ID :
108681
Fri, 02/26/2010 - 11:51
Auther :
Shortlink :
http://m.oananews.org//node/108681
The shortlink copeid
Thai court ruling on Thaksin assets won’t impact liquidity: Finance Minister
BANGKOK, Feb 26 (TNA) – Thailand's Minister of Finance Korn Chatikavanij on Thursday voiced confidence the financial liquidity of the Thai economic system will not be adversely affected if the Supreme Court’s Criminal Division for Holders of Political Positions ruled in favor of confiscating ousted premier Thaksin Shinawatra’s frozen assets worth over Bt76 billion and a huge amount of cash withdrawn from local financial institutions.
The amount is rather small if compared with the existing financial liquidity amounting to Bt1.7 trillion circulating in the system, he said.
He conceded that the court’s decision would satisfy and disappoint both supporters and opponents of the ex-premier. But no matter how the court would give the verdict on the case, he advised all parties to respect the court’s decision.
Mr. Korn said that should the court decide to confiscate all the assets, they would be transferred into the the national coffers and subsequently be included in the state revenue.
Setting aside any amount of the money gained from the assets must proceed under the normal budgeting system, which requires parliamentary deliberation and approval.
If the court rules against the assets seizure or decides to confiscate only a partial amount of the assets, he said, the Revenue Department remained eligible to seek a freezing of assets worth Bt12 billion deposited in
Siam Commercial Bank for which it had sued Mr. Thaksin’s son Panthongtae and daughter Pinthongta for tax evasion from the sale of Shin Corporation shares.
Regarding the impact on investments in the stock market, he believed the ruling would not affect the trading sentiment adversely because most investors had already absorbed risks from the verdict.
The Stock Exchange of Thailand (SET) composite index edged up slightly by 1.92 points or 0.27 per cent to close at 717.10 points on Thursday’s trading with a daily turnover of Bt17.33 billion.
According to one stock analyst, the Thai market remained depressed by the mounting political standoffs, causing investors to reduce their risks and make a short-term profit. (TNA)
The amount is rather small if compared with the existing financial liquidity amounting to Bt1.7 trillion circulating in the system, he said.
He conceded that the court’s decision would satisfy and disappoint both supporters and opponents of the ex-premier. But no matter how the court would give the verdict on the case, he advised all parties to respect the court’s decision.
Mr. Korn said that should the court decide to confiscate all the assets, they would be transferred into the the national coffers and subsequently be included in the state revenue.
Setting aside any amount of the money gained from the assets must proceed under the normal budgeting system, which requires parliamentary deliberation and approval.
If the court rules against the assets seizure or decides to confiscate only a partial amount of the assets, he said, the Revenue Department remained eligible to seek a freezing of assets worth Bt12 billion deposited in
Siam Commercial Bank for which it had sued Mr. Thaksin’s son Panthongtae and daughter Pinthongta for tax evasion from the sale of Shin Corporation shares.
Regarding the impact on investments in the stock market, he believed the ruling would not affect the trading sentiment adversely because most investors had already absorbed risks from the verdict.
The Stock Exchange of Thailand (SET) composite index edged up slightly by 1.92 points or 0.27 per cent to close at 717.10 points on Thursday’s trading with a daily turnover of Bt17.33 billion.
According to one stock analyst, the Thai market remained depressed by the mounting political standoffs, causing investors to reduce their risks and make a short-term profit. (TNA)
