BANGKOK : Thai Prime Minister Thaksin Shinawatra's son violated
disclosure laws in his family's sale of Shin Corp stock and will
likely be fined, Thailand's top financial regulator ruled
Thursday.
The verdict marks a fresh blow to the premier amid a public outcry
over the 1.9 billion dollar tax-free sale of stock in Shin Corp --
the telecoms giant he founded before entering politics -- to
Singapore's Temasek in January.
The Securities and Exchange Commission (SEC) found Panthongtae
Shinawatra, 27, guilty of three counts of failing to disclose
information to regulators about his share transactions between 2000
and 2002 prior to the Shin Corp sale.
He faces a maximum of two years in jail and a 500,000-baht (12,800
US dollar) fine, but SEC officials said Thursday the violations
were not serious, and the body will set a fine within two
weeks.
Following a decision by Thailand's top court not to investigate
financial wrongdoing allegations against the premier, focus shifted
to Panthongtae and the premier's daughter Pinthongta
Shinawatra.
Both were cleared of insider trading charges tied to the Shin Corp
deal, and SEC officials said Thursday Pinthongta was not guilty of
any disclosure violations.
"The investigation concluded that Prime Minister Thaksin Shinawatra
and his daughter Pinthongta are clear from all wrongdoing," said
SEC secretary general Thirachai Phuvanatnaranubala.
Thaksin is under pressure to quit over an array of complaints,
including allegations of wrongdoing in the sale of his family's
share of the Shin Corp empire.
A mass protest is scheduled for Sunday, following two previous
rallies that drew tens of thousands of Thaksin opponents to Bangkok
earlier in the month.
- AFP /ct