Man City in talks with Thaksin camp
LONDON: Manchester City said on Monday they were in talks with advisers to former Thai Prime Minister Thaksin Shinawatra regarding his proposed takeover of the English Premier League club following a freeze on his assets.
Thailand's army-backed government said on Monday it would seize 21 bank accounts with assets worth 52.9 billion baht ($1.53 billion) from Thaksin and his wife.
The announcement by the Asset Examination Committee (AEC), set up after a September coup against Thaksin, followed months of investigations into alleged corruption during his five years in office.
No charges have been filed in court, but the AEC said in a statement it had come to the conclusion that "Thaksin and his cronies had been corrupt and committed wrongdoings". Thaksin, who has not been allowed to return to Thailand since the bloodless coup, confirmed on May 1 that he had made a proposal that may lead to an offer for City.
His lawyer Noppadon Pattama said later in May that Thaksin had made a formal bid for the Premier League club and hoped to complete a takeover by early June.
Following Monday's news of a freeze on Thaksin's assets, City issued a statement to the Stock Exchange which was published on the club's official website.
"The Board notes the information emanating out of Thailand today in respect of Dr Shinawatra and the freezing of his assets," the statement said.
"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."
British newspapers yesterday said the assets freeze cast doubt on whether the takeover, which has been estimated by Thai media at 100 million pounds ($196.8 million), would go ahead.
However, Noppadon was quoted in the Daily Telegraph as saying: "The negotiations are underway, in line with English law. The result is likely to be good, and the negotiations should not take a long time."
Agencies
(China Daily 06/13/2007 page23)
