Singapore PM calls Thai coup a ‘setback’0
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Singapore PM calls Thai coup a ‘setback’
By John Burton in Singapore
Published: October 6 2006 12:25 | Last updated: October 6 2006 12:25
Lee Hsien Loong, the Singapore prime minister, said Friday that the Thai military coup was a "setback for Thailand", but "we have to accept it", as he discussed for the first time the overthrow last month of Thaksin Shinawatra, the Thai prime minister who was a close ally.
The remarks before a group of Asian and European editors underscored the balancing act that Singapore is seeking to achieve as it weathers the fallout from the purchase by Temasek Holdings, the Singapore state investment company, of Shin Corp from Mr Thaksin's family.
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A Thai court this week agreed to hear a petition to revoke the licences of Shin Corp, a telecoms and media group, because of allegations that Temasek breached a 49 per cent foreign shareholding ceiling for strategic industries. Thai police are also examining a report from the Thai commerce ministry on whether Temasek violated the ownership laws.
There are suggestions that Singapore may try to resolve the dispute soon by holding direct talks with the new government of Surayud Chulanont. Singapore was the first member of the Association of South-East Asian Nations to send a congratulatory letter on his appointment last weekend.
Mr Lee described the $3.8bn deal as "a professional decision and a proper one", explaining that Temasek, which is headed by his wife, Ho Ching, had to be "careful, but also take risks" in making overseas investments.
Temasek has embarked on an ambitious international acquisition programme since Ms Ho became its chief executive in 2002. Temasek could boast of a good performance record for its overseas investments with the exception of Shin Corp.
The disclosure that the Thaksin family did not have to pay taxes on the sale triggered a political crisis that has caused Shin Corp's share price to fall by more than 40 per cent since the deal was concluded.
Singapore did not bear any responsibility for the Thai political crisis triggered by the Shin Corp sale because Mr Thaksin was already facing anti-government demonstrations prior to the deal, Mr Lee said.
Temasek conducted a political risk assessment of the deal, but it would have been hard to predict the political impact the sale caused, said Mr Lee, noting that "it's easy to see the decision in 20/20 hindsight". Mr Lee defended the investment as showing confidence in Thailand's long-term future.
The Singapore leader cited the Thai coup as an example of the problems of applying western democratic ideas to Asia, explaining that Mr Thaksin was deposed in spite of winning two previous elections.
Western liberal democracy "is not a magic formula for success" in Asia because it "has not always delivered stable, legitimate and effective government".
http://www.ft.com/cms/s/4418a67c-552b-11db-acba-0000779e2340,_i_rssPage=6700d4e4-6714-11da-a650-0000779e2340.html -
yes a setback for the gahmen's aqusition of shin corp in Thailand..
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when corruption can be overthrown, it works....
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oh that mean new under table money going to be pay out to the new boss of thailand lor..... no problem then.... problem solved just pay more money nia what............ here come the new "needmoneytopaycommissiontothainewboss tax"Originally posted by LazerLordz:Singapore PM calls Thai coup a ‘setback’
By John Burton in Singapore
Published: October 6 2006 12:25 | Last updated: October 6 2006 12:25
There are suggestions that Singapore may try to resolve the dispute soon by holding direct talks with the new government of Surayud Chulanont. Singapore was the first member of the Association of South-East Asian Nations to send a congratulatory letter on his appointment last weekend.
http://www.ft.com/cms/s/4418a67c-552b-11db-acba-0000779e2340,_i_rssPage=6700d4e4-6714-11da-a650-0000779e2340.html -
Seems like PM Lee is on DEFCON 1.Originally posted by LazerLordz:Singapore PM calls Thai coup a ‘setback’
By John Burton in Singapore
Published: October 6 2006 12:25 | Last updated: October 6 2006 12:25
Lee Hsien Loong, the Singapore prime minister, said Friday that the Thai military coup was a "setback for Thailand", but "we have to accept it", as he discussed for the first time the overthrow last month of Thaksin Shinawatra, the Thai prime minister who was a close ally.
The remarks before a group of Asian and European editors underscored the balancing act that Singapore is seeking to achieve as it weathers the fallout from the purchase by Temasek Holdings, the Singapore state investment company, of Shin Corp from Mr Thaksin's family.
