FACTBOX-Thai court bans Thaksin, party for poll breaches
Source: Reuters
BANGKOK, May 30 (Reuters) - Thai judges on Wednesday banned ousted Prime Minister Thaksin Shinawatra and 110 other top officials in his party from politics for five years. The judges said all members of the executive committee of his Thai Rak Thai (Thais Love Thais) party, which includes Thaksin, were banned and the party disbanded. KEY POINTS: - Thaksin's Thai Rak Thai (Thais Love Thais) party, which won landslide election victories in 2001 and 2005, was found guilty of breaking election laws in last year's inconclusive poll, which he had called to defuse street protests against him. - Earlier, the court had acquitted the Democrat Party of all charges of violating election rules in the poll, which was later annulled by the courts. MARKET REACTION: - Thailand's benchmark stock index <.SETI> rallied to end at a 5-month high on strong foreign buying before the verdicts were announced after the market closed. Analysts cited the absence of major street protests which some investors had feared. - The Thai baht, which has evolved into a two-tier onshore and offshore market after the central bank imposed tough capital controls in December, was little changed. It closed at 34.60/67 onshore <THB=TH>. It last traded at 32.57/77 offshore <THB=W>. - Thai bond yields <0#THTSY=> were largely steady. COMMENTARY: THANAWAT PATCHIMKUL, HEAD OF RESEARCH AT KGI SECURITIES "It's a big surprise because banning more than 100 people will make the political game unfair. It's negative for the country's political climate, which needs checks and balances." KONGKIAT OPASWONGKARN, CHIEF EXECUTIVE, ASIA PLUS SECURITIES "All Thai Rak Thai executives are banned. It's a political massacre. It means people do not have much choice in the general election." KAMPANART LOHACHAROENVANICH, PRESIDENT OF ASSOCIATION OF SECURITIES COMPANIES "If does not matter whether the party is disbanded. Basically, the verdicts help clear the political picture. What we have to keep an eye on is whether the situation will get worst and escalate into violence."
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