The Democrats suspect that Win Mark Co Ltd could have been Prime Minister Thaksin Shinawatra's personal trust fund, set up to take and hide profits from the 1997 baht devaluation as well as facilitate the family's share transactions.

Only the Anti-Money Laundering Office (AMLO) could trace the money trail that involved Win Mark, Thaksin's daughter Pinthongta, and other funds in order to prove this accusation, Democrat Party deputy leader Korn Chatikavanij said at a press conference yesterday.

Korn remarked that while Thaksin admitted his ownership of Ample Rich Co Ltd, he had denied any close connection to Win Mark. This is despite his sale of shares in his five property arms - including OAI Property, which is now SC Asset Corp - to Win Mark.

Both Ample Rich and Win Mark share the same address - PO Box 3151, Road Town, Tortola, British Virgin Islands - and have conducted similar transactions. In January 2006, Ample Rich sold Shin Corp shares to two of Thaksin's children - Panthongtae and Pinthongta - while in October 2004, Win Mark sold shares in four Thai property companies to Pinthongta.

Korn based his allegation on a speech last month by Snoh Thienthong, a senior member of the Thai Rak Thai Party, in which he said that during the 1997 baht crisis, Thaksin had nominated one of his men to take care of the devaluation. "Thaksin met then-prime minister General Chavalit Yongchaiyudh to nominate Thanong [Bidaya], who resigned after the devaluation."

In the statement issued to the press yesterday, the Democrats said Win Mark could have been hiding profits from speculation on the baht. "In 2000, Thaksin said he did not know of the company, but the company shared the same address as Thaksin's Ample Rich. Moreover, Win Mark invested in such a way that the potential gains went to the Shinawatra family. Nobody in investment circles could in any way believe that any fund would be glad to do such a thing."

In 2000, Thaksin said he had sold to Win Mark shares in three property companies - OAI Property, PT Corp and SCK Asset - for a combined Bt906 million.

However, the Democrats have found that Win Mark also held shares in two other companies - SC Office Park Co Ltd and Worth Supplies Co Ltd. Total investment in the five firms was Bt1.5 billion.

Korn also remarked that the transaction had coincidentally occurred after the baht's flotation.

In his 2000 statement, Thaksin said Win Mark had bought the shares on expectation of reaping profits when the firms were listed.

However, the Democrats said Win Mark had sold shares in OAI Property to Value Asset Fund Ltd Malaysia (VAF) in 2003, and, three weeks later, VAF had sold the shares to Overseas Globe Fund (OGF) and Offshore Dynamic Fund Inc (ODF).

"What's weird is that the three funds share the same address - L1, Lot7, Blk F, Saguking Commercial Building, Lalan Patau, 8700 Labuan Ft, Malaysia. Moreover, why did Win Mark, which owned the shares for three years, sell the shares of OAI Property when the latter was about to seek a listing?" Korn added.

Additionally, in 2003, VAF transferred the right to buy 70 million new shares of OAI at their Bt10 par value to Thaksin's daughters, Pinthongta and Paethongtarn. Based on the initial public offering price of Bt15 per share, the two children automatically netted Bt355 million in profits.

The Democrats also pointed out that despite the transaction with VAF, Win Mark maintained ownership in the other four companies for another year, although none of them could seek a market listing.

"Khun Thaksin said in 2000 that the share sale was not meant for money laundering because his money is clean. The Democrats would like to ask Khun Thaksin if he is ready to allow AMLO to investigate the money trail that involves Win Mark, VAF, OGF, ODF, SC Asset and Pinthongta," Korn said.

Siriporn Chanjindamanee

The Nation