ADVERTISEMENT
A Thai court this week agreed to hear a petition to revoke the licences of Shin Corp, a telecoms and media group, because of allegations that Temasek breached a 49 per cent foreign shareholding ceiling for strategic industries. Thai police are also examining a report from the Thai commerce ministry on whether Temasek violated the ownership laws.
There are suggestions that Singapore may try to resolve the dispute soon by holding direct talks with the new government of Surayud Chulanont. Singapore was the first member of the Association of South-East Asian Nations to send a congratulatory letter on his appointment last weekend.
Mr Lee described the $3.8bn deal as "a professional decision and a proper one", explaining that Temasek, which is headed by his wife, Ho Ching, had to be "careful, but also take risks" in making overseas investments.
Temasek has embarked on an ambitious international acquisition programme since Ms Ho became its chief executive in 2002. Temasek could boast of a good performance record for its overseas investments with the exception of Shin Corp.
The disclosure that the Thaksin family did not have to pay taxes on the sale triggered a political crisis that has caused Shin Corp's share price to fall by more than 40 per cent since the deal was concluded.
Singapore did not bear any responsibility for the Thai political crisis triggered by the Shin Corp sale because Mr Thaksin was already facing anti-government demonstrations prior to the deal, Mr Lee said.
Temasek conducted a political risk assessment of the deal, but it would have been hard to predict the political impact the sale caused, said Mr Lee, noting that "it's easy to see the decision in 20/20 hindsight". Mr Lee defended the investment as showing confidence in Thailand's long-term future.
The Singapore leader cited the Thai coup as an example of the problems of applying western democratic ideas to Asia, explaining that Mr Thaksin was deposed in spite of winning two previous elections.
Western liberal democracy "is not a magic formula for success" in Asia because it "has not always delivered stable, legitimate and effective government".
http://www.ft.com/cms/s/4418a67c-552b-11db-acba-0000779e2340,_i_rssPage=6700d4e4-6714-11da-a650-0000779e2340.html
Wonder why he would feel he has the need to justify the Shin Corp buy-out if it was perfectly sound.
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without the telco and media license i wonder how much more they are going to lose.
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they have already started losing money since day 1 when they bought over..Originally posted by dragg:without the telco and media license i wonder how much more they are going to lose. -
No thai PM and certainly not the thai king will be prepared to kill the golden goose..it will be business as usual..Originally posted by dragg:without the telco and media license i wonder how much more they are going to lose. -
Lee Hsien Loong "Setback" remarks irk Thais:
The Nation
Oct 9, 2006
Debating over Asian and Western democracy
By Kavi Chongkittavorn
Where is the best place to discuss the Asian brand of democracy in the wake of the Thai coup last month? It is Singapore, of course.
The island republic is an ideal place, despite its tiny size (though you cannot see it clearly from the sky these days because of the smog from Indonesia).
The country is not totally open, but it is opening up. But with a level of stability that is unmatched by any place in the world, and the undisrupted continuity of social and economic development over the past four decades, foreign investors and expatriates love Singapore.
Its leaders are intelligent, self-centred and unshakeable. There are no coups. The People's Action Party has reigned supreme and will continue to do so for the foreseeable future.
Tolerance of opposition parties is low because the ruling party here is so "damned good" - to borrow a descriptive phrase from a Singaporean journalist.
There are few irritants in Singapore at the moment. After all, Dr Chee Soon Juan has been declared bankrupt and is bleeding. James Gomez has been repeatedly branded a liar and is living overseas. The Far Eastern Economic Review is no longer on sale on the island.
So, when Prime Minister Lee Hsien Loong minced no words in commenting on the Thai coup last Friday to a group of editors from Europe and Asia gathered at Sentosa Island, it was a real eye-opener.
He said the coup was a setback for Thailand, and that Singapore would have to accept it.
He went on to say that former prime minister Thaksin Shinawatra had won two general elections with landslide majorities, but there was implacable opposition from the Bangkok establishment, which subsequently led the military to intervene.
"General elections were scheduled for November as a way to break the impasse. But the military decided to remove Thaksin through a coup instead of waiting for the verdict of voters," Lee said.
He also dissected the development of democracy in Indonesia since the fall of Suharto, saying that although political reform there had produced more checks and balances, it also made it harder for the country to push other critical reforms, such as fixing up its labour laws.
It was hard to disagree with his analysis of the Asian political system when he said that every country in Asia must take its own route and strike its own balance.
