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Sun, May 20, 2007 : Last updated 22:22 pm (Thai local time)



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Home > Headlines > Thaksin seeks BOT blessings for Bt6.8 bn deal





FOOTBALL-CLUB PURCHASE
Thaksin seeks BOT blessings for Bt6.8 bn deal

Ex-PM's lawyer says move is not political; Man City says other bidders also in the fray

Former prime minister Thaksin Shinawatra will ask the Bank of Thailand to permit him to withdraw an unspecified sum from the country so he can buy Manchester City Football Club.

According to Thaksin's counsel Noppadon Pattama, Thaksin has bid for the club. The offer is estimated at around £100 million (Bt6.8 billion).

Club officials said City remained in talks with "a number" of different parties over a potential buy-out.

"What I can say now is we have tendered a bid for the team. We had to be silent because we had to follow stock regulations," Noppadon said.

Offers for listed companies must be lodged with the London Stock Exchange.

Noppadon said the central bank was expected to give the green light because "the money would be used for a good cause".

"The money isn't going to be used for any political purpose, and news of the bid to buy the club isn't politically motivated," he said.

Noppadon also said Thaksin wants to help promote sports in Thailand via the take-over of Manchester City.

Democrat Party leader Abhisit Vejjajiva said the central bank had to handle Thaksin's request with transparency.

"And if there is no money taken out we have to examine the source of funds used if he buys the club," he said.

Assets Examination Commit-tee member Khunying Jaruvan Maintaka suggested Abhisit file a complaint with the committee or the Comptroller-General to allow an investigation of the City bid and its source of funds.

The net worth of Thaksin and his family is estimated to be around US$3 billion.

In January 2006, his family sold off the majority stake of Shin Corp to Temasek Group of Singapore in a tax-free Bt70-billion-plus transaction, triggering a widespread protest and leading to the coup on Sept 19, 2006.

Criminal, tax evasion, abuse

of power and other charges have been filed against Thaksin and his family members, with the first criminal case due to be heard by the court in July this year.








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