These are back taxes and fines for sale of Shin Corp hares to S'pore Temasek.

Jun 30, 2007
Reuters

BANGKOK, June 30 (Reuters) - The children of ousted Thai prime minister Thaksin Shinawatra must pay 11.45 billion baht (US$362 million) in back taxes and fines from the sale of holdings in the family telecoms empire, a top tax official said on Friday.

Thaksin's son and daughter -- Phantongtae and Pinthongta -- had 30 days to pay once they received the order, to be sent to them next week, department chief Sanit Rangnoy told reporters.

The Shinawatra children could appeal against the order to a Revenue Department panel, Sanit said.

The payment order came seven months after a probe panel set up by generals who ousted Thaksin in a bloodless coup last year accused his children of tax violation in the $3.8 billion sale of Shin Corp to Singapore's Temasek.

The tax-free Shin sale outraged urban middle-class voters who swelled Bangkok street demonstrations, leading to the overthrow of Thaksin, winner of two landslide election victories.

Phantongtae and Pinthongta acquired the Shin shares through Ample Rich Investments Ltd, an offshore company which Thaksin founded, at 1 baht each.

They then sold 329 million shares in Shin, which has interests in telecommunications, satellites and television, to Temasek at 49.25 baht each.

Thaksin, who lives in exile in London, always insisted the Shin sale satisfied all the rules in a country where share sales done through the stock market, as the family holdings were, are not taxed.

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