Temasek: 1st Shin Corp in Thailand, now Indosat & Telkomsel
-
Indonesia's watchdog probes Singapore's Temasek
Posted: 24 May 2007 2037 hrs
JAKARTA: Singapore's investment firm Temasek Holdings is under investigation in Indonesia for alleged monopoly practices in the telecoms industry, an official said on Thursday.
Indonesia's anti-monopoly watchdog said it would start interviewing witnesses after concerns that the company was in breach of the nation's business competition law.
The investigation centres on Temasek's alleged cross-ownership of two of Indonesia's largest mobile phone companies, Indosat and Telkomsel.
"We have started ... investigations and they are expected to take three months in maximum," said Syamsul Maarif a commissioner with the Business Competition Supervisory Commission.
"We will impose legal sanctions in the form of fines or a cease-operation if we find evidence on Temasek's monopoly practices," Maarif told AFP.
Temasek officials were expected to be interviewed in coming weeks as part of the investigation, newspaper reports said on Thursday.
Temasek owns a 56 percent stake in the SingTel Group, which has a 35 percent holding in Indonesia's largest mobile telecoms firm Telkomsel, the Jakarta Post said.
Singapore Technologies Telemedia, wholly owned by Temasek, owns 41.9 percent of Indonesia's second largest telecommunications company Indosat, it said.
The cross-ownership breached the 1999 Anti-monopoly Law, the newspaper said.
Commission chairman Muhammad Iqbal said it has already found "signs of a lack of competition between Telkomsel and Indosat" including similar prices for their mobile phone products.
This "indicates possible strategic control by their parent company", he told the newspaper.
Temasek was not immediately available for comment.
Established in 1974 by the government, Temasek controls some of Asia's best-known companies including Singapore Airlines and Singapore Telecommunications.
Its corporate portfolio is valued at S$129 billion (US$85 billion).
It has stepped up its investments in Asia's emerging economies in recent years, snapping up stakes in companies in the financial, telecoms and technology sectors.
- AFP/so -
Surely the government and Temasek must realised, that what is done without any regards in Singapore to Singaporeans (their cross control and monopoly of various industries), while being tolerated and endured by Singaporeans, will not necessarily be tolerated by the citizens and the government of other countries.
Monopoly will only bring about higher prices and less consumer surplus. -
Time Magazine says LHL's husband is powerful... must be because she can fail and fail and fail and not be accountable and responsible... for any of her failures...
Looks like they need another GST hike soon... the last one to help pay for SHIN CORP losses and this new one to help pay for Indosat and Telkomsel... -
I thought the GST hike was to help the poor and the Minister's families. If they don't raise GST in order to increase Minister's salary, the Minister's family will suffer without the extra million dollars. And we don't want to see our Minister's family suffer, do we.Originally posted by AndrewPKYap:Time Magazine says LHL's husband is powerful... must be because she can fail and fail and fail and not be accountable and responsible... for any of her failures...
Looks like they need another GST hike soon... the last one to pay for SHIN CORP and this new one to pay for Indosat and Telkomsel... -
It is not difficult for our neighbouring countries to see how naive is our Temasek and to pretend to encourage it to seek expansions into their own domestic markets.
These countries' regulatory authorities will keep very quiet with no comments at first when Temasek is seeking to buy into their major companies thinking of their greatness or their having strategic good buys but once the deal is struck Temasek would be completely at these regulatory authorities' mercy for these regulatory authorities could easily think of ways and means of invoking some of their own laws or regulations to declare such purchases as illegal or irregular and impose heavy penalty.
This has happened in suzhou and shin corp and this will happen again and again but despite all the scholars in Temasek it just simply cannot see the ploys employed to nab Temasek into losing its billions of its people's hard-earned assets.
Even for purchase of China's domestic airlines, Temasek could boast again what a good buy it is but there is nothing to stop the China's regulatory authority to do an about-turn as has happened to suzhou project and cause problems to the purchase and treat temasek as money tree to shake some monies from.
After all to them Temasek is sucking monies from its own people through all kinds of schemes and they might as well take away this kind of easy monies before they are lost to others.
Laws or morality are not the issue with Temasek as it will continue to spend away citizens' hard-earned monies on shin corp so likewise the other countries would just simply look for every way and means to entice it and exploit temasek's naivety about its own greatness. -
own here own thereOriginally posted by maurizio13:[size=large][b][Temasek owns a 56 percent stake in the SingTel Group, which has a 35 percent holding in Indonesia's largest mobile telecoms firm Telkomsel, the Jakarta Post said.
Singapore Technologies Telemedia, wholly owned by Temasek, owns 41.9 percent of Indonesia's second largest telecommunications company Indosat, it said.
The cross-ownership breached the 1999 Anti-monopoly Law, the newspaper said.
It has stepped up its investments in Asia's emerging economies in recent years, snapping up stakes in companies in the financial, telecoms and technology sectors.
- AFP/so
soon will kenna ownage. -
Book smart does not mean street smart.
Easy come, easy go.
