Panthongtae Shinawatra
Encyclopedia
Panthongtae Shinawatra , nickname Oak, is the only son of former Thai Prime Minister Thaksin Shinawatra
.
He became a billionaire after having been given a large portion of his father's stock in Shin Corporation
which transferred to him shortly before Thaksin ascended to the position of prime minister.
Panthongtae was admitted to the Faculty of Engineering at prestigious Thammasat University
in 1998. However, he dropped out after one year. In 2000, he enrolled in Ramkhamhaeng University
, an open admission government university, where he studied political science. In August 2002, his studies attracted media attention when he was accused of cheating in an exam. A three-week university investigation concluded that Panthongtae had made a mistake by carrying unrelated notes into the exam room and he was cleared of wrongdoing, yet he automatically failed the political science subject he was sitting. He graduated with a bachelor's degree in 2003.
An amateur photographer, Panthongtae founded a production company called How Come Entertainment, which was awarded an exclusive advertising contract for the Bangkok Metro
and many other government contracts when his father was prime minister. This caused controversy and drew charges of nepotism, as How Come was a new firm and the advertising concession for the subway had previously been awarded to the long established Triad Networks Company.
In early 2006, Panthongtae was involved in his family's sale of Shin Corporation stock to Temasek Holdings
of Singapore
. Thailand's Securities and Exchange Commission ruled that Panthongtae, as director of Ample Rich Investments (a shell company set up in the British Virgin Islands
to control Shin stock), had failed to properly notify the regulators of his holdings in Shin and sale of Shin shares, in transactions that occurred in 2000, 2001 and 2002.
Prasong Vinaiphiat, deputy director of the Thailand Securities and Exchange Commission, said: "The case is not severe because Panthongtae did inform the SEC but his report was not totally correct." He was fined 5.982 million baht (about 150,000USD) for three violations of the Securities and Exchange Act.
Panthongtae has joined his father in self-imposed exile and now lives abroad.
In November 2009, Panthongtae founding VoiceTV (internet TV) with 3 hundred million Baht.
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
.
He became a billionaire after having been given a large portion of his father's stock in Shin Corporation
Shin Corporation
Shin Corporation is one of the largest conglomerates in Thailand.- History :It was founded in 1983 as Shinawatra Computer by Thaksin Shinawatra, former Prime Minister of Thailand, and took on its current name in 1999, by using the first four letters of his last name...
which transferred to him shortly before Thaksin ascended to the position of prime minister.
Panthongtae was admitted to the Faculty of Engineering at prestigious Thammasat University
Thammasat University
Thammasat University , or in brief TU , is Thailand's second oldest university. Officially established on 27 June 1934, the university was originally named by founder Pridi Banomyong, University of Moral Science and Politics , reflecting the political fervor of the time...
in 1998. However, he dropped out after one year. In 2000, he enrolled in Ramkhamhaeng University
Ramkhamhaeng University
Ramkhamhaeng University is one of two open universities in Thailand. The university was named in honor of King Ramkhamhaeng the Great of Sukhothai, who traditionally is credited for creating the Thai alphabet....
, an open admission government university, where he studied political science. In August 2002, his studies attracted media attention when he was accused of cheating in an exam. A three-week university investigation concluded that Panthongtae had made a mistake by carrying unrelated notes into the exam room and he was cleared of wrongdoing, yet he automatically failed the political science subject he was sitting. He graduated with a bachelor's degree in 2003.
An amateur photographer, Panthongtae founded a production company called How Come Entertainment, which was awarded an exclusive advertising contract for the Bangkok Metro
Bangkok Metro
The MRT , sometimes referred to as the Bangkok Metro, is Bangkok's underground metro system in Thailand. It was constructed under a concession concept...
and many other government contracts when his father was prime minister. This caused controversy and drew charges of nepotism, as How Come was a new firm and the advertising concession for the subway had previously been awarded to the long established Triad Networks Company.
In early 2006, Panthongtae was involved in his family's sale of Shin Corporation stock to Temasek Holdings
Temasek Holdings
Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
of Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. Thailand's Securities and Exchange Commission ruled that Panthongtae, as director of Ample Rich Investments (a shell company set up in the British Virgin Islands
British Virgin Islands
The Virgin Islands, often called the British Virgin Islands , is a British overseas territory and overseas territory of the European Union, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S...
to control Shin stock), had failed to properly notify the regulators of his holdings in Shin and sale of Shin shares, in transactions that occurred in 2000, 2001 and 2002.
Prasong Vinaiphiat, deputy director of the Thailand Securities and Exchange Commission, said: "The case is not severe because Panthongtae did inform the SEC but his report was not totally correct." He was fined 5.982 million baht (about 150,000USD) for three violations of the Securities and Exchange Act.
Panthongtae has joined his father in self-imposed exile and now lives abroad.
In November 2009, Panthongtae founding VoiceTV (internet TV) with 3 hundred million Baht.