Markets cheer Thai tycoon's election victory<\/p>\n
BANGKOK (Reuters): Controversial tycoon Thaksin Shinawatra
\npledged on Monday to build a coalition this week with the clout
\nto dominate Thai politics following his landslide general
\nelection victory.<\/p>\n
But despite winning the biggest ever mandate in Thai history,
\nthe 51-year telecoms billionaire could still see victory snatched
\nfrom his grasp by the country's Constitutional Court, which is
\nexamining graft allegations against him.<\/p>\n
Thaksin said he aimed to build a coalition by Thursday to
\ncommand about 320 seats in the 500-seat parliament.<\/p>\n
\"I will try to form the government by this Thursday. It should
\nbe a three-party coalition because we are aiming at forming a
\ngovernment with 320 seats,\" he told reporters.<\/p>\n
He said he was prepared to talk to any party and it would
\nprobably take a month for the new government to be formed.<\/p>\n
\"There is no haste,\" he said. \"It will be another month before
\nthe full lower house can convene and a speaker is selected. Only
\nthen a prime minister will be picked. I have to wait for the
\nprocess.\"<\/p>\n
Unofficial results from Saturday's election suggested
\nThaksin's populist Thai Rak Thai (Thais Love Thais) Party just
\nwon an absolute majority in parliament, taking 254 seats.<\/p>\n
It is the first time one party has won a majority and the
\nbiggest parliamentary win since the abolition of Thailand's
\nabsolute monarchy in 1932.<\/p>\n
Building a coalition will give him an even stronger power
\nbase, and allow him to avoid a parliamentary censure motion,
\nwhich requires the support of at least 200 legislators.<\/p>\n
Outgoing Prime Minister Chuan Leekpai's Democrat Party won
\njust 128 seats, mainly in its heartland in southern Thailand.<\/p>\n
Thaksin won his resounding victory through promises of lavish
\nspending to boost the economy. Voters punished Chuan for a
\nperceived failure to lift the economy out of the doldrums.<\/p>\n
The Democrats conceded defeat on Monday, with deputy leader
\nAbhisit Vejjajiva saying the party would return to opposition.
\nCounting continued in dozens of constituencies and at least four
\nwere due to hold re-votes after allegations of serious voting
\nirregularities, Election Commission officials said.<\/p>\n
Most results were expected to be announced officially on
\nMonday, Election Commissioner Gothom Arya told reporters. Angry
\nprotests by some voters and unsuccessful candidates delayed the
\nresults, originally due on Sunday.<\/p>\n
The final result was due by Feb. 5, following re-votes in some
\nconstituencies, Gothom said.<\/p>\n
Thaksin's likely choices for coalition partners are the New
\nAspiration Party of former prime minister Chavalit Yongchaiyudh
\nand the Chart Thai party of ex-premier Banharn Silpa-archa.<\/p>\n
The three parties together can dominate parliament. But the
\nmain threat to Thaksin's supremacy comes not from other parties,
\nbut from the Constitutional Court.<\/p>\n
Thailand's anti-graft agency ruled last month Thaksin had
\nfailed to declare assets when he was a minister in the 1990s.<\/p>\n
He denies any wrongdoing. But if the Constitutional Court
\nupholds the ruling, he will be barred from politics for five
\nyears. A decision may take several months.<\/p>\n
Thaksin won strong rural support with a pledge to allocate one
\nmillion baht ($23,250) from the national budget to each of
\nThailand's 70,000 villages. He also plans a suspension of debt
\nrepayments for three years for small farmers.<\/p>\n
Thaksin also wants to form a national asset management company
\nto take over bad loans from ailing banks and kick-start the
\neconomy.<\/p>\n
The Thaksin's landslide was welcomed by Thai financial
\nmarkets, which were among the worst performing in the world in
\n2000.<\/p>\n
The baht rose on Monday, trading at around 43 per dollar by
\n1100 GMT, from around 43.25 late on Friday. At one point the
\ncurrency traded as high as 42.74 to the dollar on Monday. The
\nmain Thai stock market index closed up 3.17 percent, with shares
\nlinked to Thaksin's telecoms empire sharply higher.<\/p>\n
One of the fears of investors before the election had been of
\nan unclear result, which could have left a political vacuum and
\ngovernment policies in doubt. That fear has proved unfounded.<\/p>",
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