-
Wisdom is not found in their books. Their books are at least 10 years behind latest thinking and cutting edge knowledge applications.Originally posted by maurizio13:Book smart does not mean street smart.
Easy come, easy go. -
I think it's 42 years, not 10 years.Originally posted by robertteh:Wisdom is not found in their books. Their books are at least 10 years behind latest thinking and cutting edge knowledge applications. -
a successful companies will alway face situation like this...
-
They think that what has worked for them in the past will always continue to work for them in the future.Originally posted by soulwinner:a successful companies will alway face situation like this...
Think they need a lesson in change management and shifting paradigms in politics. -
If any of you haven't seen the companies Temasek owns under its portfolio,
i suggest u go n take a look..
u'll be 'rather' impressed
anyway, Temasek is one of the things Singapore can be proud of. -
That reminds me of one local company. A hardworking staff slogged and worked hard to grow the company until it eventually within 5 years became the biggest civil engineering contractor ,making big monies doing all the major LNG loading docks in Indonesia.Originally posted by soulwinner:a successful companies will alway face situation like this...
Then with expansions and success the directors thought that their success was a natural law and so they began to employ famous politically connected CEO with many degrees hoping to expand it further but neglected the prime mover who resigned due to lack of recognition.
After this the company lost its critical middle management excellence responsible for the company's success. Despite all the degrees of the famous CEO it lost heavily due to high carrying costs incurred in employing CEO and eventually was taken over at a cheap price by an outsider. -
If any of you haven't seen the companies Temasek owns under its portfolio,
i suggest u go n take a look..
u'll be 'rather' impressed
anyway, Temasek is one of the things Singapore can be proud of.
proud your piece of SH*T. i bet ppl like you will not shown any concern of your neighbour feeling but just yourself and yourself.
think about somebody come into our country and monopolise something which we need daily. dont just go for superficial stuff. look deep and think deeper. stupidity can cause brain cancer. -
You smell and sound like a lousy production of a media spin.Originally posted by Chionk arr:If any of you haven't seen the companies Temasek owns under its portfolio,
i suggest u go n take a look..
u'll be 'rather' impressed
anyway, Temasek is one of the things Singapore can be proud of. -
not everyone is suitable to lead. Some just have more luck.
-
i dunno that my comment would get so harsh replies..
anyway, that's my point of view
-
The current generation sees little importance in loyalty, so little importance is given by the people in the lower strata of employment.Originally posted by robertteh:That reminds me of one local company. A hardworking staff slogged and worked hard to grow the company until it eventually within 5 years became the biggest civil engineering contractor ,making big monies doing all the major LNG loading docks in Indonesia.
Then with expansions and success the directors thought that their success was a natural law and so they began to employ famous politically connected CEO with many degrees hoping to expand it further but neglected the prime mover who resigned due to lack of recognition.
After this the company lost its critical middle management excellence responsible for the company's success. Despite all the degrees of the famous CEO it lost heavily due to high carrying costs incurred in employing CEO and eventually was taken over at a cheap price by an outsider. -
Sorry if you are offended, but it's just that something didn't click well when I saw your postings..Originally posted by Chionk arr:i dunno that my comment would get so harsh replies..
anyway, that's my point of view -
I just saw his quotes in 'rather'.Originally posted by LazerLordz:Sorry if you are offended, but it's just that something didn't click well when I saw your postings..
Hehehe -
its Ok, i dun feel offended
i mean by 'rather' impressive is coz almost all companies under their portfolio
are those large n well-established co. which some are related to Government
in their respective countries..
i mean how on earth they able to buy up Gahmen-related companies up to be
majority shareholder?! not impressive meh
-
In chinese there is this saying "shang de shan duo zhong yu hu"! ha ha!!Originally posted by maurizio13:Surely the government and Temasek must realised, that what is done without any regards in Singapore to Singaporeans (their cross control and monopoly of various industries), while being tolerated and endured by Singaporeans, will not necessarily be tolerated by the citizens and the government of other countries.
Monopoly will only bring about higher prices and less consumer surplus. 
-
HC has such strong backing that she will fear nothing, I guess!!Originally posted by AndrewPKYap:Time Magazine says LHL's husband is powerful... must be because she can fail and fail and fail and not be accountable and responsible... for any of her failures...
Looks like they need another GST hike soon... the last one to help pay for SHIN CORP losses and this new one to help pay for Indosat and Telkomsel... -
Originally posted by reyes:
[b]If any of you haven't seen the companies Temasek owns under its portfolio,
i suggest u go n take a look..
u'll be 'rather' impressed
anyway, Temasek is one of the things Singapore can be proud of.
proud your piece of SH*T. i bet ppl like you will not shown any concern of your neighbour feeling but just yourself and yourself.
think about somebody come into our country and monopolise something which we need daily. dont just go for superficial stuff. look deep and think deeper. stupidity can cause brain cancer.[/b] -
How can Shincorp be a failure when those incompetent despots have effectively given Thaksin a blank check to indulge in his countless luxuries (like taking over Manchester City ) he would otherwise never have been able to afford? If anything, Shincorp's one of the finest examples of unintended modern-day philanthropy...