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[Thai Economics Library | Archives| Currency Crisis 2007| Entrepreneurs]
March 09, 2010

Thailand's Finance Minister Korn Chatikavanij
on the Thaksin assets seizure verdict

By Jon Fernquest

Finance Minister KornThailand's Finance Minister Korn Chatikavanij reflected on the recent Thaksin assets seizure case in an important op-ed piece in the Bangkok Post last Friday.

Today's article is rich in vocabulary and begins after the vocabulary list below:
 
assets - things owned, especially property and money สินทรัพย์ things that can earn money for their owner (See Economist glossary) 
seizure - the act of taking control of something, especially by using power or force การบุกเข้ายึด
reflected on -  thinking deeply about a subject and relating it to your own experience
op-ed piece - a newspaper article that expresses the opinion either of the newspaper or an expert columnist
rich in vocabulary - has a wide variety of good vocabulary

OPINION

Personal reflections on the assets seizure case

5/03/2010
Korn Chatikavanij

It is now a week since the celebrated ruling on Thaksin Shinawatra's private assets was announced, and I have yet to air my opinion on the verdict.

Korn Chatikavanij: ‘‘I remember that all of Thaksin’s actions at that time indicated he was the real owner of the assets and had hidden all of his shareholdings all along.

reflections, personal reflections (noun) - thoughts by a person on a subject (what they think based on their own life and experience)
celebrated - admired publicly
ruling - a decision by a court of law คำตัดสิน คำชี้ขาด
air - to make known
air opinion - make known opinion, state your opinion so that people know it 
verdict - decision by a judge in a legal case (example: a verdict of guilty or innnocent in a criminal case)
X indicated Y - X did something to show that Y was the true situation

This is partly because I felt that many people have already been talking about the issue, but it is also because this is an issue close to my heart as I have been personally involved for some time. I also wanted my own opinion and emotions to crystallise before I spoke out.

Today my thoughts on this issue are more settled.

issue - a problem that needs to be considered, a subject that people discuss or argue about ประเด็น
personally involved - when you are part of it, included in it (so it has special meaning for you)
crystallise - grow into something, develop and become more well-defined
spoke out - say what you feel (even though you might be shy to say it)
settled - not changing all the time

I became involved with the assets concealment issue when Thaksin sold his shareholdings in Shin Corp to Temasek Holdings of Singapore in January 2006, a year after I became an opposition Member of Parliament. I remember that all of Thaksin's actions at that time indicated that he was the real owner of the assets and had hidden all of his shareholdings all along.

Thaksin flew to Singapore to negotiate the sale of Shin Corp shares while informing the public that he was on a leisure trip. He hurriedly amended the legislation on shareholding limits under the Telecom Act so that he could sell his shareholdings and he did everything he could in order to avoid paying tax.

concealment - hiding ซุก ซ่อน
opposition - of a political party that is not part of the government or a group which is against the government ฝ่ายค้าน ผู้ต่อต้าน
negotiate - to successfully travel on a road or path that is difficult to travel on or through ฝ่าไป
informing - telling, giving some information not yet known 
leisure - not part of business or work, just for fun
amended - change unrest
legislation - a law or set of laws suggested by a government and made official by a parliament กฎหมาย, การออกกฎหมาย
shareholding - owning the stock shares of a company

At that time, I did two things.

First, I pointed out that there was evidence at the Securities and Exchange Commission (SEC) indicating that Thaksin secretly owned his Shin Corp shares via an account at Singapore USB Bank. Second, I filed a complaint with the Revenue Department that the transactions involving the transfer of shares to Thaksin's children carried a tax liability.

I recalled that it was difficult to receive cooperation from government agencies on this issue. Worse, there were attempts to look into my record in the securities industry to see if there was any information that could be used to discredit me.

pointed - direct, in a way that shows you are annoyed or do not agree with something ที่เด่นชัด
evidence - facts statements or objects that help to prove whether or not someone has committed a crime หลักฐาน
account, bank account - the official location of money that people keep at a bank
filed - to take official action, e.g., to make a formal complaint ยื่นฟ้องร้อง
complaint - when someone says that something is wrong or not satisfactory การร้องเรียน
transfer - change ownnership, move funds or assets from one person to another โอน
liability - (legal) responsibility for something or someone ความรับผิดชอบ
recalled - remembered นึกทบทวน จำได้
cooperation - working together to achieve a result that will benefit all sides ความร่วมมือ, การทำงานร่วมกัน
record - the list of things that someone did and accomplished (goals achieved)
discredit - to cause people to stop respecting someone or believing in an idea or person ทำให้สูญเสียความเชื่อถือ,ทำให้เสื่อมเสียชื่อเสียง

Revenue Department officials also leaked my tax records, which are confidential, to Thai Rak Thai MPs. Fortunately, I'd never done anything to harm my reputation. Nonetheless, almost all of my relatives were threatened during that time.

