Yingluck may have left behind millions of dollars in Thailand

Many apartments, plots of land, and bank accounts of the former Thai Prime Minister have been frozen and this number may increase.

Former Thai Prime Minister Yingluck Shinawatra failed to appear at the August 25 trial for negligence in managing a rice subsidy program that caused losses to the budget. She is believed to have left Thailand, is in Dubai and will seek asylum in the UK. This may help Yingluck avoid a heavy sentence, but it also means she will have to leave behind a lot of assets in Thailand.

Last month, Thai authorities ordered the freezing of Yingluck’s assets. Houses, apartments, 37 plots of land and 16 bank accounts belonging to her were frozen by the Department of Legal Enforcement. The value of the assets was not disclosed.

However, according to a report after leaving office in 2015, Ms. Yingluck said she had total assets of 620.8 million baht ($18.7 million). In documents submitted to the National Anti-Corruption Commission, her assets included 14.2 million baht in cash, 24.9 million baht in bank accounts, 115.5 million baht in investments, 117 million baht worth of land plots and 162 million baht in other real estate.

Former Thai Prime Minister Yingluck Shinawatra is believed to be in Dubai. Photo: Nation

Last year, she was ordered to pay the government 35.7 billion baht over a controversial rice subsidy scheme during her tenure. It was implemented in 2011, shortly after she took office, and was one of her election pledges.

Under the program, Thailand would subsidize farmers in poor rural areas, buying their rice at double the market price. However, the program has had a negative impact on Thailand’s rice exports, causing losses of at least $8 billion and creating a huge backlog of rice.

Ms. Yingluck had filed a lawsuit to overturn the asset freeze decision, criticizing the move as illegal. "The government chose to do it anyway, because they thought they had the right, without waiting for the court's decision," she said on her personal page.

Some of her accounts have been withdrawn by the Department of Justice. However, because the case is not yet closed, the money has not been transferred to the Ministry of Finance.

However, with Ms. Yingluck leaving Thailand, Permanent Secretary of the Ministry of Finance - Somchai Sujjapongse said last weekend that the search for former Prime Minister Yingluck's assets will continue. They will confiscate if they find more.

Previously, her brother - former Prime Minister Thaksin Shinawatra also left Thailand to avoid a prison sentence for corruption. He has lived in exile in Dubai since 2008.

Thaksin had $2.3 billion in assets frozen in 2007 pending an investigation. In 2010, Thailand's Supreme Court seized $1.4 billion of them after convicting him of illegally concealing ownership of a family business and abusing his power to benefit his companies.

However, they allowed him to keep the rest, as they were "created before Mr Thaksin became Prime Minister". According to Forbes, he is now worth $1.71 billion, thanks to shares in many companies.

According to VNE