Groups closed down will lose their 'excess assets'
The financial assets of political parties will be transferred to charity organisations - if the parties are dissolved by the Constitution Tribunal today for electoral fraud.
A dissolved party must report its finances to the Election Commission within 15 days of the court verdict, according to Article 68 of the Political Party Act. After that the Office of the Auditor General may liquidate the party's finances within six months. However, the OAG can also extend its financial examination for up to six months. Once the OAG completes the liquidation, any remaining assets will be transferred to charities. If the party does not specify the names of charity groups, the assets will be transferred to the political party fund. Following a report to the Election Commission, the Thai Rak Thai Party had over Bt312 million in 2005. About Bt172 million of this sum originated from donations, and about Bt140 million came from the political party fund supported by the Election Commission. Other TRT assets include land, buildings, offices, furniture, office equipment and vehicles. However, the party reported that it has expenses of more than Bt383 million, meaning it was in debt to the tune of around Bt70 million two years ago. The Democrat Party reported revenue of Bt158 million from donations and the political party fund in 2005. Its other assets were land and office equipment valued at Bt37 million. The party had expenses of Bt143 million - and thus no debt for 2005. Besides reporting their assets to the EC, the parties had to pay back money from the political party fund to the EC, according to Article 64 of the Political Party Act. Since the coup, both parties have repaid money owed to the EC. Election Commissioner Sodsri Satayatham said the parties' annual reports were from 2005 instead of 2006 because the junta's post-coup rulings meant political parties could not hold any sessions, and this affected their ability to make financial statements. "They could not hold meetings to approve financial statements. They [parties] will report when the junta's announcements are cancelled," Sodsri explained. Democrat treasurer Korbsak Sabhavasu said if the party was dissolved, all its assets would be transferred to the Khuang Abhaiwongse Foundation, which was set up to honour Khuang Abhaiwongse, who co-founded the Democrat party. TRT has not said where its assets will go if the party is dissolved. Sucheera Pinijparakarn The Nation
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