City Seek Thaksin Explanation - 11/06/2007

Manchester City are seeking an explanation from Thakisn Shinawatra following reports from Thailand that his bank accounts have been frozen. The former Thai prime minister and multi-millionaire businessman, an unsuccessful bidder for Liverpool, is currently in advanced negotiations with City over a potential takeover. Shinawatra left Thailand after being ousted from office in a military coup and is currently being investigated for corruption by the country's authorities. Reports have claimed that accounts of £830m had been frozen in a move partly related to the sale of his telecommunications company Shin Corp last year. A City statement said, 'The board and its advisers are in discussion with Dr Shinawatra's advisers to confirm the implications of these developments in respect of their client's interest in potentially making an offer for the company.' In other words, confusion reigns. Significantly, the statement did refer to discussions with 'other interested parties' who will be waiting in the wings should the bid from Thailand fail.

Thaksin's solicitor Noppadol Pattama has commented, 'Of course this is going to affect the Manchester City bid, but it is not off. Some things may have to be restructured.' Thaksin's lawyers hope to prove that the money was obtained legally, but City's patience is running out.