MANCHESTER City are seeking an explanation from Thaksin Shinawatra following reports from Thailand that his bank accounts have been frozen.
The former Thai prime minister and multi-millionaire businessman is currently in advanced negotiations with City over a potential takeover.
Shinawatra left Thailand last year 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 £830million had been frozen in a move partly related to his sale of his telecommunications company Shin Corp last year.
A City statement read: “The board notes the information emanating out of Thailand today in respect of Dr Shinawatra and the freezing of his assets.
“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.
“These discussions and those between the company and other interested parties may or may not lead to an offer being made for the company.”
A spokesman for Shinawatra in London said: “This situation will not singly affect the takeover bid.”
Shinawatra’s family were reported to have made two billion US dollars from the sale of their Shin Corp shares and there were widespread complaints that they had avoided paying tax.
It proved the beginning of the end for his premiership as opposition grew until it culminated in his overthrow.
He has now been banned from Thai politics for five years and is currently living in exile in London.
City seek Thaksin explanation
June 11, 2007
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DOES ANYONE ACTUALLY KNOW IF THIS AFFECTS THE TAKEOVER OR NOT!!!! Useless report unless someone finds out! Can't the M(U)EN find this out? If it makes no difference, who cares!!
oh dear.... even souness wouldn't come now
DOES ANYONE KNOW HOW MUCH THIS GUY IS SUPPOSED TO HAVE ? SURELY SUCH AN EVENT MUST MEEN THE CLUB CANNOT DO BUSINESS WITH HIM ?
This must be off now (hands up all those that are even slightly surprised). We can't afford to wait another two months with no guarantee at the end of it. Next tycoon, please.....
Being completely naive towards financial matters, can someone tell me what this means as far as the takeover is concerned, i take it it's not good! CTID
Whoops.
Marvellous. The team I support and love are now officially part of a real life soap opera.
Will the club now make an annoucement with any substance??
Please can we have more on this story please, if it is going to be 60 days then get a manager in now.
One of the Dutch guys can come in and work with the current squad plus a couple of CUTE additions and then wait until the Jan window and the season after to build the squad properly.
I'm getting so bored of all this now let's just get on with it.
And how will this affect the ongoing talks?
Any chance of talking to Seymour Price or Thaksin's lawyer regarding the situation that has arisen?
The report you have published seems to brush this major incident to one side and take it as if it won't affect the takeover.
typical city
what a sham!
this means that even if due diligence is complete and old blue eyes raises a bid for us he may not be able to get the money out of his big pink piggy this is the worse six weeks of my life except for when i met the wife
Yep. BYE BYE TAKEOVER!
New manager is going to be like new kit, has been name and cheap and nasty. The Thai can't afford takeaway let alone takeover.
Oh no, our worst fears may be coming true. I cant believ our luck.
Thats that then.Calling Mr Warnock....
That just about sums this whole charade up. This should have been the very first thing that was addressed.
Another day of bad news for City fans, and not to mention the time wasted. Unless a miracle happens I don't want my season ticket.
What a load of rubbish.
Ok, time to pull the plug. This guy is carrying too much baggage. The club should cease takeover negotiations with Shinawatra, close the offer period, and move on.
I'm sure City are delighted at this news!
What a way to run a club.
You have to laugh. Maybe the others are all after Birmingham now and when Shinawatra's bid falls through we end up with egg on our faces for the umpteenth time.
bugger. no surprise though that this is now dead in the water. lets hope wardle is true to his word and stumps up the £30m he promised should this fall through. we must appoint a manger right now though, it cant go any longer. get houllier in.
I take no pleasure from saying I have been sceptical all along. The longer this situation continues the more damaging it is to City and the preparations for next season.
This will take years to get sorted, unless he's got half a billion elsewhere that he can get access to, this must put an end to the takeover? I'm not going if Souness is in charge.
So where the hell does that leave us...up the proverbial without a paddle? Why oh why does it always happen to us?