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Published on April 10, 2008

It was written by awarding-winning journalist Prasong Lertrattanavisut. Its headline reads "The unidentified person who benefited from the float of the Thai baht."

The story referred to the Supreme Court's ruling to dismiss a Bt2.5-billion libel lawsuit, ending an 11-year court battle between former PM's Office minister Bhokin Bhalakula and Democrat Party secretary-general Suthep Thaugsuban. On September 26, 1997 Suthep attacked former prime minister Chavalit Yongchaiyudh during a censure debate following the baht's flotation. Suthep said he suspected that Bhokin might have revealed the

planned currency flotation to Thaksin Shinawatra, who was deputy prime minister, before the float of the baht on July 2, 1997. Thus, Thaksin's company would have benefited from such information.

Matichon summed up the claims in three parts. First, the facts from the Supreme Court's ruling showed that Bhokin, who was the PM's Office minister, was also present at the meeting on June 29 between Chavalit, finance minister Thanong Bidaya and then central bank chief Rerngchai Marakanond to decide on the float, even though Bhokin had no authority to decide on the issue.

Chavalit said the meeting that day was attended by only three people: Chavalit, Thanong and Rerngchai.Bhokin insisted then that he was not informed of the change of exchange-rate regime in advance. He didn't inform, or have any contact with Thaksin on this matter.

The Supreme Court, however, ruled that Bhokin was present at the meeting, according to the statement given by Thanong and Rerngchai, who claimed he

had questioned Bhokin's presence. But Chavalit allowed Bhokin to stay.

The court said the fact that Chavalit had allowed Bhokin to attend the meeting - even though it was supposed to be secret - was "suspicious". Thaksin's businesses were spared the damage from the flotation of the baht. Thus, there was solid ground for Suthep to raise the case against the plaintiff.

The second part of the story came from the House records. Matichon said Thaksin conceded he believed the floating of

the baht was being planned at the Government House because at 10pm on July 1, 1997, he was informed by phone that there was a serious meeting between Chavalit, Rerngchai, Thanong and deputy central bank governor Chaiyawat Wibulsawat, who was then the manager of the Exchange Equalisation Fund.

Thaksin said he suspected the meeting was about the exchange rate because Chaiyawat was present. Thaksin also claimed that when he got the call, he was having dinner with Sanan Kachornprasart, then the secretary-general of the Democrat Party. But there's no record of confirmation from Sanan. Thaksin didn't say who called him, either.

Matichon summed up the facts as follows:

1. There were four people at the meeting to decide the exchange-rate regime.

2. The difference lies in who the fourth person was. The court said it was Bhokin. Thaksin claimed it was Chaiyawat.

3. Thaksin got the name of the fourth person wrong either because the caller told him the wrong name or Thaksin didn't tell the truth.

4. Why did Thaksin, in his capacity as deputy premier, say the caller had told

him there were four people at the

meeting - contradicting  Chavalit's and Bhokin's statements  there were only three?

5. Suthep's assumption that someone

telephoned Thaksin to inform him of the baht flotation activity was in line with

Thaksin's statement.

6. Thaksin said he knew of the float decision at 10pm on July 1, 1997, before the public announcement on July 2. Although the Thai market was closed at that time, financial and currency markets elsewhere were still open.

After Bhokin stepped down from the PM's Office, he was named vice president of the Supreme Administrative Court. He was then tipped to become president of the Supreme Administrative Court.

But in March 2004, Bhokin left the Court to become interior minister in the Thaksin government.