Massive tax demand for Shinwatras

Thai tax officials are demanding $362m from the children of the country’s former Prime Minister Thaksin Shinawatra.

The taxes and fines incurred by son Phantongtae and daughter Pinthongta relate to last year’s sale of holdings in the family’s telco Shin Corp to Singapore’s Temasek.

Shinawatra Sr was ousted in a bloodless coup last year following the tax-free sale of Shin.

Thaksin first sold 329 million shares in Shin to his children for $1, creating a massive tax loss. The firm was then off-loaded for $3.8bn and the money generated was ‘gifted’ back to daddy.

A revolting middle-class took to the streets of Bangkok overthrowing Thaksin. Who, in turn, now lives in exile in the UK and plans to buy Manchester City Football Club.

Today was the deadline by which Mr and Mrs Shinawatra were told to return to Thailand to face charges. In reality there is more chance of Man City winning the Premier League than billionaire Shinawatra paying back a single baht.

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