The Constitutional Court has ruled Teerakiat Jareonsettasin is guilty of a conflict of interest during his time as education minister under the previous government.
Teerakiat: Guilty of conflict of interest
Dr Teerakiat is one of four cabinet ministers in the previous government accused by the Election Commission (EC) of holding shares in private companies that are state concessionaires.
The Constitutional Court acquitted the other three, namely deputy transport minister Pailin Chuchottaworn, former science and technology minister Suvit Maesincee, and former PM's Office minister ML Panadda Diskul. Mr Suvit is currently minister for higher education, science research and innovation.
The court found that the trio had bought shares in companies which won contracts from the government before they became ministers. They were also required to offload the shares after being appointed to cabinet.
In Dr Teerakiat's case, however, the court found his wife had bought 800 shares in state concessionaire Siam Cement Group (SCG) following his cabinet appointment. The couple owned 4,200 SCG shares prior to Dr Teerakiat's entry to the cabinet.
Although they sold the shares after the EC began its investigation, the wrongdoing had already been committed.
The Constitutional Court also dismissed Dr Teerakiat's claim that he had no idea the SCG was a state concessionaire, explaining it was the couple's duty to study the company's business links before investing in its stocks.
The court added that while the couple did not own enough shares to influence SCG's management, the constitution prohibits cabinet ministers from possessing even a single share in a state concessionaire.
The Constitutional Court ordered Dr Teerakiat's ministerial status to be retroactively revoked. The former minister also faces a two-year political ban.
Dr Teerakiat resigned as education minister on May 9 this year ahead of being appointed a senator. A source familiar with the issue said the political ban imposed on Dr Teerakiat had effectively cost him his Senate seat. Replacing him as senator is Apichart Todilokkavech, former chief of the Department of Community Development.