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BANGKOK - OUSTED Thai premier Thaksin Shinawatra, who faces having billions of dollars in assets seized by the Thai courts, has set up a fund to help Asia weather financial turmoil, an adviser said on Tuesday.
Multi-millionaire Thaksin, ousted in a 2006 coup, has set up the Building a Better Future Foundation, which his spokesman said aimed to bring together some of Asia's brightest financial brains to help struggling poor nations.
'His aim is to recruit bright, young and talented Asians who can work in countries that have asked for financial advice from Thaksin,' Mr Phongthep Thepkanjana, Thaksin's spokesman in Thailand, said.
On the website for the organisation, which has offices in Hong Kong and Dubai, Thaksin writes: 'Together we can uncover the potential and help address the financial, economic and social challenges of developing nations.' Mr Phongthep refused to say how much money Thaksin would plough into the venture, but said the tycoon - who was last month sentenced to two years in jail for violating Thailand's corruption laws - would be the sole backer.
The Supreme Court will on December 25 decide whether Thai authorities can seize about 2.2 billion dollars (S$3.35 billion) of assets belonging to Thaksin which were frozen by an anti-corruption panel soon after the coup.
Thaksin built up a telecoms empire and made billions before venturing into politics. He became the first Thai premier to complete a full term in office, but corruption allegations dogged his administration.
The army eventually removed him in a coup in September 2006, after his 1.9-billion-dollar tax free sale in January 2006 of his Shin Corp empire sent protesters flooding into the streets.
Thaksin's allies, however, won elections in December last year and are still in power despite ongoing street protests.
Thaksin fled Thailand in August as corruption charges mounted against him, and aides say he is staying in Dubai after authorities in Britain revoked his visa. -- AFP
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