The Supreme Court has acquitted former prime minister Thaksin Shinawatra of malfeasance linked with his role in allowing the Finance Ministry to be an administrator of the rehabilitation plan for Thai Petrochemical Industry (TPI) 15 years ago.
The nine-member judge panel said yesterday it found no substantial evidence to back accusations that Thaksin failed to stop the state agency from managing assets of the private company, or that he nominated people to sit on the rehabilitation panel for his and the firm's vested interests.
The plaintiff, the National Anti-Corruption Commission (NACC) pushed the allegations too far without evidence, said the Supreme Court's Criminal Division for Holders of Political Positions, clearing the ousted premier of the dereliction of duty charge under Section 157 of the Criminal Code.
The verdict ended a years-long legal battle after the NACC indicted Thaksin in 2010 but was only able to file a lawsuit eight years later due to disagreements with the Office of the Attorney-General.
The graft watchdog decided to bring an indictment itself, bringing the issue to the court earlier on May 7, after a joint NACC-prosecutor panel failed to iron out their different opinions.
According to the NACC's suit, Thaksin committed malfeasance as he endorsed the ministry's decision to administrate the rehabilitation plan for financially ravaged TPI.
The company, renamed IRPC Plc after the crisis, went bankrupt following the 1997 economic crash and entered a court-ordered rehabilitation scheme.
The graftbuster believed the Finance Ministry had no authority to act as administrator of a rehabilitation plan under the 2001 law on the reorganisation of ministries and departments.
However, the majority of the nine Supreme Court judges argued yesterday it was the ruling handed down by the Central Bankruptcy Court, as well as "consent" from TPI labour union, banks and the firm's creditors and debtors that paved the way for the Finance Ministry to take centre stage.
Also, former TPI executive Prachai Leophairatana had suggested the Finance Ministry solve his company's problems.
