BANGKOK : Thai Prime Minister Thaksin Shinawatra's son violated disclosure laws in his family's sale of Shin Corp stock and will likely be fined, Thailand's top financial regulator ruled Thursday.
The verdict marks a fresh blow to the premier amid a public outcry over the 1.9 billion dollar tax-free sale of stock in Shin Corp -- the telecoms giant he founded before entering politics -- to Singapore's Temasek in January.
The Securities and Exchange Commission (SEC) found Panthongtae Shinawatra, 27, guilty of three counts of failing to disclose information to regulators about his share transactions between 2000 and 2002 prior to the Shin Corp sale.
He faces a maximum of two years in jail and a 500,000-baht (12,800 US dollar) fine, but SEC officials said Thursday the violations were not serious, and the body will set a fine within two weeks.
Following a decision by Thailand's top court not to investigate financial wrongdoing allegations against the premier, focus shifted to Panthongtae and the premier's daughter Pinthongta Shinawatra.
Both were cleared of insider trading charges tied to the Shin Corp deal, and SEC officials said Thursday Pinthongta was not guilty of any disclosure violations.
"The investigation concluded that Prime Minister Thaksin Shinawatra and his daughter Pinthongta are clear from all wrongdoing," said SEC secretary general Thirachai Phuvanatnaranubala.
Thaksin is under pressure to quit over an array of complaints, including allegations of wrongdoing in the sale of his family's share of the Shin Corp empire.
A mass protest is scheduled for Sunday, following two previous rallies that drew tens of thousands of Thaksin opponents to Bangkok earlier in the month.
- AFP /ct