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  1. #1
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    Troubles mount for Temasek

    Troubles mount for Temasek
    Our Correspondent
    22 November 2007

    Singapore blames a bad forex bet on its foreign banks



    Life is getting harder for Singapore’s state-owned investment colossus Temasek, which has run into increasingly stormy weather with its overseas investments. It may be attracting some sympathy for its treatment in Indonesia, where it has been found in breach of competition rules because of its major holdings in two supposedly-competing telecoms companies.


    It is likely to have to divest from one of them, even though both had originally been approved by Indonesian authorities. Such is life for the sovereign enterprise of a state offering protection to Indonesian bankers and businessmen who stole billions during the Asian financial crisis, which might have something to do with Indonesia’s current lack of sympathy over the telecoms transactions. And then of course there is that mess in Thailand, where Temasek’s purchase of Shin Corp triggered the downfall of former Prime Minister Thaksin Shinawatra.

    snip

    asiasentinel.com

    and still the fall out goes on .......................

  2. #2
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    NOW, this is a meaty topic. Mods should move this to Issues, where we could really dish the dirt on this monolithic group. Huh?

  3. #3
    Mid
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    ^

    good idea

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    Quote Originally Posted by chinthee
    NOW, this is a meaty topic. Mods should move this to Issues, where we could really dish the dirt on this monolithic group. Huh?
    I can't see what difference it makes. This sub-forum is about financial stuff and so is this thread. Unless someone else moves it, it stays here as far as I'm concerned.

  5. #5
    Mid
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    OK , that's settled then , straight shooting Mr MtD

    lets have the dirt Chin'T ??

  6. #6
    watterinja
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    Dear Mr xxxx

    Thank you for your email.

    Yours sincerely

    Joey Tan
    Corporate Communications

    -----
    xxxx <xxxx> 07/03/2006 09:03 PM
    To: Enquire/-/TH/Temasek Group@TEAMS
    cc:
    Subject: Shin sale - Thailand

    To Managing Director Temasek Holdings,

    I would like to add my support to the open letter submitted by PAD Thailand regarding a request for Temasek to cancel the Shin sale.
    I currently live & work in Thailand. My wife is a Thai national. I am currently studying towards a PhD post-graduate qualification in Bangkok.
    The current sentiments towards Singapore's role in this deal are beginning to turn against Temasek's involvement with a discredited Prime Minister Taksin. The details are listed in detail in PAD's letter.
    I have no affiliation with PAD, & am expressing my concern as a private expatriate living in Thailand.

    Sincerely yours,
    xxx xxxx (xxx xxx xxx)

    -----
    PAD's open letter to Singapore

    March 7, 2006

    Subject: Request for the halt of Shin Corp shares purchase

    Dear Prime Minister Lee Hsien Loong,

    Singapore and Thailand have been good friends for a long time. Singapore's Temasek Holdings Co Ltd has arranged to buy Shin Corp from the Thai Prime Minister's family. This will mean the purchase of businesses which are highly sensitive and will affect the security of Thailand? including a mobile phone service, a satellite, an airline, and a TV channel.
    Many Thai citizens are closely scrutinizing the Prime Minister's behaviour to find evidence that he has violated the Thai Constitution and many other laws, including abuse of his power in order to further his family's multi-billion baht businesses, which include a mobile phone service, satellite, TV channel and airline. Family assets have been illegally hidden, several transfers of shares have involved tax evasion, and most recently, his family businesses have been sold to the Singaporean government's Temasek. The PM has also been interferin g with independent organisations to obstruct and avoid proper investigation. He dissolved the House just before its opening to avoid answering any questions regarding this issue.
    Thus, many citizens and academics believe that the PM has lost the legitimate right to run the country. He should no longer retain power, which he may use to influence the upcoming election.
    The People's Alliance for Democracy, together with Thai citizens and academics, are agreed that the Prime Minister should resign from his post immediately.
    On the basis of the long relationship between our two countries, the People's Alliance for Democracy calls upon the Singaporean government to stop the purchase of Shin Corporation on 9 March 2006. The purchase, if allowed to proceed, will be considered as an attempt to interfere with basic services and businesses that are important for Thailand's security.
    The People's Alliance for Democracy will use every means to stop this purchase, starting with a boycott of every business owned by Shin Corporation.
    Please consider our request. The People's Alliance for Democracy will come back to the Embassy on 9 March 2006 to hear the answer. We hope that our two countries will have the opportunity to continue our good relationship.

