Thai Anti-Graft Panel to Charge Hundreds of MPs

Thai Anti-Graft Panel to Charge Hundreds of MPs

By Agence France-Presse on 7:26 pm January 7, 2014.
streets of Bangkok to drum up support for a campaign to ‘shut down’ the capital beginning on Jan. 13, 2014. (EPA Photo/Narong Sangnak)

Bangkok. Thailand’s anti-graft panel said on Tuesday it would press charges against hundreds of politicians, mostly from the party of embattled Prime Minister Yingluck Shinawatra, over a failed attempt to amend the constitution.The ruling adds to the political uncertainty in the kingdom, where the main opposition party is boycotting February elections called by Yingluck in an unsuccessful attempt to end weeks of mass anti-government protests.

The National Anti-Corruption Commission (NACC) – whose mandate includes investigating possible abuse of power – cleared 73 politicians including Yingluck of wrongdoing in connection with a bid to make the senate, the legislature’s upper house, fully elected.

But 308 others from the upper and lower houses were found to have violated the law, based on a preliminary investigation, by drafting or proposing changes to the charter, panel spokesman Vicha Mahakun told reporters.

If officially found guilty their cases will be sent to the upper house of parliament, which has the power to ban them from politics for five years.

Yingluck’s supporters see the case as one of a number of political manoeuvres aimed at removing her Puea Thai party from power.

Protesters seeking to curb the political dominance of the premier’s billionaire family have vowed to block the Feb. 2 election. They have the support of many in the kingdom’s elite.

The demonstrators want an unelected “people’s council” to run the country to oversee vague reforms, such as an end to alleged “vote buying” through populist policies, before new elections are held.

They are threatening to “shut down” Bangkok from Jan. 13.

Thailand has been periodically convulsed by political bloodshed since Yingluck’s older brother Thaksin Shinawatra was overthrown by royalist generals in a coup in 2006.

Eight people have been killed and about 400 wounded in recent street violence.

Legal rulings have played an important role in politically turbulent Thailand in the past, and Yingluck’s opponents fear her party could fall victim to another judicial or military coup.

The attempt to reform the senate would have returned it to its pre-coup structure – something observers say the establishment wants to avoid, to limit Thaksin’s electoral dominance.

Yingluck’s government still enjoys strong support in the north and northeast of the country and is expected to win the February polls if they go ahead.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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