Thaksin's frozen assests worry Man City

Updated: 13 June 2007 13:58 IST

Manchester City has asked ousted Thai Prime Minister Thaksin Shinawatra about the prospects of his proposed buyout of the Premier League club.

Thaksin's frozen assests worry Man City

Manchester, England:

Manchester City has asked ousted Thai Prime Minister Thaksin Shinawatra about the prospects of his proposed buyout of the Premier League club after reports that some of his assets have been frozen in his homeland.

Thaksin, who was deposed in a bloodless coup in September, is in negotiations with City over a proposed takeover.

But an anti-corruption panel in Thailand on Monday ordered more than $1.6 billion in assets belonging to Thaksin and his wife to be frozen pending court rulings on whether the assets were illicitly obtained.

Responding to the reports from Bangkok, City issued a statement to the London Stock Exchange saying it had asked Thaksin for an explanation.

"On 1 May 2007, Dr Thaksin Shinawatra confirmed that he had made an indicative proposal that may or may not lead to an offer for the company," the statement read.

"The board notes the information emanating out of Thailand today in respect of Dr Shinawatra and the freezing of his assets. The board and its advisers are in discussion with Dr Shinawatra's advisers to confirm the implications of these developments in respect of their client's interest in potentially making an offer for the company.

"These discussions and those between the company and other interested parties may or may not lead to an offer being made for the company."

Topics : Football Inter Milan
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