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Published on October 3, 2007

Yongyuth said he had told Prime Minister Surayud Chulanont of his resignation, which will take effect today.

He said he owned a stake in a company formed over 10 years ago and he followed the example of the five Cabinet members who resigned after they were found to have violated the 5 per cent shareholding limit.

"I've studied the law and I fear that my case could also lead to trouble in the future so I decided to resign to set a precedence in politics," Yongyuth said.

Chaiya Yimwilai is tipped to be Yongyuth's successor due to his experience in media work.

Chaiya, now an adviser to the prime minister, is experienced in academic work and a veteran television presenter.

The Nation