Thai court acquits Thaksin's son in illegal loan scandal

A Thai court has acquitted the son of former Prime Minister Thaksin Shinawatra of money laundering in a case involving $328 million in loans extended by a state-run bank to a real estate developer when his father held power. The Central Criminal Court for Corruption and Misconduct Cases ruled Monday that Panthongtae Shinawatra was not guilty in the case involving loans extended in 2003 and 2004 by Krungthai Bank to the Krisdamahanakorn company.

Panthongtae had said a 10 million baht ($331,000) check he received from the son of the real estate company owner was an unrelated business venture. Thaksin, ousted from power by a 2006 military coup, was acquitted in the case this year.

Twenty-four bank and company executives in 2015 received prison terms because the loans were illegal.

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