PM confuses gain with public good. Shin Corp sell-off does not
mean conflicts of interest would disappear. Even as Thaksins
family sold its controlling stake in telecom giant Shin Corp, which
he founded, to a group of investors led by Singaporean state-owned
investment firm Temasek in a deal worth Bt73.3 billion, the PM
could not resist patronising the Thai citizens he swore to
serve.
He said his children made the decision, so he could focus on
politics and avoid criticism about conflicts of interest. Since
Thaksin came to power in 2001, he has been hounded by allegations
that some government policies were designed to help his familys
business empire unfairly. And the market capitalisation of Shin
Corp the parent company of the countrys biggest mobile-telephone
service provider, Advanced Info Service (AIS), as well as other
telecom and media firms has tripled.
Thaksin could have been more honest about it. After all, from a
strictly business point of view, cashing in all 1.5 billion shares
in Shin Corp at Bt49.25 apiece was a legitimate and even shrewd
deal: selling just as the competition was heating up and with
global players joining in the fray, squeezing profitability.
The prime minister and his family sacrificed nothing, because their
decision was based on calculated, self-serving motives, just like
any other businesspersons. But he misled the public when he said
questions of conflict of interest had everything to do with him and
his family controlling Shin Corp and that the question would go
away once they offloaded their shares.
Thaksin has consistently shown himself to have great difficulty in
distinguishing between selfish and national interests, which is why
his claims of sacrifice for the sake of good governance rings
hollow.
One does not have to look far for proof of his poor record as the
countrys chief executive, who is supposed to be a facilitator of
fair business competition and guarantor of a level playing
field.
Thaksin has done nothing to resolve the key question of different
tariff rates. AIS has enjoyed an advantage that has been factored
into Shin Corp stock, the staggering capital gain of the shares and
the cash that is now going into the Shinawatras pockets.
Examples abound that the prime ministers family and business
associates have enjoyed preferential treatment and are likely to
continue to do so. Influence-peddling by politicians is a highly
addictive habit.
The Shin Corp sell-off proves that sometimes, politicians can have
their cake and eat it, too.