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Demonstrators hold portraits of former Thai Prime Minister Thaksin Shinawatra during an anti-government protest outside the Government House in Bangkok - Source: Reuters -
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Thailand's top court seized $2 billion in assets belonging to the family of former premier Thaksin Shinawatra for abuse of his power, far less than expected, in a decision that could appease some anti-government forces.
The court said Thaksin had concealed his ownership of shares in
his family telecommunications conglomerate Shin Corp during his
five years in office and geared government policies to benefit the
company, but ruled that $1.2 billion amassed before his premiership
be unfrozen.
Authorities said major violence was unlikely in response to the
ruling but mobilised thousands of police and troops to pre-empt any
backlash by supporters of the 60-year-old fugitive at the centre of
a five-year political crisis in Southeast Asia's second-biggest
economy.
Prior to the ruling, analysts said any decision allowing Thaksin's
family to keep a portion of the assets would be more favourable for
markets in the short term by reducing the risk of an imminent
showdown in Thailand's divisive colour-coded crisis.
"The partial seizure of the assets should be what financial markets
prefer because both sides can claim victory," said Prapas
Tonpibulsak, chief investment officer at Ayudhya Fund
Management.
The judges said Thaksin had abused his power in all five major
cases against him, which included shaping telecoms and satellite
policies, including concessions fees and state loans, to benefit
Shin Corp.
Thaksin, ousted in a 2006 coup and convicted in absentia of graft,
has denied the charges from self-imposed exile in Dubai.
After the verdict, he said he was not surprised.
"The Thai law is like an assumption. It severely fails to meet
international standards," he said in a video-link to about 800
supporters who gathered to rally behind him.
Some of his red-shirted supporters cried or sobbed quietly, while
others shouted in frustration and anger.
Lengthy court hearing
Some analysts say a court verdict unfavourable to Thaksin, could
have added weight to allegations he was the victim of a political
vendetta and spark an angry response from supporters.
Although the verdict has turned a new page in an intractable
political crisis that has alarmed many investors, few believe it
will provide any hope of a long-term resolution.
The final verdict was reached after more than seven hours and came
after the close of Thailand's stock market, which reopens after a
long weekend holiday, allowing investors to weigh up the
outcome.
Security remained tight around Bangkok's Supreme Court on what has
become known as Judgment Day, with cellphone signals jammed to
prevent remote-detonated bombings and judges ferried to the
courthouse, some from safe houses, in bullet-proof cars.
Six-hundred police guarded the court.
Security agencies said thousands of riot troops were on standby
in case of unrest.
The pro-Thaksin red shirt movement, whose demonstrations last year
sparked Thailand's worst street violence in 17 years, plans a mass
rally in Bangkok on March 14 but said it would not protest,
whatever the verdict.
The twice-elected Thaksin has said he will fight any seizure of the
assets from exile.
He is believed to be in Dubai.
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