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Published on August 27, 2007

The company is registered in the United Kingdom and figured in the recent purchase of Manchester City Football Club, a source said yesterday.

The AEC investigation showed that Bt2 billion was initially transferred to Pramaisuri Property soon after the 2006 sale, then transferred to two other companies in Thailand before ending up with Shinawatra Family Assets in England.

The two companies in Thailand transferred the money - US$5 million (Bt172 million) at a time - through Siam Commercial Bank. This was allegedly done to avoid alerting the Bank of Thailand, the source said.

The committee has frozen assets it believes to be the proceeds of the Shin Corp sale. The AEC ordered the freeze because it believes Thaksin committed graft by controlling Shin Corp shares while in office.

An investigation panel reviewing Thaksin's frozen assets last week requested details of a holding company registered in London, and linked to assets listed as belonging to members of his family.

The company, SC Office Plaza, is associated with Thaksin and suspected of helping him stash part of the Bt73 billion paid by Singapore's Temasek Holdings for the controlling stake in the telecommunications giant in January last year.

The panel is considering a plea by SC Office Plaza to dismiss the freeze orders. A statement by a company representative said Thaksin's daughter Pinthongta transferred Bt2 billion in funds on June 5 to fund the company's 200-million, Bt10-a-share recapitalisation.

The fund raising was part of the company's preparations to invest in London-based Shinawatra Family Assets, which came into existence in April.

The representative did not explain the company's planned investments and promised to submit additional evidence to the committee before its next hearing on September 14.