Temasek has done nothing wrong: Straits Times
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Critical analysis from the Singapore Media Watch:
http://www.mediawatchsg.blogspot.com
We publish what the Straits Times don't.
Thai amnesty for errant foreign investors mooted - Straits Times
Straits Times
19 October 2006
Leslie Lopez
Abstract
Foreign investors should be free from prosecution for three years while they reveal the full extent of their ownership of Thai companies, says the nation's chief economic adviser.
Such an amnesty should also provide ample time - up to 10 years - to allow such companies to rid themselves of any illegal holdings, Dr Ammar Simawalla told The Straits Times in an interview yesterday.
Dr Ammar also said that the interim government here in Bangkok should not just focus on the controversial deal between Singapore's Temasek Holdings and Shin Corp, but should conduct a sweeping overhaul of the country's foreign ownership laws.
"Let's be frank, past governments have been in cahoots with foreign business in the use of nominees to bypass ownership laws," said Dr Ammar, whose views are taken seriously by Bangkok's ruling elite.
He said overseas investors in Thailand had side-stepped local laws limiting foreign ownership to 49 per cent for years. They have done this by parking their undeclared equity holdings with local nominees.
Dr Ammar says the practice became prevalent because "government lawyers winked at the use of nominees". It enabled foreign investors to flout the spirit of Thailand's ownership laws.
Temasek came under fire over allegations that it violated Thai laws by using local business nominees to hold stakes in Shin Corp on its behalf.
The Singapore investment agency has strenuously denied those charges, and has insisted that it complied with all the laws and regulations in Thailand.
Our Review
For those of you who have been following closely the Temasek-Shin Corp controversy in both the Thai and local dailies, you will not fail to notice the stark constrast in the style of reporting between the two in terms of emphasis and tone.
While the local media had been unusually quiet in the past one week, publishling only a reply from Temasek on 17 October 2006 in the Straits Times Forum and a report today in the Straits Times, the affair has enjoyed generous coverage in Thailand with daily updates available on The Bangkok Post and The Nation. Are Singaporeans less concerned about their national affairs than the Thais?
What the Thais report
If you have read the Thai reports, you will agree that they have used strong and harsh words on Temasek. Critical information such as the magnitude of its financial loss and damage to foreign relations are suppressed and not reported in the local media.
Just to quote a few examples:
1. Temasek Holdings of Singapore is willing to cut its losses and reduce its holding in Shin Corp. (The Nation, 18 October 2006)
2. Temasek's exposure in Shin turned into a giant mistake following the ousting of Thaksin Shinawatra as prime minister in last month's military coup. (The Nation, 18 October 2006)
3. The deal has also put Temasek's business practices in the spotlight and has brought an
awkward atmosphere to relations between Thailand and Singapore. (The Nation, 17 October 2006)
4. Democrat Party deputy secretary-general Korn Chatikavanij said Temasek's statement was ambiguous and could not be used to interpret plans for its next step. (The Nation, 17 October 2006)
5. Singapore state investment firm Temasek Holdings stands to lose more than Bt20 billion if it were to sell off its controversial majority holding in Shin Corp, financial experts believe. (The Nation, 18 October 2006).
These statements will give readers an impression that:
1. Temasek had probably made a big mistake in the purchase of Shin Corp.
2. The financial losses from the sale of its share will be tremendous.
3. Relationship between Singapore and Thailand has been strained due to the controversy enshrouding the deal.
To read the rest of this article, please read it at:
http://www.mediawatchsg.blogspot.com -
who will take responsibility for this debacle?
who will act honourably?
Imagine what could have been done for the people with US$800,000,000.
somebody should own up....... -
Some singaporean so broke.. cannot find job.. have to jump into oncoming MRT train.. kill himself.
His wife so broke till no $ go morge ID her dead husband.. lucky police on his own account give her $5 for the MRT ride.
2 kids eat instant noodles for most of the week.. and last "feast" their dying father bought them.. 3 packet chicken rice costing a total of $9.
Our MIW lose $900,000,000 almost overnight.. Imagine what this $900,000,000 can do for these poor singaporeans!
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Big Gamblers are usually those who use someone elses' money!
They will never feel the pain nor agony of despair.
They can sleep easily, without conscience nor guilt bugging them.
They can dine at expensive places where others dare not even dream of.
They can spend lavishly at high places without blinking an eyelid.
They can throw away millions or billions of dollars, just to prove who they are.
What else would not big gamblers do? -
You are right!!! Fark them all!!!Originally posted by siaokao:Some singaporean so broke.. cannot find job.. have to jump into oncoming MRT train.. kill himself.
His wife so broke till no $ go morge ID her dead husband.. lucky police on his own account give her $5 for the MRT ride.
2 kids eat instant noodles for most of the week.. and last "feast" their dying father bought them.. 3 packet chicken rice costing a total of $9.
Our MIW lose $900,000,000 almost overnight.. Imagine what this $900,000,000 can do for these poor singaporeans!
Merciless bastards -
Originally posted by siaokao:Some singaporean so broke.. cannot find job.. have to jump into oncoming MRT train.. kill himself.
His wife so broke till no $ go morge ID her dead husband.. lucky police on his own account give her $5 for the MRT ride.
2 kids eat instant noodles for most of the week.. and last "feast" their dying father bought them.. 3 packet chicken rice costing a total of $9.
, so poor thing.. wats happen to them now?? -
its really sad, pity the kids.
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remember CLOB?
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it is better to start a new thread 2 discuss this tragedy!!!Originally posted by siaokao:Some singaporean so broke.. cannot find job.. have to jump into oncoming MRT train.. kill himself.
His wife so broke till no $ go morge ID her dead husband.. lucky police on his own account give her $5 for the MRT ride.
2 kids eat instant noodles for most of the week.. and last "feast" their dying father bought them.. 3 packet chicken rice costing a total of $9.
Our MIW lose $900,000,000 almost overnight.. Imagine what this $900,000,000 can do for these poor singaporeans!
We cant even eat our breakfast this morning, when we heard this news@@@we r crying hard 4 them,poor ppls in spore!!!we hve a car ,a cond n good children,we can give them helps but we dont know where r they? whom r they? we can give food n $ 2 save them!!!!
Pls!!! ministers !!!!do somethings 4 yr God sake!!!! -
Karma will teach them a good lesson!!!!Originally posted by AnotherView:Big Gamblers are usually those who use someone elses' money!
They will never feel the pain nor agony of despair.
They can sleep easily, without conscience nor guilt bugging them.
They can dine at expensive places where others dare not even dream of.
They can spend lavishly at high places without blinking an eyelid.
They can throw away millions or billions of dollars, just to prove who they are.
What else would not big gamblers do? -
what an irony!!
there are many sitting on fortunes of millions, and even billions.
yet we have people killing themselves because of poverty.
and the most unbelievable thing is it is happening here in singapore. a place where we boast the most number 1s, the highest ministerial salaries and an improving economy where we allegedly have too many jobs and needs foreign talents and foreign labours to fill them!! -
yeah yeah yeah what is new?
The PAP can never do anything wrong,dosen't anyone know that according to our media here. -
CONTROLLED !!!!Originally posted by Aveme:yeah yeah yeah what is new?
The PAP can never do anything wrong,dosen't anyone know that according to our media here.
What to do -
That is for the Thai government to decide, not Straits Times...