Former Thai PM reveals Dubai telecoms plan
Thaksin Shinawatra wants to spend some of Man City proceeds on new co in emirate.
Former Thailand prime minister Thaksin Shinawatra has revealed that he plans to spend some of the proceeds from his sale of Manchester City Football Club to set up a telecoms company in Dubai.
Thaksin, who made millions from telecommunications before entering politics, said he wants to establish a telecommunications consulting business in one of the emirate's many free economic zones, Reuters reported in the UK.
Thaksin's considerable assets have been frozen in Thailand. He said he would leave Dubai soon, having stayed in the desert emirate for over a month already, travelling on a Nicaraguan diplomatic passport.
This has forced him to use proceeds from the 2008 sale of Manchester City to the Abu Dhabi United Group for Development and Investment, a vehicle established by Sheikh Mansour bin Zahed Al Nahyan.
The group is understood to have paid about $400 million for the club which Shinawatra acquired for about $145 million at the close of the 2006/2007 season.