BANGKOK, April 4: Thai Prime Minister Thaksin Shinawatra said on Tuesday he would step down to reunite the country, following weeks of mass protests demanding his resignation and a controversial election which the opposition boycotted. The former telecom tycoon made the announcement in a 10-minute televised live statement just hours after meeting the nation’s revered King Bhumibol Adulyadej and after his political rivals rejected any compromise.

“I will not accept the post of prime minister when the parliament convenes,” said Mr Thaksin.

“My reason for not accepting the post of prime minister is because this year is an auspicious year for the king, whose 60th anniversary on the throne is just 60 days away,” he said.

“I beg all Thais to sacrifice for the king. I apologise to my 16 million supporters that I cannot take the post of prime minister.”

Mr Thaksin said he would carry on as caretaker until a successor was chosen, and would remain a member of parliament and leader of the Thai Rak Thai party.

He hugged his daughters and wept on their shoulders after the statement.

Protests demanding Mr Thaksin’s resignation began in February after his family made 1.9 billion dollars tax free from selling their shares in Shin Corp, the telecom firm he founded before entering politics.

Tens of thousands demonstrated against the sale, alleging corruption and abuse of power, in near-daily rallies in the capital Bangkok. A key protest leader declared victory moments after the announcement.

“This is our victory. If we had not helped each other (in the protests), today would not have happened,” Chamlong Srimuang said, although it was unclear whether the resignation would bring an end to the crisis.

Parliament cannot confirm a new prime minister until all 500 seats are filled pending by-elections in 39 districts where candidates were either disqualified or failed to get 20 per cent of the vote, promising weeks of further uncertainty.

Mr Chamlong’s People’s Alliance for Democracy had vowed to launch fresh protests if Mr Thaksin did not quit, indicating the premier’s gamble on early elections had failed.—AFP