Thai court seizes more than half of Thaksin's fortune

BANGKOK: Thailand's top court on Friday seized $1.4 billion in assets belonging to the family of former premier Thaksin Shinawatra for abuse of his power, far less than expected, in a decision that could appease some anti-government forces.

The court said Thaksin had concealed his ownership of shares in his family telecommunications conglomerate Shin Corp during his five years in office and geared government policies to benefit the company, but ruled that $900 million amassed before his premiership be unfrozen.

Authorities said major violence was unlikely in response to the ruling but mobilised thousands of police and troops to pre-empt any backlash by supporters of the 60-year-old fugitive at the centre of a five-year political crisis in Southeast Asia's second-biggest economy.

Prior to the ruling, analysts said any decision allowing Thaksin's family to keep a portion of the assets would be more favourable for markets in the short term by reducing the risk of an imminent showdown in Thailand's divisive colour-coded crisis.

"The partial seizure of the assets should be what financial markets prefer because both sides can claim victory," said Prapas Tonpibulsak, chief investment officer at Ayudhya Fund Management.

The judges said Thaksin had abused his power in all five major cases against him, which included shaping telecoms and satellite policies, including concessions fees and state loans, to benefit Shin Corp.

Thaksin, ousted in a 2006 coup and convicted in absentia of graft, has denied the charges from self-imposed exile in Dubai.