Three scandals related to taxation, Thailands Prime Minister Thaksin Shinawatra and BVI companies recently resulted in sharp reaction.
The public demands those 5 persons who benefitted from the sale of shares in Shin Corp Plc to be taxed. Lawyers and taxmen insist on the taxation of capital gains realized from the shares. These are transactions connected with Temasek Holdings-Shin Corporation and British Virgin Islands-registered Ample Rich Investments Co Ltd.
Prime Minister’s wife, Khunying Pojaman, transferred shares to her brother Bhanapot Damapong at par paying no tax. Also, Prime Minister Thaksin Shinawatra transferred shares to his children, Panthongtae and Pinthongta, and his sister, Yingluck.
Bhanapot and Yingluck reaped Bt39.25 per share in profits selling shares bought at Bt10 par value at Bt49.25 apiece on January 23. Prime Minister’s children netted Bt48.25 per share on the 329.2 million shares that were bought from Ample Rich on January 20 at only Bt1per share.
The Democrats also suspect that another BVI registered company, Win Mark Co Ltd, could have been Shinawatra’s personal trust fund that could have been set up for taking and hiding profits from the 1997 baht devaluation and facilitating the family’s share transactions.
Ample Rich and Win Mark have the same address: PO Box 3151, Road Town, Tortola, British Virgin Islands. Both BVI-registered companies have also conducted similar transactions. Win Mark sold shares in 4 Thai property companies to Pinthongta in October 2004. Ample Rich sold Shin Corp shares to Thaksin’s children in January 2006.
While admitting his ownership of Ample Rich Co Ltd, Thaksin Shinawatra denies any close connection to Win Mark Co Ltd.
To be continued.