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Viewing cable 07BANGKOK3276, THAKSIN'S FROZEN ASSETS

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Reference ID Created Released Classification Origin
07BANGKOK3276 2007-06-13 08:49 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bangkok
VZCZCXYZ0011
OO RUEHWEB

DE RUEHBK #3276/01 1640849
ZNR UUUUU ZZH
O 130849Z JUN 07
FM AMEMBASSY BANGKOK
TO RUEHC/SECSTATE WASHDC IMMEDIATE 7577
RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS BANGKOK 003276 
 
SIPDIS 
 
SENSITIVE 
 
SIPDIS 
 
STATE FOR EAP/MLS AND EB 
COMMERCE FOR EAP/MAC/OKSA 
TREASURY FOR OASIA 
STATE PASS TO USTR FOR WEISEL 
STATE PASS TO FEDERAL RESERVE SAN FRANCISCO FOR DAN FINEMAN 
STATE PASS FEDERAL RESERVE NEW YORK FOR MATT HILDEBRANDT 
 
E.O. 12958: N/A 
TAGS: ECON EFIN PGOV PREL TH
SUBJECT: THAKSIN'S FROZEN ASSETS 
 
SENSITIVE BUT UNCLASSIFIED HANDLE ACCORDINGLY 
 
1. (SBU) On June 11, Thailand's Asset Examination Committee (AEC), 
which has been investigating corruption cases from the previous 
government, ordered that the assets of former PM Thaksin and his 
wife, sister, children and brother-in-law be frozen pending a court 
ruling on alleged corruption. The order was based on 11 counts of 
"acts of dishonesty and abuses of power to accumulate unusual 
wealth" with total damage to the state calculated to total Bt148.2 
billion (US$4.5 billion) by the AEC. The AEC said it would freeze 21 
bank accounts associated with the sale of Shin Corp to Temasek 
containing assets worth Bt52.9 billion (US$1.52 billion). In 
addition, all domestic accounts held by Thaksin and his wife would 
also be frozen once identified by the nation's financial 
institutions. Banking industry contacts tell us that over the past 
week the AEC has been calling banks asking them whether Thaksin or 
his family held any accounts at their institutions. At least one 
foreign bank was asked whether Thaksin owned any accounts at its 
Singapore branch. The bank refused to provide this information 
without a legal order from the Singapore authorities. 
 
2. (SBU) Thaksin netted Bt73.3 billion from the sale of his company, 
Shin Corp, to Temasek. This entire amount was brought onshore; a 
necessary condition in order to achieve a tax-free transaction (by 
selling the shares through the Stock Exchange of Thailand). The AEC 
found only Bt52.9 billion remaining in Thai accounts leaving Bt20.1 
billion (US$619 million) unaccounted for. The Bank of Thailand (BoT) 
has reportedly instructed all banks in Thailand to trace all 
transactions relating to these accounts.  BoT officials, including 
then-Governor Pridiyathorn, told us shortly after the Shin sale that 
they had instructed Thai banks not to make any overseas transfers 
from Thaksin accounts without prior BoT approval. Pridiyathorn told 
us that these accounts would be carefully, if quietly, monitored by 
his institution. Other than a widely-publicized transfer of Bt400 
million to allow Thaksin to buy an additional property in London, 
there have been no transfers abroad from the subject accounts 
according to current BoT Governor Tarisa. We have been unable to 
learn whether Thai officials were aware that the bank accounts were 
being rapidly depleted or whether account activity is what prompted 
the decision to freeze the assets at this point. 
 
3. (SBU) The question of "why freeze Thaksin's assets at this point 
in time" is a current favorite pastime of Thai analysts. We have 
heard several explanations. Many argue that it is "punishment" for 
Thaksin purportedly having financed anti-junta demonstrations last 
weekend and to limit his resources so that future demonstrations 
could not be similarly funded. (Comment: Thaksin is presumed to have 
been financing anti-junta activity since at least March, but the 
relative size of the most recent activity is notable. End Comment.) 
Others tell us that the AEC was always planning to take this action 
and were simply waiting to have their investigations into Thaksin 
corruption far enough along to justify the asset freeze order. The 
most imaginative have said that Thaksin's decision to purchase the 
Manchester City Premier English League soccer club was of concern to 
junta leaders (because Thais might be induced to support "Thaksin's 
team" when watching the popular broadcasts of English soccer) and 
the goal is to prevent this transaction from being completed. One 
analyst argued that the AEC has not sought cooperation from other 
governments to freeze Thaksin's overseas accounts because, with his 
Thai assets frozen, Thaksin will now be forced to utilize his 
overseas assets to buy Manchester City and this will "expose" where 
he keeps his overseas money. 
 
4. (SBU) Whatever the reason behind the AEC action, the failure of 
the AEC to seek international cooperation for attachment of Thaksin 
family assets outside of Thailand is a surprise to most analysts 
here. The Bank of Thailand tells us that the AEC did not request 
such action and they will only act if so-requested. The AEC has only 
said that it is acting "to retain the assets involved (in the Shin 
transaction). It is not a punishment. It is not a final judgment." 
Nevertheless, they are demanding documents from Thaksin's UBS 
account in Singapore "but have no access to it." The Singapore 
Embassy here tells us that they have received no requests from the 
RTG to help in this case. Thaksin has 60 days to unfreeze his assets 
by verifying he earned these assets through legal means. 
 
5. (SBU) Comment: There was considerable expectation that Thaksin's 
assets would be quickly seized when the coup leaders first took 
power last September. But coup leaders argued that they would abide 
by rule of law and due process and take such action only if the 
circumstances and investigations warranted. It has now been some 
weeks since the AEC brought proceedings against the Thaksin children 
for tax evasion related to the Shin Corp sale and Thaksin's wife for 
"dishonestly" purchasing land from the Bank of Thailand; yet assets 
were frozen only on June 11. Some people involved in Thai financial 
markets have long argued that the RTG would never freeze Thaksin 
assets because Thaksin might then be compelled to use his ultimate 
weapon, i.e. evidence of payments he made to the Crown Prince. With 
his party dissolved, his key allies banned from politics for five 
years, legal cases pending against his wife and children, and now 
his assets under threat, Thaksin may feel compelled to utilize any 
measures available to counterattack. He has very recently threatened 
to return to Thailand to defend himself-his first return volley in 
what may be a new form of his game of chicken with the CNS. 
 
Boyce