Shinawatra wealth not ill-gotten, claims Pojaman

Pojaman vigorously denied any involvement in the accumulation of ill-gotten wealth by recounting how she and her ex-husband, the ex-premier, built the family business together.

According to her testimony, Thaksin, Pojaman and her brother Bhanapot began their business venture in 1976. The start-up trade included movie distribution, apartment development and computer leasing.

The business earnings reached Bt100 million, enabling registration of Shinawatra Computer, the flagship company for the Shinawatra business empire. Thaksin resigned from the police service in 1987 in order to devote full attention to the business.

The family business subsequently branched out to mobile phone services and telecommunications, which became known as the Shin Corp.

The growth of Shin Corp led to Pojaman's decision in 2000 to sell Bt37 million worth of equity stakes to her son Panthongtae. The deal included Thai Military Bank shares and IFCT shares, with the combined value of Bt5.1 billion. Panthongtae paid for the transactions in four instalments, completed in 2006.

In a separate deal, Pojaman sold Shin shares worth Bt450 million to Bhanapot in 2003. The payments were completed a year later.

Pojaman outlined the payments from Panthongtae and Bhanapot in order to rebut accusations the deals were genuine and not a proxy transaction to retain equity stakes through nominees.

She went on to deny that she gave shares to her daughter Pinthongta. She admitted, however, giving Bt367 million cash as a birthday gift which her daughter later used for financing the shares transaction with Panthongtae.

She said all transactions among family members were declared in asset statements filed with the National Anti-Corruption Commission.

In regard to the proxy company Win Mark, she said she and her ex-husband did not own the company as alleged. The company was under the control of Middle East businessman Mahmud Mohamed al Ansar, who is Thaksin's friend.

She said Thaksin agreed to sell Bt650 million worth of shares to the company during the process of listing Shin Corp on the stock market. Thaksin subsequently transferred his business dealings with Win Mark to Pinthongta.

She said Thaksin's earnings from the Ample Rich deal were transferred to her bank account as a loan repayment.

After Thaksin decided to enter politics with the Palang Dharma Party, she said she had no involvement in the matter.

She conceded Thaksin had asked contributions from her to form the Thai Rak Thai Party, although she was not involved in the party's affairs.

She said Thaksin had no assets stashed abroad. The Bt200 million London home belonged to her, she said.