Originally posted by hloc:
Agree with the 'red' part..... disagree with the ShinCorp
part.
Temasek like all 'Investment Company', care only for [b]1
thing..... MONEY 
At the time of the sale...... ShinCorp Was a good buy. The 'Govt'
of thailand agree to the deal..... the PM agree to the deal.....
the CEO (also the PM) agree to the deal. As for Thai
laws.....everything is OK as long as the Thai Govt saids it is
OK.
How the HELL do we know there will be a coup...... All this talk
about Temasek should knows better is BullSh*t...... if they can
read the future, or anyone else here could...... why the hell we
even need to work. Might as well sit at home and buy 4D or TOTO for
a living...... [/b]
Unfortunately, Temasek took over
Shin Corp and broke the Thai Law that forbid 100 per cent foreign
ownership of Thai Company.
Temasek is a State Owned Company belonging to a country and a
government with a strong reputation of upholding the Law.
Why did Temasek break Thai Law by arranging 100 per cent ownership
through proxies - each paid with Singapore Money to buy small
shares and hold it for Temasek ?
The Citizens of Thailand knew about this only at a later stage and
had the political freedom to raise hell at Thaksin for selling away
the Thai National Pride that is placed on the Satellite, which
broadcast to the region, and given special broadcasting bandwidth
for the Thais.
The Singapore Citizen also found out about the proxy arrangements
at a late stage after the Shin Corp deal broke open but has the
Singapore Citizen any political liberties or rights to question the
government in any way - even without protests ?
While the Thai newspapers are at total liberty to investigate and
inform the Thai Citizens, the newspapers in Singapore are
controlled by the Government and feed Singaporeans with information
calculated to minimise the gravity of the situation.
It was the continued press release from the Thai newspapers that
forced the Singapore Newspapers to carry more stories that would
otherwise have been left in the dark secret political chambers of
the Ruling Party, Temasek and GIC.
Think about this......
You buy a house from me, the ower of the house. Pay full amount,
take over the house. My [b]LONG LOST BROTHER suddenly turn
out with some 100 years old Will from a long dead grandfather.
Saying the house is to be his..... tell his 'friends' to force you
out...... Is it fair to you 
How
the hell could you know about my LONG LOST BROTHER
or the Will
[/b]
A Will is a legal document, and
its binding effect depends on how it is prepared, documented and
filed for future reference.
If the LONG LOST BROTHER can produce the
"lost Will" that is
legally binding, he probably can sue you - the owner of the house -
for misrepresenting yourself and the Family, as you have no legal
title to the house.
This matter can go to Courts for settlement, and even if the buyer
of the house is absolved of any wrong doing, the Court may decide
for a total refund to the buyer - (with or without interests); or
You (the Seller of the house) maybe forced to part with the sales
receipts paid to you, either partially or in full - subject to the
condition of the Will.
In any case, if you are in doubt of your title to the house left by
your grandfather, you should have performed your own due diligence
by engaging legal help to check the status.
Rightfully the Buyer will also need to engage legal help to ensure
that all matters relating and affect final ownership are
cleared.
Unfortunately for you and everyone else, the Law believes that
'ignorance is not a valid
excuse'.
At the time of the Sale, everything is within the Law...... if not,
how come the 'New' Thai Govt still couldn't charge Temasek with
something...... if they could prove all along that the 'deal' has
broken some Thai law, they could have claim back ShinCorp long
ago....... why all those threat
The
Thai Govt knew that they couldn't prove anything...... so, make
threat to force Temasek to sell back at cheaper price....... I
don't care when Temasek Invested in ShinCorp was right or
wrong..... as long as we (the people & the Govt) get back
[b]OUR $$$$. No way I could just say this is a lesson
learned......[/b]
There are three issues at stake in
this Shin Corp transaction.
Firstly, Shin Corp is a Thai Public Listed Company and subject to
Thai laws.
Secondly, the gem of the Temasek-Shin Corp deal is that it owns a
satellite - which is a Thai Public Property, since Shin Corp itself
is a Public Listed Company.
Thirdly, being a Public Listed Company, it seems odd that the bulk
of the sales revenue did not benefit the Thai Public Shareholders
of this Public Listed Company; as the entire sales proceeds of S$3
Billion benefit the Thaksin family - without even a cent paid for
tax from this sale.
Why did Temasek not exercise due diligence in investigating the
entire upstream and downstream events that is being setup for this
transaction to succeed in the manner that they had wished for
?
Is this a question developed with the benefit of hindsight, or
should this not be the instruction from an experienced CEO with the
foresight to be more careful in the spending S$3 BILLION of Public
Money to purchase a foreign company under foreign laws, and to
protect the interests of this Government and the Singapore Reserves
- (besides protecting the good name of the First Family ) ?
Can we get back the full sum of S$3 BILLION that is already paid to
Thaksin - when he and his wife are already subject to tax evasion
charges for this S$3Billion transaction, and any fines can be
punitive to the extent of the full sum of the transgression ?
Even if Temasek is to divest itself from Shin Corp, can the Shin
Corp shares be worth the S$3 BILLION paid ?
Shin Corp is now a skeleton of its former self - with the subsidiary
company iTV already made bankrupt and dissolved for failing to
pay a fine of S$2.8 BILLION on some other previous legal
transgressions; while the Thais are boycotting the other more
profitable subsidiary - Advance Info System (AIS) - which is the
largest mobile telephone operator in Thailand.
The silence from the Singapore newspapers is deafening to the
extent that it is already preparing Singaporeans for the final blow
to come.
The recent parliamentary debate on the 2 per cent increase in GST
was furious and fast amongst the ONE PARTY dominated Parliament,
and reported with so much earnest by the government controlled
press, yet nothing was mentioned about the poor
Temasek's Corporate behaviour overseas.
More importantly, nothing was emphasised to the final parting word
in Parliament from PM LHL - that the Government intend to change
the law that will allow the Government to access past reserves
without the need to obtain parliamentary approvals.
Good-bye to the S$3 Billion paid for Shin Corp, and good-bye to the
Elected Presidency who will be paid more to turn a blind eye from
fulfilling its role as the Keeper of the Second Key to the National
Reserves - as the government has the secret combination of MMPM to
access the Reserves.
