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Pattaya Daily News

20 August 2010 :: 12:08:56 pm 35836

Opposition Seek PM’s Impeachment over Thaicom Share Manipulation

Thailand’s opposition Puea Thai Party are seeking to impeach Prime Minister Abhisit Vejjajiva and two other key ministers over perceived violations of Stock Exchange of Thailand (SET) regulations. The opposition lodged a formal complaint over the matter to Senate Speaker Prasobsuk Boondech on Thursday.
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Bangkok, the 19th of August 2010: Puea Thai Party MP Prakiat Nasimma filed the letter of complaint with more than 140 opposition MP signatures, supporting a move to impeach the premier, Finance Minister Korn Chatikavanij and ruling Democrat MP Sirichoke Sopha over reported violations of SET regulations.

The trio are facing possible removal from office under the Thai Constitution, regarding accusations that they sort to reap personal gains through the announcement that the Thai government was planning to buy back the Thaicom satellite from Singaporean company Temasek Holdings.

Thaicom’s share price jumped sharply after the announcement while its trading volume rose significantly. The Puea Thai Party claim that at least two politicians made over Bt300 million in profit from the alleged Thaicom share price manipulation by the government, who so far have made little progress in their announced intentions to buy back Thaicom.

At present, Mr. Sopha has denied the allegations but has admitted that both he and Mr. Chatikavanij genuinely visited Singapore to discuss the matters with senior Temasek Holdings management.

Thaicom is a subsidiary of Shin Corp, the former family business of fugitive ex-premier Thaksin Shinawatra, purchased by Temasek Holdings in 2006. Thaicom Plc has a 30-year build-transfer-operate concession on Thailand’s first communications satellite, which is due to end in 2021.

Premier Abhisit earlier announced that the government was investigating the reacquisition of Thaicom, which is now operating both the iPSTAR and Thaicom 5 satellites, citing national security reasons behind the decision. He has however, denied having made the announcement based on Peau Thai Party accusations.
Senate Speaker Mr. Boondech revealed that the formal letter of complaint will be examined by officials, which would be completed within 15-days in accordance with Thai law.

Reporter : John Weston   Photo : Internet   Category : Politics News

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