See also: High tension in ThailandSTOPPAGE TIME: Forget about PM's unpaid tax bill, the government already has - The Nation, February 1, 2006
[There is a feeling among Thaksin friends and foes alike that the sale of Shin Corp could possibly be the beginning of the end for Thaksin politically. This creeping suspicion is being hinted at in many editorials.]
...The Constitution Court in 2001 didn't even cast its eyes on Ample Rich when it acquitted Thaksin Shinawatra of share concealment charges. The Anti-Money Laundering Organisation insisted this week there was no need to investigate a possible breach of its laws (as opposed to the urgency shown in probing journalists' bank accounts when the agency received an anonymous letter in 2002). As for the Revenue Department, the Stock Exchange of Thailand, and the Securities and Exchange Commission, they have all but called us idiots whenever an alarm was raised over possible tax avoidance and share manipulation.
...And laugh out loud the next time Thaksin says you envy his wealth. His wife had to take the blame when he first was accused of concealing assets, and now it's his two innocent children's turn to go through an undeserved political storm. If the kids are really to be fall guys, it won't be a question of his legitimacy as prime minister, but a matter of his dignity as a father. Forget the taxes issue and try to be happy. If you still can't, here's some wishful thinking: People are saying the Shinawatras are getting away with the dubious Temasek deal scot-free, but the real cost they have to pay may have just started to accumulate.
Korbsak Sabhavasu's website on Thaksin's "Ample Rich" company- February 13, 2006
Heavily sued Supinya in a bind over case - The Nation, January 29, 2006
..."Some people have advised me to write a letter to Temasek," Supinya told The Nation on Friday, referring to the Singaporean conglomerate which is the new owner of Shin Corp, previously owned by the Shinawatra family.
Supinya and Thai Post were sued for Bt400 million in damages for statements that the premier's policies were benefiting his family's businesses...
SHIN SELL-OFF: Ample Rich deal queried - The Nation, January 27, 2006
Just to confirm that there is a company named "Ample Rich." As well as "Billion Million" and "Lucky Fortune."
PM hits out at 'bullies' - The Nation, January 28, 2006
'Extensive reshuffle looming' - The Nation, January 28, 2006
CAPITAL INFLOW: Temasek deal 'won't affect baht' - The Nation, January 25, 2006
Thai PM rings up a billion reasons for family affair - The Age, January 25, 2006
...All the journalistic spadework on the impending transaction was done by Thai journalists writing mostly for Thailand's English daily The Nation and the Thai-language business newspaper Prachart Thurakit.
Ridiculously, Singapore's journalists had to report on their Government's impending multibillion-dollar acquisition by doing a cut-and-paste job on whatever appeared in Bangkok newspapers. Singapore's journalists are not encouraged to be investigative, particularly when their own Government is concerned...
Shin Corp sale official - January 24, 2006
On the forum: Press Release from the Stock Exchange of Thailand's website
SHIN SALE: Two Thai banks to fund deal - The Nation, January 23, 2006
Structure of Shin sale will have tax implications - Bangkok Post, January 23, 2006
FOREIGN DIRECT INVESTMENT: The apple of Singapores eye - The Nation, January 23, 2006
Thai Prime Minister Thaksin's Family Sells Control of Shin Corp - Bloomberg.com, January 22, 2006
On the Forum: Shin Corp takeover
Than Setthakij has confirmed that both Temasek and Crown Property Bureau (Siam Commercial Bank PCL) DID takeover Shin Corp through 49.6% shares for Temasek and 5-10% for SCB.
Crown Property Bureau (Siam Commercial Bank PCL) has sent Khun Phongse Sarasin (son of former PM Poj Sarasin - he used to run Thai Pure Drink PCL, Thai distributor for Coca Cola) and Dr. Wijit Suraphongsechai from SCB to run ShinCrop...
Total: 1.456 billion btock - 49.6% of registered capital = 72.8 billion baht -> the biggest transactions since the first day for Thai Stock Market at 30 July 1975...
Even though the sale is supposed to pay 15% Tax to Revenue Dept, Khun Thanong Phitthaya insists that this massive transaction is NOT subjected to tax collection due to Thai-Singapore Treaty for Taxing from capital transaction. If Temasek DID pay the tax to Singaporean Revenue Dept at least 15% of payment, the tax to Thai Revenue Dept is exempt.
SHIN CORP SALE: MP warns against any special deal - The Nation, January 22, 2005
...If Temasek decides to buy more than 25 per cent of the shares in Shin Corp from the prime minister's family, it would be required by the SEC to make a tender for the rest of the shares held by all minor shareholders at the same price.
"There have been market rumours that the Singapore group doesn't want to do it that way because the deal would cost much more, up to Bt200 billion for 100-per-cent ownership, not Bt80 billion just for the 40-per-cent-plus holdings to be sold by the premier's children and relative," Korn said.
"As a result, it wants to split the deal into two parts so as to avoid making the tender. This is wrong."...
CURRENCY MOVEMENT: Baht's rise due to Shin deal - The Nation, January 20, 2005
Bank of Thailand Governor MR Pridiyathorn Devakula said the baht's appreciation was due mainly to the inflow of foreign capital for the purchase of Shin shares.
"It is for the purchase of Shin shares," he said. "There was a 'broker' [associated with the Shin deal] selling [foreign] currency in the market. I just learned about it today, but don't know how much money it has. I don't know how many shares they're going to sell."
Pridiyathorn said the central bank had not intervened in the market yesterday and added that when the capital inflow ceases, the exchange rate would "be normalised"...
Speculation heats up over Temasek purchase of Shin Corp stake - CNA, January 19, 2006
...Bank of Thailand Governor Pridiyathorn Devakula was asked to comment on the strength of the Thai baht, which hit its highest level in nine months against the US dollar.
He said the strength was due partly to inflows related to an impeding major transaction in shares of Shin Corp...
THAI PRESS:Shin Corp To Announce Deal With Temasek Friday - Dow Jones, January 18, 2006
Thailand's Shin Corp. PCL (SHIN.TH) will likely file Friday a statement to the Stock Exchange of Thailand to inform the bourse about its stake sale to Temasek Holdings Pte. Ltd. (TEMAH.YY), Prachachat Business newspaper reports.
The sale will involve the entire 49.61% stake, owned by the family of Prime Minister Thaksin Shinawatra, to Temasek, the paper said quoting sources close to Thaksin.
The value of the deal is expected to be more than THB70 billion, according to the paper.
Meanwhile, Matichon newspaper quoted sources at Shin Corp. as saying that Siam Cement PCL's (SCC.TH) former president Chumpol NaLamlieng has been approached by Temasek to head Shin Corp.
Chumpol is currently the chairman of Singapore Telecommunications Ltd. (T48.SG.).
Temasek has a controlling stake in Singapore Telecom, which is a 19.3% strategic partner of Shin's flagship mobile phone operator Advanced Info Service PCL (ADVANC.TH).
$2-BN TAKEOVER: PM's clan agrees to sell Shin to S'pore - The Nation, January 13, 2006
Shin Corp denies reports of sell-off by Thai PM's family - TODAYonline, January 11, 2006
- Election Commission Dye Service
- Thanathorn’s foreign parents
- Weekly News Magazines: Restrict Abolish Eliminate Thanathorn, April, 2019
- Proof of authoritarianism
- Feeling pity for Hulk and Wonder Woman
- Waiting for a miracle to operate on arms and legs
- Price for the whole group of cobra politicians
- Weekly News Magazines: Coronation, May, 2019
- They did not violate the law
- Prem Tinsulanonda in Context
- Songkran alcohol warning