Fri 26 Feb 2010
Filed under: Business / Trade
Bangkok – A state bank loan of $121 million to Myanmar agreed by the government of ex-premier Thaksin Shinawatra for satellite services benefited his business, a judge said on Friday, adding to a list of findings that could lead to the confiscation of his family’s frozen wealth.The loan “was beneficial to Thaicom and Shin Corp”, one of the Supreme Court judges said in reading the verdict. A final ruling on whether to confiscate all or some of the $2.3 billion in Shinawatra family assets was due later.
Prosecutors had said Thaksin was behind the decision to grant the low-interest loan from the Export-Import Bank of Thailand to Myanmar’s government in 2004 to buy services and equipment from Shin Satellite, now Thaicom THCOM.BK, a unit of Shin Corp SHIN.BK, a telecoms firm then owned by his family.
The court earlier said Thaksin had concealed his Shin Corp shares while in office and geared government telecom and satellite policies to favour the company. (Reporting by Ambika Ahuja; Writing by Martin Petty; Editing by Alan Raybould)