (Bangkok)
Editor: Thomas Baerthlein