Thaksin has not secured Manchester City funds

Former Thai Prime Minister Thaksin Shinawatra's deal for English Manchester City is being held up because he has not yet submitted a proposal to withdraw money from Thailand.

Thai law states that any individual can send USD 50 million dollars out of the country for a 10 percent stake in any company. Thaksin's associates are believed to have completed due diligence on the way to making a formal bid.

It's made more complicated by the fact that the Assets Examination Commission (AEC) is prosecuting Thaksin, and might try to foreclose on his assets in the nation.

Bank of Thailand (BOT) director Suchart Sakkankosone said if a proposal for the money arrived at the central bank, an opinion would be sought from the AEC and the Anti-Money Laundering Office (AMLO).

If Thaksin withdrew the money with the intent to buy a club but did not follow through, he would be obliged to return all the money withdrawn. If not, Thaksin would be in violation of the Exchange Control Act.

With this information in hand, Manchester City has not terminated talks with any other interested parties.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.