Thailand's powerful military will respect a landslide election win by allies of Thaksin Shinawatra, who it toppled five years ago, the defence minister said Monday, easing fears of another coup.

Thaksin's sister Yingluck Shinawatra, a 44-year-old political novice now set to become the kingdom's first female premier, announced a coalition deal with four smaller parties to bolster her hold on power.

The election and its aftermath is a major test of Thailand's ability to emerge from a long political crisis triggered by Thaksin's 2006 overthrow that last year saw the country's worst civil violence in decades.

Thailand's outgoing defence minister, himself a retired general, said that the army accepted the election outcome, easing fears of fresh military intervention in a country that has seen almost as many coups as elections.

"I have talked to military leaders. We will allow politicians to work it out. The military will not get involved," General Prawit Wongsuwon told AFP.

"The people have spoken clearly so the military cannot do anything. We accept it."

Thaksin has vowed not to seek revenge over a deadly military crackdown on his "Red Shirt" supporters in Bangkok last year that claimed the lives of more than 90 people and left major downtown buildings in flames.

But, in a sign of the difficult balancing act he faces, the Reds urged their political allies to establish the facts behind the army operation, which saw soldiers firing live ammunition storm the Reds' rally camp.

"During the election campaign, political parties have to present their policies to people, but once they become the government, it's the government's job to find the truth," said a Red Shirt leader, Nattawut Saikuar.

The Puea Thai Party -- masterminded by Thaksin from his self-imposed exile in Dubai -- won 265 seats out of 500 in the lower house, the election commission said Monday after the vote count was completed.

That was well ahead of the 159 secured by outgoing premier Abhisit Vejjajiva's establishment-backed Democrats, who conceded defeat after two and a half years in power. Abhisit resigned as party leader after the results.

However, Puea Thai was quick to reach out to potential partners, partly to protect against possible future defections or the disqualification of some of its winning candidates in Sunday's vote.

Together the five coalition partners hold 299 of the 500 seats.

The victory by Thaksin's allies has reshaped a fractured political landscape, but the party must tread carefully if it wants to avoid alienating other key players such as the military.

Thaksin insisted Monday that he had no plan to return to office himself, and said that setting foot back in Thailand was not a priority.

"I've been with the party too long, and I really want to retire," Thaksin told reporters in Dubai where he lives in self-imposed exile to avoid a jail term for corruption.

"Going back home is not a major concern. It is not a priority," he added.

A more important factor may be whether the new government pursues legal or other steps against the generals over the bloody crackdown against last year's mass opposition demonstrations in the heart of Bangkok.

"I believe the military leaders are more concerned about their fates... than about Thaksin's return," said Thongchai Winichakul, a professor at the University of Wisconsin-Madison.

"The Thaksin issue is a smoke-screen to hide their real concern -- whether they would be investigated and possibly punished."

The populist Thaksin is loathed by the nation's elites who see him as corrupt and a threat to the revered monarchy.

An amnesty for the billionaire telecoms tycoon would risk infuriating many in the Bangkok-based establishment in government, military and palace circles and could prompt protests by the royalist "Yellow Shirt" movement.

Thaksin, who despite being hugely divisive in Thailand has presided over victories in the nation's last five elections, called on all sides to respect the result and said he did not "want to cause trouble" by returning.

Investors reacted positively to the election outcome and formation of a coalition, with the SET stock index soaring 4.69 percent to end at 1,090.28.

"The chance that there will be more street protests is slim," said Rakpong Chaisuparakul, a strategist at KGI Securities.

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