Yingluck Shinawatra: ex-Thai PM sentenced to five years in jail

Agencies
September 27, 2017

Thailand, Sept 27: Thailand’s supreme court has found the former prime minister Yingluck Shinawatra guilty of negligence and sentenced her to five years in prison, a verdict delivered in absentia a month after she fled the country.

Yingluck, whose elected government was overthrown in 2014 by the army generals who still control the kingdom, had denied allegations relating to a mishandled and costly rice subsidy scheme.

The verdict was due to be delivered on 25 August but Yingluck shocked the nation, and thousands of supporters who had gathered at the court, by failing to show up.

Her lawyer cited an ear problem as the reason for her no-show. However, the court rejected the excuse and delayed the verdict, later issuing an arrest warrant. The junta chief, Prayuth Chan-ocha, ordered border checks to be increased.

Yingluck’s exact whereabouts are unknown, although senior sources in her opposition Puea Thai party said she fled to Cambodia and flew via Singapore to Dubai. She has made no public comments since she left Thailand.

Stories of her escape, possibly assisted by several police officers, have entranced the country. Some believe she may be in London, where her family owns a residence.

Authorities are conducting DNA sampling from a Toyota Camry with fake number plates that she allegedly escaped in, with results due in a month’s time. Investigators believe that at least two cars, both a similar colour, were used in the getaway. One car was as a decoy, they say.

Three senior police officers have been detained for questioning, including a police colonel who worked in eastern Thailand.

On the eve of the verdict on Wednesday, Prayuth said he knew where Yingluck had fled to, but would not reveal the location until after the judgment was delivered.

“I know, but I won’t say yet,” he told reporters after a weekly cabinet meeting. “I’ll tell you where she is after 27 September. I have spies.”

Many people suspect military leaders cut a deal with Yingluck. While the politician can avoid jail time by being abroad, her departure also leaves the country without its most prominent opposition figure, handing power-hungry generals a headless opposition. The junta has repeatedly delayed elections and sought to stamp out dissent.

Coup leaders may also have wanted to avoid putting Yingluck behind bars, a situation that could have led to a resurgence of anger from her poor, rural base.

Paul Chambers, an expert on Thai politics, said: “By getting Yingluck out of Thailand, the military gets rid of a potential thorn in their side who could become a martyr if jailed, or a powerful politician again if she is not.”

The Shinawatra family is a hugely influential political dynasty, winning every election it has taken part in since 2001, but is hated by many in the royalist and military elite in Bangkok. Yingluck’s billionaire brother, the former prime minister Thaksin Shinawatra, lives in self-imposed exile to avoid a 2008 prison sentence for corruption.

The rice subsidy scheme, which paid farmers nearly twice the market rate for their crop, was seen by Yingluck’s foes as handing billions of dollars to her voter base as well as creating unsold mountains of rotten rice. Losses amounted to more than £6bn, according to the government.

Prosecutors alleged that the expensive rice programme was susceptible to corruption, although Yingluck is not accused of graft.

The fallout of the scandal led to violent street protests in 2013-14 that eventually overthrew Yingluck’s administration. The former leader, whose supporters called themselves the redshirts, has said she is the victim of “a subtle political game”.

A military-backed legislature found Yingluck guilty in a separate impeachment case in 2015, and banned her from politics for five years.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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Agencies
July 7,2020

Washington, Jul 7: US Secretary of State Mike Pompeo on Monday (local time) confirmed that the White House is "looking at" banning the Chinese social media apps including TikTok.

"With respect to Chinese apps on people's cell phones, I can assure you the United States will get this one right too. I don't want to get out in front of the President [Donald Trump], but it's something we're looking at," Pompeo was quoted by CNN during an interview with Fox News.

He said people should only download the app, "if you want your private information in the hands of the Chinese Communist Party."

Responding to his comments, a TikTok spokesperson said, "TikTok is led by an American CEO, with hundreds of employees and key leaders across safety, security, product and public policy here in the US."

"We have no higher priority than promoting a safe and secure app experience for our users.  We have never provided user data to the Chinese government, nor would we do so if asked," the spokesperson added.

The US politicians have repeatedly criticised TikTok, owned by Beijing-based startup ByteDance, of being a threat to national security because of its ties to China.

Recently, India banned 59 Chinese apps including TikTok following a violent standoff with Chinese troops. This move was lauded by the US officials.

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News Network
March 28,2020

Washington, Mar 27: The United States has seen a record 18,000 new confirmed coronavirus cases and 345 deaths over the past 24 hours, according to a Johns Hopkins University tracker.

There are now 97,028 declared virus cases in the country and there have been 1,475 deaths, Johns Hopkins said.

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