    Yours sincerely,

    Mr. Somsak Kosaisuk

    Representative of the People's Alliance for Democracy
    A quote from the past.

  7. #7
    Mid
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    arrogance ? , ignorance ? , negligence ? or a combination of all ?

    obviously very hard to claim they weren't warned , I never followed closely , what if any was the fallout at Temasek management wise ?

  8. #8
    watterinja
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    I understand the PM's wife still leads the company (extended family business).

    I think the problem they have is that they are pretty much land-locked & would like to extend their sphere of influence, & boundaries.

    It is beginning to look like a form of Financial Colonization.

  9. #9
    I am in Jail

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    One of their investment companies was a big financial investor in one of my companies where I was CEO. I'm trying to determine how to tell this story on a public forum. Let me think about it.

    * They have a habit of following, photographing, spying, and knowing every bit of one's life when you get involved with them.

  10. #10
    watterinja
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    ^ Would this be a case of 'undue diligence'?

  11. #11
    The Cat
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    Well, the Thai economy will die far before Temasek has any meaningful problems...

  12. #12
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    I know that Singaporeans have mixed feelings about Themasek, a lot of stupid investment.

    It looks like the women at the top have no clue into what she is buying with the government money

  13. #13
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    Quote Originally Posted by Butterfly View Post
    I know that Singaporeans have mixed feelings about Themasek, a lot of stupid investment.

    It looks like the women at the top have no clue into what she is buying with the government money
    I've spent time with her in person. One of the smartest cookies on the planet.

  14. #14
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    Quote Originally Posted by chinthee
    One of the smartest cookies on the planet.
    smart doesn't mean financial wizard, plenty of smart people lost big

    Enron ?

  15. #15
    watterinja
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    Quote Originally Posted by chinthee View Post
    Quote Originally Posted by Butterfly View Post
    I know that Singaporeans have mixed feelings about Themasek, a lot of stupid investment.

    It looks like the women at the top have no clue into what she is buying with the government money
    I've spent time with her in person. One of the smartest cookies on the planet.
    Actually sounds like a case of 'too smart by half' - Chinese-smart.

    Ironically this often turns out to be disguised arrogance, which is a guise for 'stupidity'. In other words, a 'smart' person may actually be 'stupid', or 'unwise'.

  16. #16
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    Govt failed to curb Temasek 'dominance', says watchdog
    Salim Osman
    Tue, Nov 27, 2007
    The Straits Times

    JAKARTA - INDONESIA'S business competition watchdog is blaming the government for the case against Temasek Holdings.

    It said the government should have exercised its veto rights over top mobile phone operator Indosat to prevent the Singapore company's dominance in the telco.

    The State Enterprises Ministry failed to live up to its promise to control Temasek's 'dominance' when it sold the government's 41.9 per cent stake in Indosat to ST Telemedia (STT) in 2002, Mr Syamsul Maarif, chairman of the judging council of the Business Competition Supervisory Commission (KPPU), told the Jakarta Post in an interview published yesterday.

    'The State Enterprises Ministry assured us back then that there would be no adverse consequences from the sale to STT as the government still held a veto with its A shares, and special voting rights,' he said.

    However, the KPPU's 'constant monitoring' from 2002 to 2006 showed that the government was not exercising any control over Indosat, he said. 'It was this failure which led to the abuse of market position, and ultimately to our decision,' he said.

    The KPPU ruled last Monday that Temasek and its eight linked companies had breached the anti-trust law through cross-ownership in Indosat and Telkomsel, and ordered the companies to sell off stakes in one of the telcos.

    Temasek's stake in Telkomsel is held through SingTel's 35 per cent share in the telco.

