Ousted Thai president no longer billionaire: Forbes

BANGKOK (AFP) - Ousted premier Thaksin Shinawatra, a former telecoms tycoon, has fallen from grace and is no longer counted among Thailand's billionaires since the military froze his assets following last year's coup, Forbes said Friday.

Thaksin, once Thailand's fourth richest business man with a fortune worth 2.2 billion dollars, is now thought to be worth around 300 million dollars, the US magazine said.

The self-made tycoon "fell from the billionaire perch after facing frozen assets, multi-million dollar fines and other court decisions against his family," Forbes said.

The military, which overthrew Thaksin in a coup in September 2006, froze at least 1.52 billion dollars of assets belonging to him and his family.

Since the coup, Thaksin has remained in exile and now lives in London with his wife, Pojaman.

On Tuesday, Thailand's Supreme Court agreed to hear corruption charges against the couple and authorities warned they could issue an arrest warrant if they do not return home.

Although Thaksin was no longer a billionaire, he still ranked the 14th richest man in Thailand, Forbes said. Thaksin recently bought Manchester City football club for over 160 million dollars.

Forbes said Thailand's wealthiest business man is Chaleo Yoovidhya, who created the formula for the country's hugely popular energy drink called Red Bull. His net worth was 3.5 billion dollars.