In February, the special graft court ruled in favour of confiscating Thaksin's ill-gotten gains and though the verdict was considered final, based on a one-tier review by the Supreme Court's Criminal Division for Political Office Holders, the judicial procedure allows for an appeal in the face of fresh evidence.
The defence submitted appellate arguments in March, meeting the 30-day deadline.
The high court appointed a five-member panel, led by Supreme Court vice president Pirapol Pichayawat, to vet the defence arguments. The vetting process is completed and the report submitted to Supreme Court president Sobchok Sukharom.
It is still unclear if the five panel members have addressed the fresh evidence. The panel has reportedly decided that the defence complied with prescribed steps in petitioning for the review.
In the report, which is considered classified, the panel members have reportedly noted that the defence brought up arguments that were not part of the judicial inquiry leading to the asset seizure.
The high court is expected to debate and vote to determine if the defence arguments will constitute fresh evidence warranting appellate review. Should the appellate review be launched, the Supreme Court's bench of judges would be responsible for reviewing and deciding the outcome.