Thailand's Supreme Court is delivering its verdict on whether to strip former PM Thaksin Shinawatra's family of more than $2bn (£1.3bn) of assets.
One of the nine judges has said Mr Thaksin illegally concealed shares in his family-owned Shin Corp telecoms firm while still in office.
The funds from the sale of the firm were frozen after Mr Thaksin was overthrown in a military coup in 2006.
Mr Thaksin, who is living abroad, has denied any wrongdoing.
Security forces are on high alert amid government predictions of violence by Mr Thaksin's red-shirted supporters if the court decision goes against him.
Key pre-condition
The BBC's Rachel Harvey in Bangkok says the court will be ruling on whether or not Mr Thaksin abused his power during his time as prime minister.
 | THAKSIN TIMELINE  2001: Elected prime minister 19 Sept 2006: Ousted in military coup 25 Sept 2006: Corruption investigation begins 11 June 2007: Thaksin family assets frozen 25 Aug 2008: Prosecutors ask Supreme Court to seize frozen assets 21 Oct 2008: Sentenced in absentia to two years for conflict of interest in land deal  |
Deciding that Mr Shinawatra and his now ex-wife concealed their shares in Shin Corp is a key pre-condition to deciding if there was conflict of interest in the sale of the firm in early 2006, while he was still in office, our correspondent says.
The court has also dismissed defence arguments that the anti-corruption commission which instigated the proceedings against Mr Thaksin was illegitimate.
The court is expected to take several hours to finish delivering its verdict, finishing after the Thai stock market closes ahead of a three-day weekend.
Mr Thaksin, now living in Dubai, says he will continue his political fight against the "military-bureaucratic elite" that deposed him - with or without his family fortune.
'Judgement day'
Tensions in Thailand remain high. Tens of thousands of extra police have been placed in and around the capital, and in areas of the north-east of the country where some of Mr Thaksin's supporters are based.
There were only small numbers of Thaksin supporters outside the court. The pro-Thaksin United Front for Democracy against Dictatorship (UDD), which leads the red shirts, has said it has no plans for any demonstration until mid-March.
Local media have been predicting huge disruption, counting down to what they call "judgement day".
But some government and opposition figures have sought to calm fears.
 Red-shirted supporters of Thaksin Shinawatra want their leader home |
Deputy Prime Minister Suthep Thaugsuban, who is in charge of national security, tried to play down the wider significance of the case, saying it concerned only Mr Thaksin's wealth.
"Thaksin must respect and accept the rule of law as well as other Thai people. It's not possible for the whole Thai nation to respect the law but not Thaksin," he said.
Mr Thaksin's supporters have said they resent being painted as a violent rabble and insist they are fighting for democracy and against military-backed government.
"It [a judgement] would not put an end to Thailand's crisis because now Thaksin's supporters, the red shirts - the UDD - they have evolved into their own force to be reckoned with," said Thitinan Pongsudhirak, a political scientist from Bangkok's Chulalongkorn University.
The judges have looked at whether Mr Thaksin illegally deposited his fortune with family members because he was not allowed to hold company shares while prime minister, and whether his administration implemented policies to benefit his family's businesses.
They have also considered whether telecoms liberalisation measures unfairly benefited the country's main mobile phone service provider, then controlled by Mr Thaksin's family.
And they have investigated whether he unfairly promoted a $127m low-interest loan to neighbouring Burma to benefit a satellite communications company also controlled by his family.
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