Thailand sets up special panel to prove Temasek-Shin deal - AFP

16 November 2006


Thai police have said a special panel will next week begin looking at possible violations of foreign ownership laws in the purchase of Thai telecom Shin Corp by Singapore's Temasek Holdings.

The new police panel will examine a Commerce Ministry review of the purchase, which found that Temasek may have violated rules that limit foreign companies to holding 49 percent of telecoms."

The team will have its first meeting next week to see what information we have received and who was involved in the case," said police Major General Vichien Singpreecha, who heads the panel."

Our officials are looking at the details of the allegations without any (political) pressure," he told AFP.The case could force Temasek to shed some of its stake in company, and is loaded with political and economic consequences for Thailand.

Shin Corp was founded by deposed prime minister Thaksin Shinawatra, who was ousted in a bloodless coup on September 19. (Read more...)