Eight of the 14 judges voted not to hold a trial against Thaksin on grounds that "the petitioners did not state clearly how the prime minister was involved in managing the share trade deal," said court spokesman Paiboon Varahapaithoon.

Had the court taken the case and found Thaksin guilty, he would have been obliged by law to step down and be barred from public office for five years.

Thaksin's critics, who accuse the prime minister of corruption and abusing his power, vowed to continue to seek other ways to force him out of office.

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Thaksin has come under heavy fire over his family's 73.3 billion baht (HK$14.4 billion) sale of its controlling stake in telecom business Shin Corp to Singapore state investment agency Temasek.

The January 23 sale added fuel to growing public demands that Thaksin resign, with critics saying the deal transferred vital national assets to a foreign entity and that it involved insider trading and schemes to avoid taxes.

The petition to the Constitutional Court accused Thaksin of violating a conflict-of-interest law by allegedly managing the sale of his family's stake in Shin to Temasek. The constitution forbids all ministers from managing shares or affairs of a company.

The prime minister's opponents have held mass anti-Thaksin rallies with tens of thousands of people calling for his ouster, most recently this past Saturday. Another protest is scheduled for February 26.

The court's decision Thursday will only fuel the campaign against Thaksin, his opponents said after the ruling.

"The court has forced us to the streets and parks to oust him by mass protest," said Thongbai Thongbao, one of 28 senators who filed the court petition.

There were disapproving gasps and jeers in the courtroom as the ruling was read. After the hearing, about 100 protesters at the courthouse laid a symbolic funeral wreath demanding the ouster of the eight judges who ruled in Thaksin's favor.

"We can no longer pin any hope on the Constitutional Court, and this will only cause more people to come out and demonstrate against the government," said pro-democracy activist Suriyasai Katasila.

Thaksin similarly won a narrow victory in the Constitutional Court in 2001, after the National Counter Corruption Commission indicted him for concealing and failing to declare financial assets. ASSOCIATED PRESS