Thaksin yet to apply for footie funds
Former Prime Minister Thaksin Shinawatra has not yet submitted his proposal to take money out of the Kingdom for the purchase of Manchester City Football Club, according to a central bank director.
Bank of Thailand (BOT) director Suchart Sakkankosone, said once the proposal arrived at the central bank, an opinion would be sought from the Assets Examination Commission (AEC) as well as the Anti-Money Laundering Office (AMLO). The AEC is in the process of prosecuting Thaksin on many charges that could lead to an assets foreclosure. Suchart said if Thaksin took money out of the Kingdom for the purchase of the football club - but does not buy it - he is obliged to send the money back to the Kingdom as soon as possible or risk punishment under the Exchange Control Act. The quick remittance rule is also enforced if he buys the club and then sells his stake. Thaksin has reportedly submitted a formal bid to buy the football club for £100 million.
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