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Former Prime Minister Thaksin Shinawatra Acquitted of 15 Year-old Malfeasance Malfeasance in Office Charges

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BANGKOK – The Supreme Court’s Criminal Division for Holders of Political Positions on Wednesday acquitted former prime minister Thaksin Shinawatra of malfeasance in office charges involving the rehabilitation of Thai Petrochemical Industry (TPI) 15 years ago.

The court handed down the ruling with a majority vote, saying Thaksin could not have sought personal gains from his decision to allow the Finance Ministry to administer the TPI rehabilitation plan.

The court also found that creditor banks, debtors and the labour union of TPI agreed with the role of the Finance Ministry and the role was in accordance with an order from the Central Bankruptcy Court.

The court said TPI’s financial troubles were the result of the 1997 flotation of the baht during the Chavalit Yongchaiyudh government. TPI’s foreign debts doubled overnight to 130 billion baht from 65 billion.

Prachai Leophairatana, former executive of TPI, and the labour union of the company proposed the Finance Ministry solve the problems of the company, the court stated.

In raising fresh funds, TPI sold new shares only to organisations under the supervision of the Finance Ministry such as PTT, Government Savings Bank and the Government Pension Fund and there was no evidence Thaksin had vested interests in them, the court said.

The National Anti-Corruption Commission filed the lawsuit with the court in May and told the court that the Finance Ministry had no authority to be the administrator of a rehabilitation plan or manage the assets of a private company.

The trial was held in absentia since Thaksin had fled the court’s two-year jail sentence for him in 2008. The court found him guilty of conflict of interest as his ex-wife won a contest to buy a state-owned land plot in Ratchadaphisek area in Bangkok in 2003.

TPI, later renamed IRPC Plc, is now 48%-owned by PTT Plc.

For the first half of 2018, TPI reported 6.8 billion baht in net profit, up 89% from the same period last year. It also posted net profits over the past three years — 11.3 billion baht for 2017, 9.7 billion for 2016 and 9.4 billion for 2015.

TPI now operates refinery, petrochemical, port and tank farm businesses.

Source: Bangkok Post

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