The Department of Special Investigation (DSI) has found evidence linking former premier Thaksin Shinawatra to money laundering, Prime Minister Surayud Chulanont said yesterday.

The alleged money laundering involved SC Asset, a property company owned by the Shinawatra family, Surayud said, citing a DSI report presented to him.

The premier refused to discuss further details, saying the DSI had not given him a full report on its investigation because it remained confidential.

"I am not allowed to access the full report," Surayud told reporters at Government House.

Earlier this year, the Democrat Party accused Thaksin of having set up a personal trust fund to hide profits from the baht's devaluation in 1997 and facilitate his family's share transactions.

The trust fund, Win Mark Co Ltd, bought shares in five property companies owned by the Shinawatras, including SC Asset, which was formerly known as OAI Property, Democrat Party deputy leader Korn Chatikavanij said.

Korn noted that while Thaksin admitted ownership of Ample Rich Co Ltd, he denied any connection to Win Mark. Ample Rich and Win Mark share the same address in the British Virgin Islands and have conducted similar transactions.

In January last year, Ample Rich sold Shin Corp shares to Thaksin's children Panthongtae and Pinthongta. In October 2004, Win Mark sold shares in four Thai property companies to Pinthongta.

Korn based his allegations on a speech by Snoh Thienthong, formerly a senior member of Thaksin's Thai Rak Thai Party, in which Snoh said that during the 1997 financial crisis Thaksin had nominated one of his men to oversee the currency's devaluation.

The Democrat 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," Korn said.

"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 shares in three property companies - OAI Property, PT Corp and SCK Asset - to Win Mark for Bt906 million in total. However, the Democrats found that Win Mark also held shares in two other companies - SC Office Park and Worth Supplies. 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 of 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 [in 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.

"Thaksin said in 2000 that the share sale was not meant for money laundering because his money is clean," Korn said.