The question I would like to raise is, if the coup did not happen in 2006 and the Assets Scrutiny Committee (ASC) had not existed, would we see justice being served in this case.

records - pieces of information describing something written down or stored on a computer บันทึุก
confidential - secret, often in a formal, business or military situation ที่เป็นความลับ
harm - damage ความเสียหาย
reputation - the opinion people have about how good or bad someone or something is ชื่อเสียง, ความนับหน้าถือตา
relatives - people in your family (not just husband, wife, kids, but also more distant cousins)
threatened - telling someone that if they don't do it, they will be punished
justice - fairness in the way people are dealt with ความเป็นธรรม, ความถูกต้อง, ความยุติธรรม (See Wikipedia) 
justice served - justice was done, was accomplished, achieved 

When the ASC was set up, I brought all the evidence to them, helped them analyse the information, and explained to them on matters regarding securities and securities trading, which was quite complicated and difficult to understand.

I remember the day I walked into the ASC office - the office space being temporarily borrowed from the Office of the Auditor-General of Thailand. There were many Thaksin supporters (not yet wearing red shirts at that time) surrounding the office, shouting profanities directly at us. That day, Khun Kaewsan (Atibhodhi), an ASC official responsible for the assets concealment case, was on the receiving end of most of the abuse.

matters - affairs, a situation that you must deal with that has problems
complicated - has so many parts connected in different ways that it is difficult to understand (for example, a complicated machine or a city with a complicated system of streets) ที่ซับซ้อน
temporarily - only for a limited time; not permanent ชั่วคราว
surrounding - all around a place บริเวณรอบๆ
profanities - saying bad words, four letter words
official - approved by the government or some authority ที่เป็นทางการ
concealment (noun) - the condition of being hidden so people cannot see it
abuse - cruel, violent or unfair treatment โหดเหี้ยม ทารุณ

Today, the crux of this trial was to prove that Thaksin actually did conceal his assets, and to prove that this was a conflict of interest between his policy and his assets. The Supreme Court ruled with a unanimous verdict that Thaksin concealed his assets.

Thinking back to the year 2006, Thaksin, Potjaman, Panthongtae and Pinthongta all came out to blatantly lie again and again that they in fact did not conceal assets. However, in the end the evidence was simply too compelling.

trial - the process of examining a case in a court of law and deciding whether someone is guilty (having committed a crime) or innocent (not having committed a crime) การไต่สวนคดี
conceal - hide, put it in a place where other people cannot see it
conflict - an angry disagreement between people or groups ความขัดแย้ง, ความไม่ลงรอยกัน
an interest in Y - will benefit in some way from the success of Y, owns part of Y  
conflict of interest - when personal gain conflicts with decisions that you must make for the benefit of the public
policy - a set of plans or action agreed on by a government, political party, business, or other group นโยบาย (See Wikipedia)
unanimous - agreed by everyone เป็นเอกฉันท์
blatantly - in an obvious or open way โจ่งแจ้ง โอ้อวด อึกทึก

Back to the question, though: if there had not been a coup, would justice have prevailed.

And why can't Thai society not achieve justice without having to rely on coup-makers initiating the process? Does this mean that sometimes "undemocratic" actors place more emphasis on truth and justice than democratic ones.

justice prevailed - in the end there was justice in the situation
rely on - need, depend on
process - a series of actions that you take in order to achieve a result แนวทางปฏิบัติ, กระบวน, วิธีการ
initiating the process - starting or beginning the process
emphasis - special importance or attention that is given to one thing in particular การเน้นย้ำ

Maybe it is because the majority of Thais do not sufficiently care about truth and justice. As long as our businesses are doing well and there is food on the table, we Thais appear willing to live with corruption.

