The transfer of shares from Thaksin and Potjaman to Parnthongtae was claimed to have been a sham, since there was no actual transfer of money. Panthongtae said the shares were sold to him at cost. Thaksin stated he had a written agreement proving the transfer to his son. Prior to the transfer, Panthongtae had signed an agreement with his father to settle a 4.5 billion baht debt from buying 300 million shares of the Thai Military Bank (TMB). However, the actual market value of the TMB shares at that time was only 1.5 billion baht. This showed a "fake debt" of 3 billion baht had been created. The Assets Examination Committee (AEC) discovered that the account of Panthongtae's which had received Shin Corporation's dividend had also been used to transfer money to Potjaman's account, to the amount of 1.1 billion baht.