Thailand’s revenue department has said it may initiate bankruptcy proceedings against former prime minister Thaksin Shinawatra if it is unable to recover 17.6 billion baht (US$538 million) in outstanding tax liabilities, escalating a long-running legal and financial dispute over the Shin Corp deal.
According to Bloomberg, Thai’s Revenue Department director-general Somsak Anuntawat said on June 5 that authorities have continued enforcement actions following a Supreme Court ruling that upheld the tax assessment, making the liability final and legally enforceable.
He said the department has issued payment notices and is actively tracing Thaksin’s assets both in Thailand and abroad, while coordinating with relevant agencies to identify properties that could be seized or frozen to settle the debt.
“If, after all enforcement measures have been exhausted, the outstanding tax liability remains unpaid in full, the department will consider initiating bankruptcy proceedings against Thaksin,” Somsak said, adding that authorities would act within legal time limits to protect state interests.
Thaksin’s lawyer did not immediately respond to requests for comment.
The move follows a Supreme Court decision late last year that reinstated a tax penalty linked to Thaksin’s 2006 sale of Shin Corp to Singapore’s Temasek Holdings, a transaction valued at US$1.9 billion that sparked public protests and contributed to his ouster in a military coup.
The ruling overturned earlier judgments that had nullified the Revenue Department’s claim, effectively reviving a long-standing dispute over unpaid personal income tax.
The 76-year-old former leader, who recently completed a reduced prison sentence for corruption and received a royal pardon that lifted remaining travel restrictions, remains a central figure in Thailand’s political landscape as enforcement efforts against his tax liabilities continue.
