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Encyclopedia > Thaksin Shinawatra $1.88 billion deal controversy
 This article documents a current event.
Information may change rapidly as the event progresses.

Thaksin Shinawatra $1.88 billion deal controversy from Thaksin Shinawatra, the prime minister of Thailand from 2001 to present. Wikipedia does not have an article with this exact name. ... To suggest a relevant news story for the main page, refer to the criteria then add your suggestion at the candidates page. ... Prime Minister Thaksin Shinawatra Thaksin Shinawatra (Thai: ทักษิณ ชินวัตร, IPA: [ (help· info); Chinese: 丘达新; pinyin: Qiū Dáxīn; born July 26, 1949), Thai politician, is the current prime minister of Thailand and the leader of the populist Thai Rak Thai party. ... 2001: A Space Odyssey. ...


On Monday January 23rd, 2006, three days after new Thai Telecommunication Act (2006) became effective on Friday January 20th, Thaksin's family sold its remaining 49.6 percent stake in Shin Corporation, a leading communication company in Thailand, to two nominees of Temasek Holdings (Cedar Holdings and Aspen Holdings), with tax liability exemption. The Shinawatra and Damapong (Potjaman's maiden name) families netted about 73 billion baht (about $1.88 billion) tax-free from the buyout, exploiting a regulation that individuals (as opposed to corporations) who sell shares on the stock exchange pay no capital gains tax. Shin Corporation (SET: SHIN; NASDAQ: SHNZY; NASDAQ: SHNVF; NASDAQ: SHNUF) is the largest conglomerate in Thailand. ... Temasek Holdings is the investment arm of the Singapore government. ... In many jurisdictions, including the United States and the United Kingdom, a capital gains tax or CGT is charged on capital gains, that is the profit realised on the sale of an asset that was previously purchased at a lower price. ...


Earlier, the two families also avoided paying taxes when Thaksin transferred shares to his sister Yingluck Shinawatra and his wife, Khunying Potjaman Shinawatra, transferred shares to her brother Bannapoj Damapong.


The exemption was granted on grounds that the transfer, at a par value of 10 baht, took place through the stock market. Although the tax exemption is provided in the law, the sale drew heavy criticism over Thaksin's ethics on the grounds that Shin Corp, a dominant player in Thailand's information technology sector, will be in the hands of the Singaporian government. Much of the public disapproval also stems from the impression that Thaksin's family intentionally avoided paying taxes in his home country, exemplifying unacceptable practices as the leader of the country.


The controversy surrounding the sale gave additional momentum to an already-planned anti-Thaksin rally, which took place during February 4-5th at The Royal Plaza, near the parliament building and the royal palace. At least 100,000 protesters, led by media figure Sondhi Limthongkul, gathered around demanding the resignation of Prime Minister, and submitted a petition to Privy Council chairman General Prem Tinsulanonda and the Office of His Majesty's Principal Private Secretary, intended for His Majesty the King Bhumibol Adulyadej. Meanwhile, rallies also took places in several southern provinces. The Royal Palace, Bangkok - photo taken in 1920s The Royal Plaza (Thai ลานพระบรมรูปทรงม้า) is located in front of the Ananta Samakom in Dusit Palace, Dusit, Bangkok, which was the former residence of King Chulalongkorn, and was later used as the first parliament building. ... Sondhi Limthongkul (Thai: สนธิ ลิ้มทองกุล) is a Thai journalist and the owner of the Phujatkarn Daily (ผู้จัดการ), a local Thai newspaper. ... A privy council is a body that advises the head of state of a nation, especially in a monarchy. ... General Prem Tinsulanonda (Thai: เปรม ติณสูลานนท์, born August 26, 1920) is a Thai military and prime minister from 1980 till 1988. ... In the British Civil Service the Principal Private Secretary is the Civil Servant who runs a ministers private office. ... King Bhumibol Adulyadej the Great (Thai: ภูมิพลอดุลยเดช; IPA: ) (born December 5, 1927), also known as King Rama IX and the Ninth Rama, has been King of Thailand since 9 June 1946. ...


The resulting political turmoil has finally forced Thaksin to order the dissolution of the Lower House on February 24, 2006.


External links

  • Ample Rich Scandal
  • Massive rally demands Thaksin quit on CNN
  • CNN news report (audio clip)
  • www.korbsak.com (in Thai)
  • Shin Corp Sale on 2Bangkok.com

 
 

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