Panthongtae: I just signed papers, ask mum's secretary

Panthongtae: I just signed papers, ask mum's secretary.

SURASAK GLAHAN

Panthongtae Shinawatra, son of deposed prime minister Thaksin, failed to answer many questions raised by the Assets Scrutiny Committee's tax investigators about the operations of Ample Rich Investments yesterday. He insisted his role was just to sign papers, the head of the inquiry, Viroj Laohaphan, said.

Mr Panthongtae had presented a two-page written explanation of the Shin Corp share deal in January of last year between Ample Rich and Singapore's Temasek Holdings.

He asked the investigators to get a detailed explanation from Karnchanapha Honghern, a secretary to his mother Khunying Potjaman, because she had handled the business for him.

Mr Viroj said his team would ask Ms Kanchanapha on Friday to answer the questions which Mr Panthongtae failed to elaborate on.

Sak Korsaengruang, a member of the inquiry team, said the information from Mr Panthongtae was useful.

A source on the sub-panel said Mr Panthongtae was questioned about Ample Rich, but there was no discussion of tax issues.

Mr Thaksin's son insisted that his purchase of Shin Corp shares from Ample Rich Investments in January last year was a fact, said the source.

''He said there was a payment [for the shares] through Switzerland-based UBS bank. This means we'll have to trace it,'' added the source.

The inquiry panel has looked into alleged tax evasion in the purchase of 329.2 million Shin Corp shares by Mr Panthongtae and his sister Pinthongta from Ample Rich outside the stock market at one baht apiece while the market value was 47.25 baht per share.

A few days later the pair sold the shares through the market to Temasek Holdings at 49.25 baht per share.

The team has agreed that in principle the pair were liable to pay income tax of about 5.8 billion baht on about 15 billion baht they gained from the difference between the purchase price and the actual value, whether the shares were sold later inside or outside the market.

It is believed that a claim from the Revenue Department that there was no actual financial transaction involved in the deal prompted the investigators to wait for further proof of the claim before making a decision.

The same source added that the content of the two-page paper presented by Mr Panthongtae was just a summary of what Suvan Valaisathien, a Shinawatra family tax planner, had said during a press conference last year.

''We asked Panthongtae why Ample Rich didn't sell the shares directly to Temasek,'' said the source. ''His answer was that he wanted the money to be kept in Thailand.''

The hearing also asked him about the real number of shares held by Ample Rich. He said the company had a registered capital of US$50,000 which was later increased to US$10 million. The firm had a paid-up capital of US$5 from the original sum of US$1.

Mr Panthongtae walked through a storm of cameramen, accompanied by a group of his followers which included his youngest sister Paethongtarn and a lawyer, before spending three hours with the inquiry team yesterday at the Office of the Auditor-General.

''I have confidence in the information I provided today,'' he said after the hearing.

Asked if he talked to his father beforehand, Mr Panthongtae said he had talked a bit about it with him.

Noppadon Pattama, a lawyer for the Shinawatra family, said the deal between Ample Rich and Temasek was transparent, and that advice was given by the Revenue Department.

The tax investigators are set to question Mr Thaksin's daughter Pinthongta on Jan 24 and Mr Suvan on Feb 1 about the same issues.

Bangkok Post
Thursday January 11, 2007