Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Former Thai PM Yingluck can appeal $1 billion fine over rice scheme: government

Published 10/25/2016, 06:27 AM
Updated 10/25/2016, 06:30 AM
© Reuters. Former Thai Prime Minister Yingluck Shinawatra smiles as she takes part in Songkran festival celebration with opposition Puea Thai party members at the party headquarters in Bangkok

BANGKOK (Reuters) - Ousted Thai prime minister Yingluck Shinawatra can appeal a 35 billion baht ($1 billion) fine imposed on her in connection with a rice-subsidy scheme, the junta chief said on Tuesday in his first public comment since the government ordered the fine.

Critics say the scheme, which paid farmers above-market rates for their rice, hemorrhaged billions of dollars.

Yingluck, whose government was ousted in a May 2014 military coup, was charged with criminal negligence over the rice scheme, a flagship policy of her administration, and is now fighting the charges in court.

She told reporters on Friday that she had received a notice ordering her to pay the $1 billion fine.

Prime Minister Prayuth Chan-ocha, who is also head of the junta, said that Yingluck can appeal the order and denied that the military government was singling her out.

"If there is anything to clarify, then do that in court," Prayuth told reporters. "Don't do it through the media," he said, referring to comments given by Yingluck to reporters about the fine.

"I'm only responsible for bringing it into the justice system. I'm not one to say it is right or wrong, though there was a lot of damage caused," Prayuth said.

Yingluck has repeatedly denied negligence and vowed last week to use "every channel available" to fight the fine.

She has 45 days to appeal the order.

The rice scheme was a populist policy engineered by Yingluck's brother, former prime minister Thaksin Shinawatra, who was toppled in a 2006 coup and is living abroad to avoid a two-year prison sentence handed down in 2008 for graft in a land purchase case.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Supporters of Yingluck and Thaksin say the case against Yingluck is part of a military plan to wipe out the influence of the Shinawatra family.

The Shinawatras have dominated Thai politics for more than 15 years and still command loyalty in the largely agrarian north and northeast of the country.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.