Thai protesters target Shinawatra firms, shares drop

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Staff leaving the SC Asset office
Staff leaving the SC Asset office

In a strategy to hurt the rich Shinawatra family where is probably hurts most, anti-government protesters in Thailand have resorted to rally at buildings that house Shinawatra-owned companies. They also call to boycott using products or services of these companies.

Since February 20, some 500 protesters gathered outside the Bangkok offices of SC Asset Corp, a property developer controlled by the Shinawatra family, waving Thai flags, blowing whistles and asking staff to leave the company premises. Caretaker prime minister Yingluck Shinawatra was executive chairwoman of SC Assets until 2011.

Shares in SC Asset fell 4.3 per cent on February 20, following a similar fall the previous day, and continued their slide with a minus of 1.27 per cent on February 21. Shares in M-Link Asia Corp, a mobile handset distributor with links to the Shinawatras, have also lost almost 10 per cent over the past two days.

Other stocks affected include telecom group Shin Corp, founded by Thaksin before he entered politics and then sold to Singapore’s state fund Temasek, as well as Shin Corp’s mobile affiliate Advanced Info Service (AIS) . Shin Corp, however, said it no longer has any connection with the Shinawatra family.

Protesters were also targeting Shinawatra-owned hotels and other property.

On Forbes‘ Thai 50 Richest list, Thaksin Shinawatra currently ranks 10 at a net worth of $1.7 billion

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Reading Time: 1 minute

Staff leaving the SC Asset office

In a strategy to hurt the rich Shinawatra family where is probably hurts most, anti-government protesters in Thailand have resorted to rally at buildings that house Shinawatra-owned companies. They also call to boycott using products or services of these companies.

Reading Time: 1 minute

Staff leaving the SC Asset office
Staff leaving the SC Asset office

In a strategy to hurt the rich Shinawatra family where is probably hurts most, anti-government protesters in Thailand have resorted to rally at buildings that house Shinawatra-owned companies. They also call to boycott using products or services of these companies.

Since February 20, some 500 protesters gathered outside the Bangkok offices of SC Asset Corp, a property developer controlled by the Shinawatra family, waving Thai flags, blowing whistles and asking staff to leave the company premises. Caretaker prime minister Yingluck Shinawatra was executive chairwoman of SC Assets until 2011.

Shares in SC Asset fell 4.3 per cent on February 20, following a similar fall the previous day, and continued their slide with a minus of 1.27 per cent on February 21. Shares in M-Link Asia Corp, a mobile handset distributor with links to the Shinawatras, have also lost almost 10 per cent over the past two days.

Other stocks affected include telecom group Shin Corp, founded by Thaksin before he entered politics and then sold to Singapore’s state fund Temasek, as well as Shin Corp’s mobile affiliate Advanced Info Service (AIS) . Shin Corp, however, said it no longer has any connection with the Shinawatra family.

Protesters were also targeting Shinawatra-owned hotels and other property.

On Forbes‘ Thai 50 Richest list, Thaksin Shinawatra currently ranks 10 at a net worth of $1.7 billion

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