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The Nation/Asia News Network
One source even speculated that his net worth could already have turned negative if his Bt76 billion now being frozen in Thailand is not taken into account.
In a recent interview with Times Online, Thaksin said he still had US$100 million (Bt3.3 billion) as his total net worth, trying to create an impression that he does not have any financial problems.
But sources say Thaksin is now having a difficult time servicing his debt owed to Gazprombank, a subsidiary of Gazprom of Russia. The Russian state owns more than 50 per cent in Gazprom, the energy firm that has branched out to become a global conglomerate.
Thaksin would like to rely on his connection with Gazprom to launch his investment in the energy sector in other countries, where he hopes to improve his political conditions. His interest in the oil and gas business in Cambodia is already widely known.
The exact amount of the loan he took from Gazprombank is not known, but it could be in the region of $1.5 billion, the sources believe.
Thaksin has used this loan to invest in Dubai in order to establish his status there as an honorary political refugee. Following the meltdown of Dubai, however, Thaksin has suffered heavy losses from his Dubai investment.
He also lost a huge amount of money from his portfolio investment in the aftermath of the collapse of Lehman Brothers in 2008.
Dubai World, a state-owned corporation, is seeking a delay of repayment of its debt amounting to $59 billion.
The sources say Thaksin's debt owed to Gazprombank is already overdue.
Thaksin needs big money to finance his lavish lifestyle and security protection.
One government source said Thaksin is on an aircraft three days a week, constantly changing his location to ensure personal safety.
The ex-premier has faced another big financial blow. The UK authorities have recently seized some $4 billion believed to belong to Thaksin under nominees' names, the sources said.
This amount was frozen in 2008, pending the beneficial owner(s) coming forward to declare ownership. But since nobody had come forward, the UK authorities quietly seized the amount for the state coffers.
If Thaksin were to lose Bt76 billion in his Thai assets-seizure case, his net worth could turn negative.
On February 26, the Supreme Court will rule whether he is guilty of corruption. If the court were to find him guilty, it would order the seizure of the entire Bt76 billion.
Thaksin is now fighting back fiercely. He will try to lobby the Supreme Court, bring down the Abhisit Vejjajiva government and ignite the red-shirt rallies in order to instigate a military intervention.
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