Democrat Party deputy secretary-general Korn Chatikavanij said the timing between the amendment allowing foreign firms to hold a bigger stake in a telecom firm and the sale was suspicious.

Unless it was mere coincidence, the timing was evidence policy was being shaped to facilitate business, Korn said.

Although the selling of the shares was not corrupt, the way policy was set and the way the law was amended to facilitate the sale could indicate corruption, he said.

“Whether it will be the last corruption is open to question. People used to believe the rich wouldn’t cheat, but corruption is still well-entrenched in the country.”

Senator Sopon Supapong said he and most members of Parliament agreed not to approve a legal amendment in 2001 to allow foreigners to hold a more than 25 per cent stake in a Thai telecommunication business. He was a surprised that the law passed this time and suggested MPs had been instructed to approve it.

“Frequencies are a public asset. The Constitution says they must be for the public interest only, not for groups of people to make a profit,” Sopon said.

“Nobody who cares for the future of the country will sell these assets to foreigners.”

Economist Sangsit Piriyarangsan, said the amendment was proof Thaksin entered politics to turn a profit.

“I want to ask Thaksin, who is wearing the hat as the prime minister of Thailand and what he is selling to foreigners,” he said.

Kornchanok Raksaseri,
Sucheera Pinijparakarn
The Nation