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Viewing cable 07BANGKOK3416, YET MORE CHARGES AGAINST THAKSIN

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Reference ID Created Released Classification Origin
07BANGKOK3416 2007-06-20 10:16 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bangkok
VZCZCXRO0431
OO RUEHCHI RUEHDT RUEHHM RUEHNH
DE RUEHBK #3416 1711016
ZNR UUUUU ZZH
O 201016Z JUN 07
FM AMEMBASSY BANGKOK
TO RUEHC/SECSTATE WASHDC IMMEDIATE 7741
INFO RUCNASE/ASEAN MEMBER COLLECTIVE IMMEDIATE
RUEHBJ/AMEMBASSY BEIJING IMMEDIATE 4410
RUEHBY/AMEMBASSY CANBERRA IMMEDIATE 7307
RUEHUL/AMEMBASSY SEOUL IMMEDIATE 3268
RUEHKO/AMEMBASSY TOKYO IMMEDIATE 9421
RUEHCHI/AMCONSUL CHIANG MAI IMMEDIATE 3718
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC IMMEDIATE
RUEATRS/DEPT OF TREASURY WASHINGTON DC IMMEDIATE
RHEHNSC/NSC WASHDC IMMEDIATE
UNCLAS BANGKOK 003416 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
COMMERCE FOR EAP/MAC/OKSA 
TREASURY FOR OASIA 
STATE PASS TO USTR FOR WEISEL 
 
E.O. 12958: N/A 
TAGS: ECON PGOV TH
SUBJECT: YET MORE CHARGES AGAINST THAKSIN 
 
1. (U) In the latest move against former Prime Minister 
Thaksin and his Thai wealth, on June 19 the Department of 
Special Investigations (DSI) announced charges of concealing 
assets and violating Stock Exchange and SEC regulations in 
respect to Shinawatra family holdings of SC Asset Management, 
a publicly-listed property development company. Thaksin could 
also be charged with having misrepresented his assets in the 
asset declaration required of all government ministers, a 
violation of Thai anti-corruption law. 
 
2. (U) The DSI charges that in mid-2000 (before becoming PM), 
Thaksin transferred some unspecified percentage of shares he 
and his wife owned in their privately-held property company 
to a British Virgin Islands-registered company (Winmark). In 
August 2003 Winmark sold its SC Asset shares to another 
offshore vehicle, Value Investment Mutual Fund (VIF). In 
September 2003, VIF transferred its SC Asset shares to two 
Malaysian entities, Overseas Growth Fund (OGF) and Offshore 
Dynamic Fund (ODF). On November 11, 2003 SC Asset listed on 
the Stock Exchange of Thailand and, the SEC claims, left the 
Shinawatra family as owners of 60.82 percent of the 
outstanding shares. 
 
3. (SBU) In conversations with lawyers, accountants and an 
SEC spokesperson, no one could explain why assets would be 
transferred with such rapidity among offshore entities prior 
to the SC Asset public listing. After the IPO, the reasons 
Thaksin might want to hide his ownership of the offshore 
vehicles could include: 
-     SET rules prohibit a single group from controlling more 
than 75 percent of a listed firm (a super-majority which 
could block stockholders from presenting issues for a vote at 
the company's annual meeting). 
-     A source of funds offshore untraceable by Thai 
authorities. The SEC claims that OGF and ODF sold off all 
their SC Asset shares between April and August 2006, a time 
when Thaksin was under severe political pressure. 
-     By limiting the number of shares available to foreign 
SET investors thereby raising the price of such shares and 
increasing the capitalization (and share value) of SC Asset. 
 
4. (SBU) Financial analysts are skeptical that the Thai 
authorities actually have hard evidence as claimed that 
Thaksin was the owner of the offshore vehicles. What they 
believe is more likely is that such ownership is implied 
because, according to the SEC, OGF and ODF transferred 
without compensation their rights to purchase additional SC 
Asset shares at a discount in a 2004 rights offering to 
Thaksin's daughters. An SEC official told us she did not know 
what evidence DSI had as "proof" ODF and OGF were 
Thaksin-owned because the SEC has none. 
 
5. (U) DSI has issued a summons for Thaksin to return to 
Thailand by June 29 to face charges. Thaksin can seek a delay 
and while there is no legal limit, an accused is usually able 
to delay appearing up to three times. Eventually, however, 
DSI could issue a warrant for his arrest and seek extradition 
if he is abroad. Most of our contacts do not believe Thaksin 
will return, at least at this time. 
 
6. (SBU) Comment: The financial shenanigans of Thaksin are 
exceptionally complex and the reasons behind some of them 
unclear. We are confident that Thaksin probably did control 
some of his companies through opaque means, just as many 
other Thai family-owned companies do, to get around SEC, SET 
and Revenue Department purview. Unfortunately despite the 
problems facing Thaksin because of his apparent attempts to 
circumvent supervision and law, we suspect that the many 
other Thai entities that utilize similar structures will be 
no more likely to make their holdings more transparent as a 
result. Just that they will be more careful when choosing 
their enemies. 
 
BOYCE