Is this Temasek-gate? Read more news reports in here.
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"If Temasek reduced its holding in Shin Corp from 96 per cent to 49 per cent by selling some 1.5 billion shares, it would suffer a huge loss. It paid Bt49.25 a share, for a total of Bt140 billion-Bt150 billion, but now Shin Corp is trading on the stock market at Bt28.25 a share. " - The Nation (Thai)
"The Commerce Ministry's Business Registration Department has found that Temasek relied on nominees to skirt a legal ban on foreign companies owning more than 50 per cent of a telecom business." - The Nation (Thai)
http://www.nationmultimedia.com/2006/10/12/headlines/headlines_30015988.php
"He was quoted as saying he was confident the investigation will show Temasek had complied with all laws and regulations in Thailand. " - CNA
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/233183/1/.html -
So who's doing the BS here?
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who else??
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NKF? NKF tried to cover up their dirty tracks when they misused public funds and trust.
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If Temasek had complied with all Thai Laws, then why is it having 96 percent of Shin-Corp shares, instead of 49 percent?Originally posted by Rock^Star:"If Temasek reduced its holding in Shin Corp from 96 per cent to 49 per cent by selling some 1.5 billion shares, it would suffer a huge loss. It paid Bt49.25 a share, for a total of Bt140 billion-Bt150 billion, but now Shin Corp is trading on the stock market at Bt28.25 a share. " - The Nation (Thai)
"The Commerce Ministry's Business Registration Department has found that Temasek relied on nominees to skirt a legal ban on foreign companies owning more than 50 per cent of a telecom business." - The Nation (Thai)
http://www.nationmultimedia.com/2006/10/12/headlines/headlines_30015988.php
"He was quoted as saying he was confident the investigation will show Temasek had complied with all laws and regulations in Thailand. " - CNA
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/233183/1/.html -
There's a conspiracy hereOriginally posted by AnotherView:If Temasek had complied with all Thai Laws, then why is it having 96 percent of Shin-Corp shares, instead of 49 percent? -
Very obvious!!! But you know....? These elites will come out with ''excuses'' and creative words to justify their doings.Originally posted by Rock^Star:There's a conspiracy here
I just cannot believe....These ''highly'' educated Human beings turned out to be in this way. Abusing power and putting words as they like..regardless of principle or justice. They are acting on an authoritative opinion with doubts that people are unconvince but dare not speak out.
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Oct 17, 2006
Shin Corp deal: Temasek complied with Thai laws
REFER to the letter, 'Did Temasek take unnecessary risk?' (ST, Oct 14).
As a long-term international investor, Temasek complies fully with the laws and regulations in the different jurisdictions we invest in.
Our investment in Shin Corp in Thailand is no different. It was based on commercial principles and was consistent with best practices in international mergers and acquisitions.
Following advice from our legal and financial advisers, the consortium, which included Thai co-investors, completed its purchase and General Tender Offer in accordance with market practices and in compliance with the laws and regulations of Thailand, including guidelines imposed by the Securities and Exchange Commission.
Our investment in Shin Corp was not predicated on which government was in power. Temasek is investing for the long term, and therefore factors possible changes in government in our investment considerations.
In March, almost all of the remaining shares were tendered to the consortium at the close of the General Tender Offer. Post the tender offer, the consortium owns 96 per cent of Shin Corp. This was far beyond anyone's expectations.
The consortium has said that it would like to keep Shin Corp listed on the Stock Exchange of Thailand. This means that we would like to reduce our shareholding in Shin Corp at the appropriate time and in an appropriate manner for orderly market conduct.
This intention remains unchanged. Indeed, Temasek believes it is good for listed companies to have a healthy float of retail public and strong institutional shareholders.
As an investment house anchored in Asia, we are convinced that it makes sense for us to re-invest in Asia to grow together. We look forward to playing a constructive role as a responsible long-term investor in the various communities in the region.
Myrna Thomas (Ms)
Managing Director
Corporate Affairs
Temasek Holdings
ST Forum 17 Oct 2006 -
first, clob in malaysia. now, shin corp in thailand.
we are made to look silly again. -
So if they have complied with every rule, how come the "The Nation" reported that Temasek will pay the fine and reduce the share to 49%?
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Just asking yrself ,can a clean co 2 buy a corrupted comp!!!
Must be both r corrupted ,lah!!! -
just look at how the INTERNET has open up our views and knowledge of events happening around us.
Let see what happen next,
but i guest Temasek and their bunch of elites (who is drawing peanut salary) will have will have to answer to the old guard...... not the people ..... for such a serious bungle...