Thailand’s Information and Communications Technology Ministry will review former prime minister Thaksin Shinawatra’s telecom assets after a court ruling that he was guilty of license tampering.
ICT Minister Ranongrak Suwanchawee told the Nation that the directors and executives of state telecom enterprises would be investigated over controversial changes to telecoms concessions made under Thaksin’s rule between 2001 and 2006.
The review will be submitted to cabinet by the end of the month.
On Friday, the Supreme Court ruled that the government seize $1.4 billion of Thaksin’s frozen Thai assets.
The court also said that Thaksin when in office implemented a number of policies that benefited family-owned firm Shin Corp. and its affiliates, including cellco AIS and satellite arm Thaicom.
Government losses resulting from such favorable concession amendments are estimated in excess of 150 billion baht ($4.57 billion), said the Nation.
For instance, the court heard that AIS concessionaire TOT had been deprived of 70 billion in revenue as a result of AIS being allowed to reduce its share of prepaid revenues paid to TOT by 5%.
Thaicom’s concessionaire the ICT Ministry, CAT Telecom and the Finance Ministry will be investigated for their roles in the revenue loss fiasco.
But the drama isn’t going to end anytime soon.
outfit will battle it out in the courts in the wake of any law suit filed.
"The Supreme Court's verdict deals directly with [former] shareholders,” Mektrakarn told the Bangkok Post.
“It has nothing to do with the company.
"We have done nothing wrong and are ready to fight back with evidence.''
In the same report Thaicom chief executive Arak Chonlatanon said any financial penalties should be the onus of individuals responsible and not Thaicom.
Thaksin sold his stake in Shin Corp. in 2006 to Singapore's government-backed Temasek Holdings.
Shin Corp. owns 42% of AIS, with SingTel owning a further 19% stake.