Temasek to "ditch Pong, Boonklee" - The Nation

The Nation 21 October 2006

Crown Prince's private secretary has been invited to join the board

Temasek Holdings of Singapore plans to shore up the image of Shin Corp by removing chairman Pong Sarasin, while CEO Boonklee Plangsiri may also lose his job in a management reshuffle, industry sources said yesterday.

Temasek has invited MR Tongnoi Tongyai, the private secretary of His Royal Highness Crown Prince Maha Vajiralongkorn, to join the board of Shin Corp and in due time he would replace Pong.

However, Temasek came out to deny a news report that it was unhappy with Pong's performance, or that it was going to shake up Shin's board.

This follows allegations that the Singaporean government's investment arm had relied on nominees in violation of the Foreign Business Act in its takeover of Shin. (Read more...)