FFP boss in blind trust bind
Future Forward Party (FFP) leader Thanathorn Juangroongruangkit on Monday took to Facebook to spell out why he has not yet transferred his assets to a blind trust after being accused by his critics of reneging on his promise to do so, which he made ahead of the general election.
The ruling Palang Pracharath Party (PPRP) says months have passed since the election and yet Mr Thanathorn has so far not shifted a single asset to the blind trust.
Thipanant Sirichana, the PPRP deputy spokeswoman, said Mr Thanathorn may have gone back on his promise and his alleged failure to act on his word could amount to deceit and break the organic law on the election of MPs.
She said such an offence is punishable by a prison term of between one and 10 years. An offender also stands to lose his right to vote for 20 years.
On Facebook, Mr Thanathorn insisted on his intention to continue with the management of his assets in the form of a blind trust.
He also showed the details of a letter written on Aug 22, which was emailed on Aug 26 to two companies whose asset-management services he plans to use.
He said that the letter was intended to be a private explanation to the executives of the two companies, but when he was attacked by his critics, he decided to disclose the contents.
The primary aim of the letter was to confirm his intention to set a new standard for transparency for businessman-turned-politicians, Mr Thanathorn said.
In the letter, he also apologised to the companies for the delay in the transfer of his assets as he has been suspended by the Constitutional Court as an MP pending a court ruling on whether he breached media-shareholding rules, he said.
The Election Commission alleges Mr Thanathorn held shares in V-Luck Media Co, a media company when he registered as an MP candidate in February — which would be a violation of the charter.
The case was handed to the court, which issued an order suspending Mr Thanathorn as an MP on May 23, pending a ruling.
Mr Thanathorn said he clearly stated in the letter that if and when the court lifts the suspension order against him and allows him to resume his duties as an MP, deals will be signed to carry out the blind trust scheme as soon as possible.
But if the court rules to disqualify him as an MP, the blind trust plan will be put on hold until he secures a new political position, according to the letter obtained by the media.
“The letter was sent electronically and the sending date and the receiving date can be verified. The letter was sent before some media outlets raised questions. Therefore, this letter should be enough to confirm my intentions,” Mr Thanathorn wrote on Facebook.
However, observers note that it remains unclear why Mr Thanathorn lumped together two different issues — the transfer of his assets to a blind trust and his MP status — and whether the logic will be acceptable to the public.
Mr Thanathorn, scion of the auto-parts conglomerate Thai Summit Group, told a press briefing six days before the March 24 election that he had signed a memorandum of understanding (MoU) with Phatra Asset Management Co Ltd, an asset-management arm under SET-listed Kiatnakin Phatra Plc.
Mr Thanathorn said the MoU was meant not only to meet legal requirements but to set a standard for transparency among politicians. His supporters immediately praised him for the moral high ground he was taking.
Mr Thanathorn explained that while businessmen entering politics was nothing new, standards had to be seen to be set and practised to earn the public’s trust. According to him, one way was for politicians to transfer assets to a blind trust to avoid conflicts of interest that might occur when they assumed public office.
Observers said if Mr Thanathorn had been sincere in setting an example for a “transparent” holder of public office, he should not have created preconditions for the transfer of his assets. He should have shifted his assets and ensured he was seen to have done so months ago, they said.