Importing institutions from other countries and grafting them onto the local political system can end up doing more harm than good.
In more ways than one, Singapore has found its own political niche, which it has guarded tooth and nail. One could detect the pride that Lee seems to feel over Singapore's model. It is just the right mix.
Unfortunately, Lee's comments were not taken very well in Bangkok, not to mention "shock and deep concern" expressed by Foreign Minister George Yeo in New York.
Over the weekend, the Foreign Ministry had made its position known to the Singaporean Embassy. It is not that the Thais are not used to harsh comments on its political system.
The issue is where they come from. The United States - particularly certain American Congressmen - was the first to condemn the Thai coup and was the only country to suspend all bilateral assistance. Bangkok could not have cared less.
After all, US Ambassador Ralph Boyce was the first foreign diplomat to congratulate the new prime minister, General Surayud Chulanont at Government House last Monday. Singapore was also among the three countries along with Laos and China to send a letter of congratulations to Surayud.
Some Thai officials bluntly rejected Lee's comments, saying they displayed a high level of political arrogance and indifference to the Thai political situation.
They expected Singapore, as a strategic partner, to have more a moderate view. As they saw it, Singapore's strong words about the coup and Thailand's democracy seemed closely linked to the island state's blind support of Thaksin over the past five years and the perceived loss of opportunities and benefits involving the mega Shin-Temasek deal.
The deposed Thai leader was seen as a student of Minister Mentor Lee Kuan Yew's political philosophy.
The senior Lee saw in Thaksin a leader with great potential and awarded the Thai with a fellowship under his name in 1996, the first foreign politician to receive such an honour. Thaksin was hooked.
He even declared at one time that he would make the Thai provinces into several Singapores. One of Thaksin's long-held plans was to implant the Singapore press model on the Thai press.
That explains why Thaksin was considered a buddy of the island state's leaders. In the past five years, they saw eye-to-eye on how the region could develop and compete with others.
He and former prime minister Goh Chong Tong jointly called for an acceleration of Asean economic integration and several other schemes.
Singapore's confidence in Thailand's economic performance shot up under Thaksin and served as a key factor in luring investors, including those belonging to the government, to pour money into this country.
Now Singapore's level of investment rivals that of Japan and Taiwan.
The "win-win" mentality ignored the political risk associated with Thaksin's leadership and abuse of power, which reached its peak right after he won his second election in 2005.
Indeed, Temasek was not the only organisation that had placed all its chips on Thaksin. Many Western corporate leaders in the US and Europe were supporters and were equally impressed with his economic vision. Fortunately they had their views vetted by independent experts before making any decisions.
Last week the Supreme Administrative Court accepted to consider a petition to revoke the licences of Shin Corp because of its deals with Temasek Holdings.
However the case is resolved, the ramifications for the future investment climate and the state of Thai-Singapore relations will be serious.
It is therefore imperative for the two countries to hold talks and establish a new rapport so they can move past the dramatic changes that have taken place.
Both sides have to make sure that it will not directly affect the fledging defence cooperation.
In the end, the coup was a big - or rather a mammoth - setback for Singapore's interest in Thailand. It also exposed Temasek's way of doing business and the nature of its corporate governance.
Obviously, the island republic does not worry about democratic development here.
Thailand's democracy will move on, with ups and downs that reflect its distinctive home-grown situation.
At the end of the day, Thailand will remain an open society that tolerates dissenting views from the opposition, civil society organisations and media. -
Setback for Democracy? Oh man, somebody kill me.
He's got to walk the talk. -
After MM LKY display of 'examplary gumption' in making statements to rile the Malaysian and Indonesian politicians, followed with a self-justifying apology note, is PM LHL attempting to show his deftness in handling any political fallout with his uncalled for assessment of the Thai situation ?
The Thai military takeover is certainly a "setback" especially for the interest of Temasek.
It can only be seen as a 'setback' by the Singapore 'democratic' standards and principles as propounded by the POWER OF ONE in Singapore - which Thaksin had attempted to emulate.
Can we expect PM LHL to see it in any other way, except to sympathise with another autocrat in Thaksin ?
Can we doubt the Thais, when even the Thai King, most of Thai politicians, and Thai nationals are hopeful that the removal of the autocrat Thaksin, will restore Democracy without further personal interference to modify existing platforms to perpetuate personality rule and personal benefits ?
