January 15, 2010By Thanong Khanthong
The Nation
Sources say ex-PM Thaksin now has difficulty servicing debt to Gazprombank
Just how much money does Thaksin Shinawatra have now? Well-informed sources say the former prime minister might not have a lot left.
One source even speculated that his net worth could already have turned negative if his Bt76 billion now being frozen in Thailand is not taken into account.
In a recent interview with Times Online, Thaksin said he still had US$100 million (Bt3.3 billion) as his total net worth, trying to create an impression that he does not have any financial problems.
But sources say Thaksin is now having a difficult time servicing his debt owed to Gazprombank, a subsidiary of Gazprom of Russia. The Russian state owns more than 50 per cent in Gazprom, the energy firm that has branched out to become a global conglomerate.
Thaksin would like to rely on his connection with Gazprom to launch his investment in the energy sector in other countries, where he hopes to improve his political conditions. His interest in the oil and gas business in Cambodia is already widely known.
The exact amount of the loan he took from Gazprombank is not known, but it could be in the region of $1.5 billion, the sources believe.
Thaksin has used this loan to invest in Dubai in order to establish his status there as an honorary political refugee. Following the meltdown of Dubai, however, Thaksin has suffered heavy losses from his Dubai investment.
He also lost a huge amount of money from his portfolio investment in the aftermath of the collapse of Lehman Brothers in 2008.
Dubai World, a state-owned corporation, is seeking a delay of repayment of its debt amounting to $59 billion.
The sources say Thaksin's debt owed to Gazprombank is already overdue.
Thaksin needs big money to finance his lavish lifestyle and security protection.
One government source said Thaksin is on an aircraft three days a week, constantly changing his location to ensure personal safety.
The ex-premier has faced another big financial blow. The UK authorities have recently seized some $4 billion believed to belong to Thaksin under nominees' names, the sources said.
This amount was frozen in 2008, pending the beneficial owner(s) coming forward to declare ownership. But since nobody had come forward, the UK authorities quietly seized the amount for the state coffers.
If Thaksin were to lose Bt76 billion in his Thai assets-seizure case, his net worth could turn negative.
On February 26, the Supreme Court will rule whether he is guilty of corruption. If the court were to find him guilty, it would order the seizure of the entire Bt76 billion.
Thaksin is now fighting back fiercely. He will try to lobby the Supreme Court, bring down the Abhisit Vejjajiva government and ignite the red-shirt rallies in order to instigate a military intervention.
Just how much money does Thaksin Shinawatra have now? Well-informed sources say the former prime minister might not have a lot left.
One source even speculated that his net worth could already have turned negative if his Bt76 billion now being frozen in Thailand is not taken into account.
In a recent interview with Times Online, Thaksin said he still had US$100 million (Bt3.3 billion) as his total net worth, trying to create an impression that he does not have any financial problems.
But sources say Thaksin is now having a difficult time servicing his debt owed to Gazprombank, a subsidiary of Gazprom of Russia. The Russian state owns more than 50 per cent in Gazprom, the energy firm that has branched out to become a global conglomerate.
Thaksin would like to rely on his connection with Gazprom to launch his investment in the energy sector in other countries, where he hopes to improve his political conditions. His interest in the oil and gas business in Cambodia is already widely known.
The exact amount of the loan he took from Gazprombank is not known, but it could be in the region of $1.5 billion, the sources believe.
Thaksin has used this loan to invest in Dubai in order to establish his status there as an honorary political refugee. Following the meltdown of Dubai, however, Thaksin has suffered heavy losses from his Dubai investment.
He also lost a huge amount of money from his portfolio investment in the aftermath of the collapse of Lehman Brothers in 2008.
Dubai World, a state-owned corporation, is seeking a delay of repayment of its debt amounting to $59 billion.
The sources say Thaksin's debt owed to Gazprombank is already overdue.
Thaksin needs big money to finance his lavish lifestyle and security protection.
One government source said Thaksin is on an aircraft three days a week, constantly changing his location to ensure personal safety.
The ex-premier has faced another big financial blow. The UK authorities have recently seized some $4 billion believed to belong to Thaksin under nominees' names, the sources said.
This amount was frozen in 2008, pending the beneficial owner(s) coming forward to declare ownership. But since nobody had come forward, the UK authorities quietly seized the amount for the state coffers.
If Thaksin were to lose Bt76 billion in his Thai assets-seizure case, his net worth could turn negative.
On February 26, the Supreme Court will rule whether he is guilty of corruption. If the court were to find him guilty, it would order the seizure of the entire Bt76 billion.
Thaksin is now fighting back fiercely. He will try to lobby the Supreme Court, bring down the Abhisit Vejjajiva government and ignite the red-shirt rallies in order to instigate a military intervention.
7 comments:
OK, my friend, we start war together!
Thai Astrologers still practice Khmer style of telling the fortune.
Astrologers are also called "HORACHAN" (โหราจารย์). Many modern astrologers now answer through letter or phone. Still many of them claim to use Khmer style and to come from the south of Isan region nearby Cambodia as it is still seen as remote and mysterious place.
dont worry thaksin, you'r now a husen's part he will help u to repair your bad loan, but he want u to teach him how to steal $2.2 billions US in short period of time.
'Dwindling means' or 'Swindling means'? This could be mistyped, or else it just goes to show how perilously nuanced the English language is.
School of Vice
well, cambodia is a safe haven for thaksin if anything happened to him financially, because it is a corrupted country. good luck, thaksin. bring down abisit and start war with cambodia. I want to see...hahhahaha
so sad for a man with everything to a man with no land to live,this guy would fight to the death if this news turn out to be trueth,and this is bad news for thialand.
This is shit lazy journalism. Thaksin sold Manchester City football club to the Arabs last year for a profit of $50 million after debts had been repaid. How could the lazy stupid journalists have forgotten that?
http://www.dailymail.co.uk/sport/football/article-1060029/50million-That-8217-s-Thaksin-Shinawatra-selling-Manchester-City-mega-rich-Arabs.html
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