PM denies using debt to hide wealth
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PM denies using debt to hide wealth

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Prime Minister Paetongtarn Shinawatra (photo: Government House)
Prime Minister Paetongtarn Shinawatra (photo: Government House)

Prime Minister Paetongtarn Shinawatra has denied she listed a four-billion-baht debt in a mandatory asset and liability declaration as a tactic to conceal her personal wealth.

She made the denial in response to questions regarding the debt, which was reportedly declared as a family loan.

The National Anti-Corruption Commission (NACC) released Ms Paetongtarn's asset and liability declaration early this month. The wealth and liabilities of political post holders must be declared upon taking office so their records can be publicly disclosed.

The combined assets of Ms Paetongtarn and her husband, Pitaka Suksawat, totalled 13.99 billion baht. Ms Paetongtarn's assets are valued at 13.84 billion baht, and Mr Pitaka's at 141.11 million baht. Their children hold assets worth 500,000 baht.

The couple's total debt was 4.44 billion baht, including Ms Paetongtarn's 4.43 billion baht and Mr Pitaka's 1.17 million baht.

The findings showed nearly all of the premier's debt is owed to five people, all of whom are relatives of the premier.

Out of the overall liability, she owes 2.3 billion baht -- more than half -- to her elder sister, Pintongtha Kunakornwong.

Concerns had been raised about whether the debt listing might be interpreted as a form of wealth concealment. However, Ms Paetongtarn has defended herself, saying the debt was a legitimate arrangement within the family and fully compliant with the law.

Ms Paetongtarn insisted that all necessary disclosures had already been made to the NACC.

"There is nothing to hide. I confirm it is a legitimate family debt, with all proper documents furnished as proof," she said.

The prime minister insisted she had no concerns that these debts would end up being a repeat of the hidden asset scandal case involving her father, former premier Thaksin Shinawatra.

The NACC charged Thaksin with failing to declare the transfer of shares worth more than 600 million baht to his driver, gardeners and close associates, although he did declare ownership of a 60-billion-baht stake in Shin Corporation.

In 2001, the Constitutional Court ruled 8:7 in his favour to clear him of the asset concealment charge.

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