ASC widens hunt for Thaksin graft :

Poised to delve into Win Mark share deals.

AMPA SANTIMATANEDOL & SURASAK GLAHAN

The Assets Scrutiny Committee looks set to delve into a series of share transactions involving the Shinawatra family and Win Mark Ltd _ a company that could have acted as a personal fund for deposed prime minister Thaksin Shinawatra to stash his wealth. The ASC's interest was sparked by Democrat deputy leader Korn Chatikavanij who testified yesterday about share transfers involving Shin Corp and its affiliates.

A source close to the ASC said that Mr Korn's information is based primarily on Win Mark and share transfers.

The Democrats have been prodding agencies concerned, including the Securities and Exchange Commission and the Anti-Money Laundering Office, to look into Win Mark and its relationship with the Shinawatra family.

The party suspected that the fund was used to hide profits from the 1997 flotation of the baht.

Based on Mr Korn's information, Mr Thaksin and his wife Khunying Potjaman transferred their shares in five companies worth a total of 1.5 billion baht to Win Mark, according to the source.

Win Mark is registered in the British Virgin Islands, a tax haven.

The companies in question were OIA Property, which was later renamed SC Asset Corp, SC Office Park, Worth Supplies, PT Corporation and SCK Estate.

Win Mark later transferred 61 million shares worth 600 million baht in OAI Property to Value Asset Fund Ltd Malaysia (VAF) and another 46.8 million shares worth 468 million baht in the last four companies to Ms Pinthongta, the couple's daughter.

Mr Korn raised three questions for the ASC _ whether or not Win Mark transferred the money to Thailand after the purchase, whether or not Ms Pinthongta made payment to Win Mark, and whether or not the Bank of Thailand (BoT) was aware of such transactions.

Mr Korn said he advised the ASC to follow the money trail which could expose the ''dirty money'' acquired by Mr Thaksin and his network.

He said if the ASC can find evidence, it may have Mr Thaksin's assets confiscated.

According to Mr Korn, the documents he handed over to the ASC pointed to the possibility that Mr Thaksin set up an overseas fund to engage in share transactions.

''This could well be a third instalment of the assets concealment saga,'' Mr Korn said, of various allegations Mr Thaksin covered up his wealth.

He said the ASC expressed interest in the information.

The ASC, Mr Korn added, was concerned about small-time investors who may be disadvantaged if they were not aware of what share transactions involving companies connected to Mr Thaksin could be questionable. He said the ASC had had no inkling of Win Mark.

''The ASC is also keen on investigating if there are any agencies which provided inside information to the Shinawatra family,'' Mr Korn said.

A source in the ASC said the commission has also focused its interest on the payment of dividends from the Shin Corp shares between 2001-05, the key period during which Mr Thaksin was prime minister.

If those dividends went into Mr Thaksin's pocket, it could mean he still controlled Shin Corp shares, which he insisted he had passed on to his children and family.

In that case, he would likely have broken the law which prohibited a cabinet member from holding more than a 5% stake in a company.

Meanwhile, NCCC spokesman Klanarong Chanthik, a member of the ASC sub-committee investigating the alleged tax evasion related to Shin Corp share transactions, said yesterday the ASC is investigating several legal implications of the case, not only the tax liability of Ms Pinthongta.

Mr Klanarong made the comment after Ms Pinthongta told his sub-committee yesterday that she believed she was not liable to pay tax for her Shin Corp share transactions because she had not been in Thailand longer than 180 days last year.

''To be in Thailand over 180 days or not is an issue of tax liability, but the ASC is looking into several other related issues as well,'' said Mr Klanarong.

General News
Bangkok Post
Thursday January 25, 2007