He denied the allegations, saying they were politically motivated, but on Wednesday Constitutional Court judges ruled against him, calling his testimony “suspicious.”
“Thanathorn’s MP status has come to an end,” said Justice Worawit Kangsasitiam.
The Thai Constitutional Court blocks Thanathorn’s candidacy for prime minister
The Thai Constitutional Court blocks Thanathorn’s candidacy for prime minister
His removal as an MP means the Electoral Commission could bring criminal charges carrying serious penalties – including a political ban and imprisonment.
It also deals a gut punch to his party, which has gained popularity amongst young Thais after it called for purging the military from politics, ending conscription and cutting defense spending.
Thanathorn has repeatedly insisted that the 675,000 shares he owned in V-Luck Media were sold to his mother on January 8 – weeks before he registered as a candidate.
However, the court rejected the lawsuit, stating that there was no “official proof” that the transfer took place on that day.
Before entering court, Thanathorn urged his followers to not lose hope.
“Future Forward is about people. Future Forward must proceed to act,” he said to several dozen people waving the party’s characteristic orange flag and handing him flowers.
Just before the March vote, the Constitutional Court dissolved one other anti-military opposition party linked to former Prime Minister Thaksin Shinawatra.
Thanathorn’s essential rival is Thai Prime Minister Prayut Chanocha, a general who led a 2014 coup and was elected civilian prime minister with the assistance of junta-appointed senators.
Trump drops $1.3 billion in trade preferences for Thailand over labor rights
Trump drops $1.3 billion in trade preferences for Thailand over labor rights
Future Forward has also come under fire for being a rare voice of criticism against Thailand’s royalist establishment.
The monarchy, considered one of the richest on the earth, headed by King Maha Vajiralongkorn, is at the height of Thai power.
Last month, 70 Future Forward MPs voted against a royal decree placing two key military units under the king’s direct control – an unprecedented political pushback against royal command.
The decree still passed parliament with an awesome majority.
