Shin Corp shares buyer was 'owned by Thaksin'
Published: 20/11/2009
Bangkok Post
A senior official of the Securities and Exchange Commission has told a court that Win Mark Co, registered in the British Virgin Islands, is linked to ousted prime minister Thaksin Shinawatra.
SEC assistant secretary-general Waratcha Srimachan was testifying yesterday in the Supreme Court's Criminal Division for Holders of Political Positions which is hearing a case brought against Thaksin.
The case concerns SC Asset Corporation, which is owned by Thaksin's family, and the shareholding of Win Mark Co, a suspected vehicle for concealing the Shinawatra family's wealth.
The Office of the Attorney-General, after considering the findings of the defunct Assets Scrutiny Committee which was set up by the 2006 coup junta, has asked the court to seize assets worth 76.63 billion baht from Thaksin and his family, plus interest, as it considers that he gained the money by abusing his authority in the sale of his Shin Corp shares.
The 76 billion baht is the estimated return from the controversial sale of the shares to Singapore's Temasek Holdings in 2006.
Mrs Waratcha said an investigation had found Win Mark bought Shin Corp shares worth 1.5 billion baht from Thaksin.
She said Win Mark had assigned a trust in Hong Kong to manage the transaction.
She said it was found the Blue Diamond Fund had authorised the trust to represent Win Mark in buying Shin Corp shares. The fund was run by Thaksin and his former wife Khunying Potjaman na Pombejra.
Mrs Waratcha told the court that checks into the financial records of the share purchase found about 300 million baht used to buy the shares was transferred from three bank accounts in Singapore which belonged to Thaksin and Khunying Potjaman.
Mrs Waratcha said Win Mark also transferred another 1.2 billion baht to buy the shares through the Hong Kong-based trust.
After the purchase of the shares, Win Mark had assigned UBS bank in Singapore to manage its Shin Corp shares in the Thai stock market, Mrs Waratcha said.
After checks on the shares bought by Win Mark, the SEC had suspected the Shin Corp shares held by Win Mark and Ample Rich might actually be owned by Thaksin.
The ASC earlier found Thaksin held more than 1.41 billion shares in Shin Corp when he was prime minister.
He secretly held the shares through the British Virgin Islands-based Ample Rich Investment Co and Win Mark Co.
The ASC said both companies belonged to him and his shares were held for him by his children Panthongtae and Pinthongta, his sister Yingluck and his brother-in-law Bannapot Damapong, who acted as his proxies in the companies.
Mrs Waratcha told the court the SEC had found the SC Asset Corporation shares which were sold to Win Mark also belonged to Thaksin.
She said Thaksin had set up three funds - value assets fund, overseas growth fund and offshore dynamic fund - in Malaysia as nominees to hold the shares on his behalf.
This had led to further inquiries that found Shin Corp shares in Win Mark and Ample Rich were owned by Thaksin who held them through his nominees, Mrs Waratcha said.
Published: 20/11/2009
Bangkok Post
A senior official of the Securities and Exchange Commission has told a court that Win Mark Co, registered in the British Virgin Islands, is linked to ousted prime minister Thaksin Shinawatra.
SEC assistant secretary-general Waratcha Srimachan was testifying yesterday in the Supreme Court's Criminal Division for Holders of Political Positions which is hearing a case brought against Thaksin.
The case concerns SC Asset Corporation, which is owned by Thaksin's family, and the shareholding of Win Mark Co, a suspected vehicle for concealing the Shinawatra family's wealth.
The Office of the Attorney-General, after considering the findings of the defunct Assets Scrutiny Committee which was set up by the 2006 coup junta, has asked the court to seize assets worth 76.63 billion baht from Thaksin and his family, plus interest, as it considers that he gained the money by abusing his authority in the sale of his Shin Corp shares.
The 76 billion baht is the estimated return from the controversial sale of the shares to Singapore's Temasek Holdings in 2006.
Mrs Waratcha said an investigation had found Win Mark bought Shin Corp shares worth 1.5 billion baht from Thaksin.
She said Win Mark had assigned a trust in Hong Kong to manage the transaction.
She said it was found the Blue Diamond Fund had authorised the trust to represent Win Mark in buying Shin Corp shares. The fund was run by Thaksin and his former wife Khunying Potjaman na Pombejra.
Mrs Waratcha told the court that checks into the financial records of the share purchase found about 300 million baht used to buy the shares was transferred from three bank accounts in Singapore which belonged to Thaksin and Khunying Potjaman.
Mrs Waratcha said Win Mark also transferred another 1.2 billion baht to buy the shares through the Hong Kong-based trust.
After the purchase of the shares, Win Mark had assigned UBS bank in Singapore to manage its Shin Corp shares in the Thai stock market, Mrs Waratcha said.
After checks on the shares bought by Win Mark, the SEC had suspected the Shin Corp shares held by Win Mark and Ample Rich might actually be owned by Thaksin.
The ASC earlier found Thaksin held more than 1.41 billion shares in Shin Corp when he was prime minister.
He secretly held the shares through the British Virgin Islands-based Ample Rich Investment Co and Win Mark Co.
The ASC said both companies belonged to him and his shares were held for him by his children Panthongtae and Pinthongta, his sister Yingluck and his brother-in-law Bannapot Damapong, who acted as his proxies in the companies.
Mrs Waratcha told the court the SEC had found the SC Asset Corporation shares which were sold to Win Mark also belonged to Thaksin.
She said Thaksin had set up three funds - value assets fund, overseas growth fund and offshore dynamic fund - in Malaysia as nominees to hold the shares on his behalf.
This had led to further inquiries that found Shin Corp shares in Win Mark and Ample Rich were owned by Thaksin who held them through his nominees, Mrs Waratcha said.
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