Yes, while Thaksin was already facing 'mounting and intensifying' political problems prior to Temasek's takeover of Shin Corp, the writing was clearly written on the wall.
Close familiarity with the personalities, operating political style and principles have blinded the need for due diligence in assessing all aspects and after effects to the transaction.
The writing was already on the wall that there was mounting opposition and intolerance to his continued involvement in Thai politics, and with his attempts at corrupting and undermining Thai institutions to benefit himself.
The Temasek deal that revealed the depth of Thaksin's shrewdness in escaping taxes - and the 'mechanisms agreed with' Temasek to ensure the success of the takeover - was the proverbial [i]'last straw that broke the camel's back' - and cause Thaksin to be pushed over by force.
If the military takeover is seen to be a setback by the standards of the POWER OF ONE, what can LHL comments be to his father's statement in the possible necessity to a Singapore SAF interference into any future political success of the Singapore Alternative Parties to form a new Singapore Government - seen by LKY as a 'freak election victory' ? -
Originally posted by Atobe:
Military coups are setbacks of democracies; to have the military involve in political decisions are both unfortunate and undesirable, but at times they may be the lesser evil. In the case of Thailand, it is in my opinion that its too early to judge if its a complete setback or not, it will depend on the transition back to civilian government. Yet to have precedents and reoccurance of military coup is hardly a healthy clinical sign of a democracy.
If the military takeover is seen to be a setback by the standards of the POWER OF ONE, what can LHL comments be to his father's statement in the possible necessity to a Singapore SAF interference into any future political success of the Singapore Alternative Parties to form a new Singapore Government - seen by LKY as a [b]'freak election victory' ?
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With regards to MM Lee's comment of a possible necessity of SAF interference in politics, I would think that he meant the same scenario as well; where the civilian government is so incompetent that a military coup became the unfortunate lesser evil. While it may be argued that the PAP had tight control over the legal and press system, they control over the military at the moment do not guarantee a coup in their favour. -
Originally posted by wisefool83:
We are now almost past the two weeks that the Thai Military has set for itself to handover Thailand to Civilian Rule; and that has been fulfilled with the new Cabinet forming a new Government being accepted and blessed by the Thai King.
Military coups are setbacks of democracies; to have the military involve in political decisions are both unfortunate and undesirable, but at times they may be the lesser evil. In the case of Thailand, it is in my opinion that its too early to judge if its a complete setback or not, it will depend on the transition back to civilian government. Yet to have precedents and reoccurance of military coup is hardly a healthy clinical sign of a democracy.
Do we any more proof that Thailand is on the road back to Democracy, and that the Thai Military had shown impartiality to breakup a gathering storm over the fractious Thai politics ?
MM LKY was crafty in allowing himself the good excuse for military intervention as when a freak election result produces a government that depletes the Singapore Reserves.
With regards to MM Lee's comment of a possible necessity of SAF interference in politics, I would think that he meant the same scenario as well; where the civilian government is so incompetent that a military coup became the unfortunate lesser evil. While it may be argued that the PAP had tight control over the legal and press system, they control over the military at the moment do not guarantee a coup in their favour.
It is unlikely that an incompetent political party will be able to form an Alternative Government, not when the Singaporean Electorate is more educated and sophisticated in understanding the Electoral Process than 45 years ago.
However, who is to judge the competency of a Government ?
LKY himself ?
Can he be a disinterested critique, or has he an agenda of his own to maintain himself in continuous control over Singapore ?
It is a cruel joke that LKY has made in his continuous contemptuous arrogance towards Singaporeans for him to consider using military force.
Did he specifically refer to the Citizen's army of Singapore in his suggestion of a 'military intervention' ?
Or is he developing his plans with the Gurkha Police Contingent as his 'trump card' at blocking any Opposition electoral success ?
The Gurkha contingent has always served as a counter balance against any ambitious Military attempt at a coup in Singapore. It has always maintained a low profile in Singapore society throughout the 45 years of independence, except for several high profile cases in the 1960s when used in gun battles with big time gangsters and robbers.
If the Thai coup is considered a set back, then the use of the Gurkha force - (to correct any unforeseen electoral surprise) - can only be a disaster for Singaporeans, as their choice has been blocked by a foreign mercenary force commanded by the voted out political party. -
Whos money are they losing ???Originally posted by 4getmenot:they have already started losing money since day 1 when they bought over..
When they earn some where do they put it ???