As Thailand claims, the shin corp buy-out was illegal:
Thailand's commerce ministry had earlier investigated
allegations that Temasek had used a holding company as a nominee
shareholder of Shin Corp to get around a 49 per cent limit on
foreign ownership of telecommunications companies.
"Of course they broke the law. This was pointed out by the initial
investigation by the Ministry of Commerce," Mr Sittichai
said.
"The investigation has gone quiet after it was passed to the
police, but now we are reviving it and it will be sent to the
Department of Special Investigations. I think it will not take long
before we decide whether to send the case to court," he said,
adding that the probe would be wrapped up in a matter of
months.
If the Thais investigate and have conclusive evidence that the
takeover was not in accordance with the law, they may well push
ahead with their threat to re-take Shin Corp, and there is NOTHING
SG can do about it, except file an appeal to the international
court. In the long run, Temaesk may even write-off the total loss
as another expensive TUITION FEE, one which we seem to pay for
regularly, at the cost of taxpayer's monies due to poor and
ill-researched decisions left in the hands of half-baked 'CEOs'
leading govt-link corporations.
