Thailand's Prime Minister Thaksin Shinawatra declared justice was served after the Constitutional Court yesterday acquitted him of charges that he concealed assets while serving in a previous government.
Chief Judge Prasert Nasakul said the court's 15 judges voted 8-7 in Thaksin's favor, ending months of political uncertainty.
Had Thaksin been found guilty, he would have been forced to resign and been barred from public office for five years.
PHOTO: REUTERS
Now, he will be allowed to continue to head the government which came to power after his Thai Rak Thai Party won a sweeping victory in a January general election.
"I would like to thank the judges who voted for me, for giving me justice and announcing to the world that Thailand remains normal, that honest people will not be sent out from politics," Thaksin told reporters after the verdict. "The nightmare of my life has become a strength."
The court rejected a finding last December by the National Counter Corruption Commission that Thaksin had intentionally failed to list as assets millions of baht of company shares owned by him and his wife but held in the names of several proxies, including some of their domestic servants.
He had said his failure to list all his assets when he was deputy prime minister in 1997 was inadvertent and a result of confusion about the law.
Chief Judge Prasert told a press conference that was broadcast live on national television that the court had abided by its royal oath to be unbiased.
"If our judgment today disappointed you I humbly apologize because we have to abide by the law and Constitution," Prasert said.
A judge who voted against Thaksin, Mongkol Saratan, said: "We made our judgment in accordance with the evidence and facts we have. I congratulate the prime minister even though I am in a minority."
Hundreds of Thaksin supporters cheered as they heard news of the verdict outside the court, where dozens of riot police had been deployed to keep order. At Government House, dozens of well-wishers gave Thaksin red, white and pink roses.
"I am glad to hear the verdict. As a Thai I am very happy," said supporter Linchoo Saejang, 52, before she uncorked a bottle of champagne.
There have been concerns of possible street protests after the verdict, particularly if the court had found Thaksin guilty. There was no sign of trouble.
The end to months of political uncertainty drove the Thai stock market up 4.2 percent yesterday. The Thai currency, which has slipped in recent months, also rallied to 45.435 baht to the US dollar, up from 45.66 at Thursday's close.
Thaksin, 52, made his fortune in the telecommunications sector and is one of Thailand's richest people. He established the Thai Rak Thai Party in 1998 to serve as his springboard to the premiership.
Since taking office in February, Thaksin has moved to rapidly fulfill his promised policies, although the economy so far has failed to show any quick sign of improvement, amid a global economic slowdown.
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