PM's Office Minister Newin Chidchob and chief economic adviser Pansak Winyaratn instructed that the 44-page document be distributed by party candidates to constituents during the election campaign.

The white paper defends the sale of Shin Corp by explaining that many Thai conglomerates and banks have conducted financial transactions through the British Virgin Islands. They include Siam Sinthorn, Siam City Bank, Krung Thai Bank, Kasikornbank, Bangkok Bank, Bank of Ayudhya, Bank of Asia, TPI, and Bangkok Land.

The paper also alleges that Democrat Party deputy secretary-general Korn Chatikavanij's JF Thanakom, a securities company, also sold his shares in 2000 to Avalon Global, which is registered in the British Virgin Islands. "If Shin Corp is wrong, the other 600,000 companies registered in the BVI are also wrong,'' it said.

The paper explains that Thaksin and his family followed the rules in the share sale, stressing that the government did not write them.

The paper also questions why the Democrats did not probe Boonchai Bencharongkul when he sold Ucom to Norwegian- based Telenor last October. "Maybe because executives in the company were Democrat Party executive board members or were involved with the Democrats in some way,'' it said. The paper names Prakob Jirakitti, a former Democrat Party director and former Bangkok MP who is a brother-in-law of Boonchai.

It also reprints an article written by Dr Virabongsa Ramangkura, a leading economist, published in a local paper and entitled "Confusion over political thinking", which disagrees with the opposition's boycott of the general election.

"The boycott directly destroys the parliamentary system as it is intended to disrupt the elected government from functioning efficiently and invites political turmoil and endless political crises,'' the paper quotes Virabongsa as saying.

Kesinee Jaikawang

The Nation