Commerce opens new probe into Temasek purchase of Shin Corp

BANGKOK: -- A team of Commerce Ministry opened a new probe into the sale of telecom giant Shin Corp to Singapore's Temasek Holdings on Wednesday, in a politically charged case that could lead to the nullification of the deal.

A team of investigators from the commerce ministry Wednesday began examining the findings of a preliminary probe, which found that a Thai company called Kularb Kaew was formed by a group of Thai investors to illegally buy and control Shin Corp shares on behalf of Temasek.

If the latest investigation confirms that finding, Temasek's stake in Shin would exceed foreign ownership limits, which would restrict the company's eligibility for telecom licenses.

"We need a few more months to rule on whether the Shin Corp deal must be nullified or not," Deputy Permanent Secretary for Commerce Yanyong Phuangrach told reporters.

"More information will be sought from other firms involved in the transaction as well as the Democrat Party and those who filed the complaint in this case," he said.

If investigators find any wrongdoing, the case would be brought to the police who could then take it to a court. The court would consider possible remedies, including nullification or restructuring of the deal, Yanyong said.

--The Nation 2006-08-23

Commerce opens new probe into Temasek purchase of Shin Corp

BANGKOK: -- A team of Commerce Ministry opened a new probe into the sale of telecom giant Shin Corp to Singapore's Temasek Holdings on Wednesday, in a politically charged case that could lead to the nullification of the deal.

A team of investigators from the commerce ministry Wednesday began examining the findings of a preliminary probe, which found that a Thai company called Kularb Kaew was formed by a group of Thai investors to illegally buy and control Shin Corp shares on behalf of Temasek.

If the latest investigation confirms that finding, Temasek's stake in Shin would exceed foreign ownership limits, which would restrict the company's eligibility for telecom licenses.

"We need a few more months to rule on whether the Shin Corp deal must be nullified or not," Deputy Permanent Secretary for Commerce Yanyong Phuangrach told reporters.

"More information will be sought from other firms involved in the transaction as well as the Democrat Party and those who filed the complaint in this case," he said.

If investigators find any wrongdoing, the case would be brought to the police who could then take it to a court. The court would consider possible remedies, including nullification or restructuring of the deal, Yanyong said.

--The Nation 2006-08-23

Taksin must stay in power, otherwise he will lose his sweet deal...We all know how courts treat political cases lately(thanks god).

He's so busy trying to figure out a way out of his numerous messes that he won't see it coming. Like having a messy house when, by surprise, relatives come -a-knockin' at the door

The biggest loss of face ever, coming to a criminal court near you.