Temasek being investigaed by Thai Police!
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Temasek may not have violated Thai law when it bought Shin Corp but the morality of the transaction is questionable. It is hard to believe that it didn't know thaksin was planning to evade tax. Temasek is a state investment vehicle and has always claimed moral high ground.Originally posted by Fatum:if someone sells you a house, but didn't pay any taxes on the money you paid him, will the matah come after you ? ....
neways ... the focus here is on whether temasek exceeded foreign ownership laws, Thailand has strict about foreign ownership of assets, I nearly bought a condo in Thailand with my own savings cos they were so cheap, until I read up about the ownership laws .... Ironically, many of these laws were tightened under Thaksin ...
my argument still stands I believe, even if the Thais declare the sale illegal, any respectable goverment doesn't simply just take off with the 1.9 billion and flip the finger at us ... it simply doesn't happen that way ... Thailand is not some banana republic, nor is it Malaysia (think CLOBE) ... we are all members of asean, with a long history of warm friendship and mutual interests stretching back a long long time ....
they'll most likely take it back ..... but they'll certainly dismantle Thaksin's empire to return the 1.9 billion if they have to ....
CLOB issue wasn't entirely Malaysian fault. Our govt had promised investors that they would take the issue to international court but in the end nothing happened. Actually i have learned not to trust the govt after this issue. -
My post on Page 1 of this thread on 2 October 2006 10.20pm was an extract of a news report printed in Thailand.
It detailed the questional connections and relationship that developed between several prominent Thai and Singapore personalities residing in Thailand, all joining together with Temasek to takeover Shin Corp.
Did the familiarity of Thaksin's brash confidence and political arrogance give some confidence and comfort to Singapore First Family - themselves being cut from the same piece of cloth as Thaksin - allowing themselves the thought that Thaksin will be able to steer his political ship out of turbulent waters ?
Temasek probably did not look deeper into the mechanics of the takeover, which became murky when the deal had to be completed with the involvement of one of many Thaksin's offshore company.
Did Temasek become a party to Thaksin's tax evasion ?
Are the Thais justified in looking at the takeover as being immoral, as Thaksin had sold a 'national asset' - seen in the Satellite bandwave licence - as part of the total Shin Corp package sale ?
The writing was on the wall at the Opposition call for Thaksin to step down even before the Shin Corp transaction became a public issue.
The manner in which the Shin Corp transaction was concluded - with whiffs of tax evasion charges - simply worsen the on-going political crisis for Thaksin.
Temasek's did not count on the Thai Military to intervene to forestall the political situation becoming worse, with Thaksin continued involvement and attempts at interfering with the Military and Judicial appointments that will entrenched himself in Thai politics.
Singaporeans will probably see Temasek owning an empty Shin Corp coconut shell - with the mobile phone business going down the drain, Thai boycott of Shin Corp services, and the Thai nationalisation of the satellite.
The S$3 Billion paid to Thaksin's personal account will probably be seized by the new Government as evidence of tax evasion fraud.
Ho Ching was present in Bangkok just before the Shin Corp deal was concluded.
The empty Shin Corp coconut shell that Temasek had paid S$3 Billion for will be another hallmark of the famed Ho Ching's career trail - after the Micropolis debacle that cost Singaporeans US$500 million.
In the Micropolis episode, Finance Minister Richard Hu explained to Parliament that it was money paid for a good lesson. Who will be giving what reason for the loss of this S$3 Billion ?
The new bridge that was to replace the Causeway was quoted by the Malaysians to cost only S$500 Million.
Will it not have been far cheaper for something more permanent in supporting a friendly Malaysian Prime Minister Badawi, then attempting to boost our ego by taking over another country's property prided to be a national asset.
The overpaid brilliance of our national leaders have instead allowed S$3 Billion to be thrown for someone found to be immoral to evade national domestic tax; and instead of helping a friendly Malaysian Prime Minister to establish his political ground, our supposedly brilliant leader have gone about to loosen the ground under the Malaysian Prime Minister - with uncalled for historical accounting of bilateral relationship to an international audience. -
Made or lost in shares trading, no one is to be blamed.Originally posted by lotus999:Temasek may not have violated Thai law when it bought Shin Corp but the morality of the transaction is questionable. It is hard to believe that it didn't know thaksin was planning to evade tax. Temasek is a state investment vehicle and has always claimed moral high ground.
CLOB issue wasn't entirely Malaysian fault. Our govt had promised the vestors that they would take the issue to international court but in the end nothing happened. Actually i have learned not to trust the govt after this issue.
BUT......This so called the ''PAP Govt'', they taxed and levied on all transactions of shares traded.. and eventually converted into some big shot's pocket as an income......When things happened...they take NO responsibilty to protect its citizens. -
Well, let us see how this develops. Let us for the time being not jump the gun and pass judgement upon this.