World | Other World Stories
Thailand's finance minister steps down over legal case
Thai Finance Minister Surapong Suebwonglee said on Thursday he was stepping down due to a legal case hanging over him, meaning he will not be in the cabinet of incoming prime minister Somchai Wongsawat.
- Agencies
- Published: 00:18 September 19, 2008
Bangkok: Thai Finance Minister Surapong Suebwonglee said on Thursday he was stepping down due to a legal case hanging over him, meaning he will not be in the cabinet of incoming prime minister Somchai Wongsawat.
The Supreme Court agreed in July to hear accusations that former prime minister Thaksin Shinawatra and his ministers, including Surapong, infringed lottery laws in 2003. Analysts expect the court to take months to rule on the case.
"I don't want to hold on to power as the court case is pending," he said.
Former finance minister Thanong Bidaya and private banker Olarn Chaipravat have emerged as front runners to replace him, the Nation daily reported on Thursday.
Thanong was a top private banker and twice finance minister, presiding over the devaluation of the baht that led to the Asian financial crisis in 1997. Olarn was a senior adviser to Surapong.
Little change
Analysts expected little change in economic policy if Surapong stepped down. His replacement would be saddled with the same policy paralysis that has hampered the government since street protests began in late May.
"The only concern is about the government's economic stimulus package imposed by Surapong. We are unsure whether it will continue or not or have any changes," said Kasikorn Securities head of research Kavee Chukitkasem.
"Who is going to take this high-risk position amid financial turmoil?" he added.
People Power Party (PPP) leader Sukhumpong Ngonekham said up to five ministers might not return to cabinet after Somchai was elected by parliament on Wednesday.
"There will be some changes in the new government as four to five current ministers are not willing to join, including Surapong," Sukhumpong said.
Parliament elected Somchai, a brother-in-law of Thaksin, as prime minister to replace Samak Sundaravej, who stepped down after being found guilty of a conflict of interest.
More from Other World Stories
More from World
News Editor's choice
-
6,000 cups and counting: Addicted to that tea
This cafeteria in Al Mamzar attracts thousands of customers daily, including the rich and not so rich
-
Swimming pool horror: Twins hospitalised
Twins rushed to hospital after collapsing from chlorine inhalation at swimming pool in their villa
-
Play your cards right with credit card interest
UAE Central Bank plans to cap interest rates, but are you paying thirty-five per cent now?
