Why the foreign press report so differently from Singapore's
press?
(Fortune Magazine) -- If there's such a thing as the right way to
topple a democratically elected government, then Thailand's
generals might be just the strongmen to teach that lesson. After
they moved against Prime Minister Thaksin Shinawatra on Sept. 19,
there was no bloodshed, only a brief wobble for the Thai baht and
the stock market, and lots of celebratory street parties. Soldiers
were showered with pink roses. The perfunctory media takeover
resulted in radio stations playing easy-listening tracks instead of
martial music- though coup leader Gen. Sonthi Boonyaratglin drew
the line at the scantily clad go-go dancers sponsored by a Bangkok
radio station to entertain bored troops guarding strategic
installations.
The junta even managed to open Bangkok's new airport ten days later
- with only a few bags lost in transition. Thaksin watched his
swift demise on TV from New York City, where he was preparing to
address the United Nations, his fate sealed when Thailand's
much-loved King Bhumipol gave the junta his imprimatur. The
billionaire former cop caved in with barely a whimper, then exiled
himself to his luxury London flat. He won't have to worry much
about London's expensive prices. It was the controversial $4
billion tax-free sale in January of his telecommunications and TV
company, Shin Corp., to the Singapore government's Temasek Holdings
that sparked the Thai turmoil that ultimately led to the
coup.
It turned out to be a spectacular misjudgment for the normally
careful Temasek CEO, Ho Ching, wife of Singapore Prime Minister Lee
Hsien Loong. Shin shares have fallen 43% since the deal was signed,
and Temasek will now endure a potentially embarrassing probe by the
new regime into Thaksin's finances that threatens asset seizures,
deal cancellation, and large fines. Smooth as silk for Thailand
perhaps, but rather less so for Singapore Inc
http://money.cnn.com/magazines/fortune/fortune_archive/2006/10/16/8390330/index.htm
