Thai front-runner vows to stay on

Locked in battle: Chuan and Thaksin (right)

Thaksin Shinawatra - the favourite to win the Thai elections - has vowed not to quit the premiership race, despite mounting pressure to pull out following his indictment on corruption charges.

[Thaksin] should sacrifice his personal interests and decline to accept any political position until the Constitutional Court has ruled

Thai newspaper Krungthep Thurakij

"I reaffirm that I will not quit," said the billionaire businessman, who may face a five-year ban from politics because of Tuesday's indictment that he hid his wealth by unusual share transfers.

"I am still an election candidate [in the 6 January general election] and can legally hold a political position because the inquiry process is not yet completed."

The process could take several months, and Mr Thaksin is legally allowed to be elected as prime minister in that time.

Polls wide open

Mr Thaksin insisted he was innocent and called on Thais to vote for him "as a message" for him to continue in politics.

Thaksin claims he has the answers to Thailand's economic woes

He said he would fight the ruling by the National Counter Corruption Commission (NCCC), which has to be confirmed by the Constitutional Court.

Analysts and business groups feared a challenge from Mr Thaksin could damage the stock exchange and possibly postpone major investment decisions.

The latest opinion polls from Bangkok show that Prime Minister Chuan Leekpai has gained over Mr Thaksin's Thai Rak Thai (Thais Love Thais) party, which previously held a clear lead.

'Quit' says media

Thai newspapers have called on Mr Thaksin to make a graceful exit so the country is not plunged into political uncertainty.

The media called on Thaksin to quit

The Nation, an English-language newspaper, said he should name a "credible heir" and asked: "Can Thailand endure three or four months more of political instability?"

It warned that the country "risks slipping into a dangerous vacuum".

"A leader on trial is never a confidence-boosting factor as far as the battered Thai economy is concerned," it said.

The business daily Krungthep Thurakij said in an editorial on its front page that Mr Thaksin should place the country's welfare above his own ambitions.

False declaration

Chuan Leekpai was cleared by the commission

The 51-year-old telecoms tycoon is accused of failing to declare share transactions and stakes in 17 companies during the mid-1990s, thereby concealing his wealth.

Mr Thaksin has admitted he failed to declare assets of $15m - which amount to less than 3% of his huge fortune.

He said he simply "forgot" about the controversial shares, which were placed under the names of household staff, including his driver and maid.

He has accused the ruling Democrat Party of engineering his downfall.