Singapore Media Watch

Thursday, October 26, 2006

Regional news roundup - 26 October 2006

The Australian

New kick in the Shin for Thaksin

OF the slew of actions now afoot over the sale of Thailand's Shin Corp to Temasek Holdings, the one that could most hurt the already bruised Singaporeans is an action initiated by a junior academic at Bangkok's Rangsit University.

The Central Administrative Court has agreed to try an action by Sattra Toa-on, a 28-year-old law lecturer, against state regulators over their alleged failure to enforce rules that would have prevented then prime minister Thaksin Shinawatra's family from selling control of the Shin Corp communications group for 73.2 billion baht ($2.6 billion) to the Singapore government investment company.

After initially buying 49.6 per cent of Thailand's biggest telecoms group from Thaksin's children and relatives in January, the Temasek-led consortium now owns 96 per cent of Shin Corp equity. Temasek itself claims an "economic interest" in 76 per cent of the group. (Read more...)

The Nation

Tongnoi will not be advisor of Temasek's Bangkok office

Temasek Holdings announced Thursday that MR Tongnoi Tongyai would not become the advisor for the company's local office in Thailand.

"After thorough consideration, MR Tongnoi Tongyai and Temasek Holdings unanimously agree that MR Tongnoi would not be the advisor for Temasek's office which will be established in Thailand," said Jimmy Phoon, senior managing director of the Singapore investment arm, in a press statement.

The announcement ends speculation that Temasek tried to quash criticisms on the morality of its investment in Thailand, with the appointment of Tongnoi who is a deputy principle private secretary of HRH Crown Prince Maha Vajiralongkorn. (Read more...)


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