But is this mindset wrong? Truth and justice cannot fill empty stomachs. Perhaps, therefore, only the wealthy have the time and inclination to ponder on matters such as justice while the poor, who have to struggle to feed their families, do not have that luxury.

majority - most of the people in a group, more than 50% คนส่วนใหญ่, เสียงส่วนใหญ่, ส่วนมาก, เสียงส่วนมาก
as long as Y - while Y is true, only during the time that Y is true 
willing to live with corruption - it is ok with them that there is corruption (not going to try to get rid of it)
mindset - the general way that people think about things, their attitude
empty - having nothing inside ว่างเปล่า
wealthy - rich, has a lot of money and assets มั่งคั่ง ร่ำรวย
inclination - feeling that makes you want to act in a certain way
ponder - to think carefully about something, especially for a noticeable length of time
struggle - a very difficult task that you can do only by making a great effort ความพยายาม
have the luxury to do Y - having enough time and money to do activity Y

And when the majority is made up of poor people and the majority voice is what counts in a democracy, the resounding answer is seemingly "We don't care."

Having said that, we all know many businessmen and the well-to-do also "don't care". It's easy for anybody to say they want truth and justice, but just how many are prepared to sacrifice something to realise this.

voice - to express your feelings or opinions ออกความคิด
majority - most of the people in a group of people (greater than 50%)
majority voice - the opinion of the majority
what counts - what is important and valuable
resounding answer - the answer heard loud and clear (no question what the answer is)
well-to-do - rich
sacrifice - give up something you want to get something else เสียสละ
realise - make a situation or condition happen

If everyone acts according to their duty, justice will manifest itself. It will require no intervention - coup or otherwise. We wouldn't need to go searching for it.

This, I would say, is the most important message from this case.

In the end, over the past five days, I've had a growing sense that the court decision really was fair.

acts - actions การกระทำ
duty - something that you have to do because it is part of your job, or something that you feel is the right thing to do หน้าที่, ความรับผิดชอบ
manifest - show
intervention - a situation in which someone becomes involved in a particular issue, problem, etc., in order to influence and change what happens การแทรกแซง
message from this case - meaning that you get from reading about and studying this case
a growing sense that - a growing feeling that

Had it been my decision, I would have seized the entire 76 billion baht. My rationale would have been simple: by only seizing the "gained" portion, this meant Thaksin had essentially broken even on his scheme, even though he cheated.

But the truth is that there will be more lawsuits to follow. The Exim Bank, for example, was instructed to make cheap loans available to the Government of Burma to procure goods from Thaksin's company.

rationale - a reason for doing something มีเหตุผลที่ดีในการทำสิ่งนั้นๆ
simple - easy to understand; not complicated ง่าย,ไม่ยุ่งยาก, ไม่ซับซ้อน
portion - a part of something ส่วน
essentially - for the most part ที่สำคัญที่สุด
scheme - a plan for achieving something, especially something illegal or dishonest แผนการ (ที่มีท่าว่าจะผิดกฎหมาย)
cheat - secretly not follow the rules in order to succeed (pass a test, make money, win a game) 
Exim Bank, Export-Import Bank of Thailand - government bank established in 1993 to support both Thai investors overseas as well as local investors in business relating to export or business which earns or saves foreign exchange (See website)
lawsuits - a case in a court of law to end a dispute between two people
procure - buy

I know many people's reaction will be: "Isn't this enough? Can we get to work on reconciliation now.

But this is temperament talking, and reflects a lack of sense of duty.

reaction - the way you behave or respond as a result of something that happens ปฏิกิริยาตอบโต้
reconciliation - process of creating a new and friendly relationship again with someone you argued with or fought with การทำให้ปรองดองกันอีก,การคืนดี, ประสานสัมพันธ์, the  การปรองดอง
lack - does not have ขาดแคลน
sense of duty - a feeling that you should act in some way (your duty or responsibility)

As for me, I will continue to perform my role to the best of my ability in part because there needs to be a counter-force to Thaksin's destructive hypocrisy. To this date, Thaksin has not shown any remorse, nor a sense of responsibility for the crimes he has committed upon our country. Instead, he has chosen to play the role of the victim and has gone so far as to hold the country to ransom unless he gets his selfish ways.

