Thai tycoon sweeps to victory with pending graft charges

Unofficial results from Thai television networks on Sunday morning predicted Thaksin’s Thai Rak Thai (Thais Love Thais) Party would win 253 to 256 seats in the 500-seat lower house of parliament. Its nearest rival, the Democrat Party of veteran Prime Minister Chuan Leekpai, was projected to win 124 to 129.

Exit polls released after voting ended on Saturday also showed Thaksin cruising to victory.

Official vote counting was expected to confirm Thaksin’s comfortable win later on Sunday.

Chuan told reporters in his home town in southern Thailand that it was clear Thaksin had won.

“I believe one single party can almost form the government by itself. Therefore, there is no question that others may try to challenge it by setting up another coalition,” he said.

“I believe the people have freely made their choice and we respect that decision,” Chuan said.

In the meanwhile, Thailand’s anti-corruption watchdog ruled last month that he had failed to declare some of his wealth. Thaksin denies wrongdoing, but if the Constitutional Court upholds the ruling he would be barred from politics for five years.

Court deliberations could take months, however, and given the size of the vote for Thaksin, Thailand’s fragile democracy could face a crisis if he were suddenly removed from office.

In a front-page editorial, the Bangkok Post urged Thaksinto wait for the court’s verdict before becoming Prime Minister.

“With the economy still in a bad shape, the country needs political stability to inspire confidence, especially among foreign investors,” it said.

“How can a leader whose future in politics still hangs in the balance inspire confidence?”

Saturday’s election was the first under a new constitution introduced in 1997 which was designed to stamp out corruption.

Thailand has a new Election Commission with powers to disqualify poll cheats and call re-votes. Commission officials say they have seen so much evidence of vote buying that re-votes may have to be held in scores of constituencies.

They said the election was the dirtiest ever, with a record number of complaints about vote fraud. The turnout, estimated at more than 70 percent, was also a record.

Even if Thaksin wins an outright majority, he is likely toform an alliance with one or two smaller parties. He has said he wants to command around 320 parliamentary seats, to ensure a stable government.

Thaksin’s likely choices for coalition partners are the NewAspiration Party of former Prime Minister Chavalit Yongchaiyudh and the Chart Thai party of ex-premier Banharn Silpa-archa. Talks between the three parties were scheduled for Sunday.

The Nation daily said Thaksin’s victory marked a new erafor Thai politics.

"This is the first time big business and conglomerates willrun the country," it said in an editorial.

"Other countries might have movie stars or former prisonersas their presidents, but Thais have decided to pick a billionaire. They probably entertain the hope that they too will be rich like their leader."

The two main contenders in the election, Thaksin and Chuan,share similar, broadly market-friendly policies.

Thaksin is a former policeman who built a high-tech empire,including Thailand’s biggest telecoms group, Shin Corp.

Chuan, 62, dubbed the "Mr Clean" of Thai politics, isThailand’s longest serving civilian premier. But he has been punished by voters for failing to drag Thailand out of economic crisis quickly enough.

Thaksin has promised lavish spending to help pull theeconomy out of the doldrums and boost agriculture, which supports more than half Thailand’s 62 million population.

He has said he would allocate one million baht ($23,000)from the National budget to each of Thailand’s more than 70,000 villages. He also promises a suspension of debt repayments for three years for small farmers owing less than 100,000 baht each.

Thaksin wants more government help for Thai businesses andsays more must be done for banks hit by Asia’s economic crisis.