I, for one, cannot and will not accept the terms of Thaksin's arrogant conditions - not because of any personal vendetta I hold against him, but because my present positions as Member of Parliament and Minister oblige me with certain duties I cannot renege upon.

role - a person's function or purpose in an activity บทบาท
counter - to take action to oppose or stop something ต่อต้าน
force - strong action กำลัง ความรุนแรง
destructive - causing great damage or harm ซึ่งเป็นการทำลาย
hypocrisy - claiming to have moral beliefs but not following them in your actions
remorse - sad feelings of guilt feeling about your wrong action
responsibility - 1. being blamed for something that goes wrong, 2. having to take care of some task as part of your job
commit a crime - act in a way that is a crime, that is illegal, that breaks the law
play the role of Y -
victim - someone who ahs been harmed, injured or killed as the result of a crime เหยื่อผู้เคราะห์ร้าย
ransom - the amount of money that someone wants to be paid before they will let a person go or give back a valuable object เงินค่าไถ่
hold ransom - keep a person prisoner until money is paid to release them
terms - conditions; requirements ข้อกำหนด
arrogant - behaving in a rude way with over-confidence like you are better or more important than other people
vendetta, personal vendetta - acting out of anger, trying to harm other people who harmed you in the past 
oblige - do something that you must or should do, that you have a responsibility to do
duties - things that you must do, a legal or moral obligation
renege - not do what you promised to do

More importantly, if there is any lesson I have learnt during the past four-five years' struggle with Thaksin's regime, it is that we do not have the privilege nor the luxury to pass this difficult responsibility on to others.

I have written a rather lengthy note, in part because this note is a personal reflection for my own personal mental review.

regime - a government that controls a country, especially in a strict or unfair way รัฐบาลที่ขึ้นมาปกครองโดยการยึดอำนาจ
regime - a government that controls a country, especially in a strict or unfair way รัฐบาลที่มาจากการยึดอาำนาจ
privilege - a special benefit that is available only to a particular person or group เอกสิทธิ์ when some people get to do things that others can't (rich elite get to do it, but poor people cannot)
note - a piece of information on a topic or subject
mental - taking place in a person's own mind or brain 
review - go over, examine and think about all the information relevant to a situation or subject

Lastly, when I glance back at what transpired five days ago, I can still feel an air of sadness lingering over the court's decision. This is by no means because I disagree with the verdict, because I want to make clear that I am duly respectful and accepting of the verdict - which will be considered a great precedent and a genuine classic for the country's judicial system.

glance - look quickly at something
glance back - look and think about the past
transpired - happened
an air of sadness - a feeling of sadness (experienced by many people)
lingering - lasting a long time, especially when this is unpleasant or not necessary ที่อ้อยอิ่ง, ยืดเยื้อมานาน, อย่างอ้อยอิ่ง
by no means... - it is not true that...
clear - easy to understand
make clear - make it easy to understand
precedent - an action, situation or decision which has already happened and which can be used as a reason why a similar action or decision should be performed or taken มาตรฐานในการตัดสิน, ตัวอย่างหรือแบบอย่างที่มีมาก่อน
genuine - real; honest; sincere
classic - has very high standard and has become the standard of comparison and excellence for others (example: a classic novel)
judicial system - the system of courts in a country that makes decisions on legal cases

Nevertheless, I can't help but feel a sense of heartache over the fact that we as a country may not be able to truly appreciate the profound lessons that can be derived from this episode.

At the end of the day, I am left asking whether how much we, as Thais, do value the notion of truth and justice? More importantly, the bigger question is whether we are willing to sacrifice our personal liberty in order to protect public rights.

I worry about how most of us would answer the above questions, but I remain resolved in my endeavour to labour for the betterment of our country.

appreciate Y - like Y and know why Y is good
profound - has deep meaning, felt or experienced very strongly or in an extreme way ลึกซึ้ง
profound - very great; serious ยิ่งใหญ่
derived from - coming from or made from 
episode - one of the single parts into which a story is divided, especially when it is broadcast on the television or radio ตอน
notion - belief or idea ความคิด, ความเชื่อ, แนวคิด
sacrifice - give something up in order to obtain another thing for yourself or for others
liberty - freedom to live life in the way that you want without interference from other people or authorities such as the police or government
rights - something you are legally or morally allowed to do or have สิทธิ์ (See Wikipedia)
resolved - determined to succeed, feels that he will succeed for sure
endeavour - to try very hard to do something ความพยายาม บากบั่น
labour for the betterment of - work hard to improve

Korn Chatikavanij is Minister of Finance. He can be reached via email at: korn@mof.go.th

(Source: Bangkok Post, OPINION, Personal reflections on the assets seizure case, 5/03/2010, Korn Chatikavanij, link)




Posted by Jon Fernquest at 12:51 PM | | Comments (0)


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