    Under the anti-monopoly law, no company is allowed to own two or more companies in the same sector with a market share of more than 50 per cent. Telkomsel and Indosat jointly control more than 80 per cent of the mobile phone market.

    Temasek has denied KPPU's charge that the company, which does not operate in the country, and its eight linked companies belong to a single entity called Temasek Business Group.

    The Jakarta Post quoted State Enterprises Ministry secretary Muhammad Said Didu as saying he was baffled by Mr Syamsul's reasoning.

    Referring to the KPPU man's claim that the government failed to use its power to prevent Indosat from abusing its market position, he said that outside of the shareholders' meeting, it was legally prevented from intervening in the telco's day-to-day operations.

    Meanwhile, state-owned Telkom Indonesia, which has a majority stake in Telkomsel, yesterday denied it had issued a press statement about a purported offer by local telco Bukaka Teknik Utama and Altimo - the telco arm of Russian conglomerate Alfa Group - to buy shares in Telkomsel.

    Altimo's regional director, Mr Soeharto, said the purported press statement was part of a smear campaign against his company. Separately, the drive to buy back Indosat shares gathered momentum yesterday with Hipmi, an association of young entrepreneurs, saying it could raise 20 trillion rupiah (S$3 billion) to buy the Indosat shares from STT.


    asiaone.com

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    Shin Corp 2007 profit falls 72%
    Reuters
    28 Feb 08
    http://www.reuters.com/article/rbssTechMediaTelecomNews...

    Slump due to losses on investments in media, other areas

    Shin Corp, Thailand's largest telecoms group, said yesterday its 2007 net profit slumped 72 per cent due to losses on investments in the media and consumer finance businesses.

    Shin Corp, in which Singapore's Temasek Holdings holds a significant stake through two Thai-registered companies, reported a 960 million baht (S$44.6 million) net profit, down from 3.41 billion baht in 2006.

    Two analysts surveyed by Reuters had forecast a 2007 net profit of 0.4-3.0 billion baht. Kim Eng Securities said it expected Shin Corp to make a net profit of 6.8 billion baht this year.

    The company had a net profit of 730 million baht in the fourth quarter of 2007 compared with a net loss of 1.27 billion baht a year earlier, according to a Reuters calculation.

    Shin Corp, valued at US$2.9 billion on the Thai bourse, comprises more than 20 companies in the wireless, satellite, Internet and media sectors with Advanced Info Service (AIS) contributing more than 80 per cent of profits.

    AIS operates Thailand's largest mobile phone network with about 50 per cent market share and contributed 6.89 billion baht profits in 2007, down 0.7 per cent, Shin Corp said.

    Shin Corp booked a 1.38 billion baht loss from the sale of its consumer finance unit Capital OK and a gain of 407 million baht from selling its stake in budget airline Thai AirAsia, the statement said.

    Shin Corp sold its wholly owned Capital OK in the fourth quarter last year after it sold Thai AirAsia in June in a divestment of non-core assets.

    It also booked a loss of 2.45 billion baht from its media business in 2007 after the government took over the operating licence of its 53 per cent-owned subsidiary, ITV, in March.

    After the earnings announcement, Shin Corp shares were unchanged at 29.75 baht at 0320 GMT, when the overall Thai stock market was up 0.44 per cent.

    singaporedemocrat.org

  18. #18
    Hansum Man! panama hat's Avatar
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    Quote Originally Posted by watterinja View Post
    Quote Originally Posted by chinthee View Post
    Quote Originally Posted by Butterfly View Post
    I know that Singaporeans have mixed feelings about Themasek, a lot of stupid investment.

    It looks like the women at the top have no clue into what she is buying with the government money
    I've spent time with her in person. One of the smartest cookies on the planet.
    Actually sounds like a case of 'too smart by half' - Chinese-smart.

    Ironically this often turns out to be disguised arrogance, which is a guise for 'stupidity'. In other words, a 'smart' person may actually be 'stupid', or 'unwise'.
    Wow, that's quite a mouthful. I guess we can just lump all Chinese into that category. Chinese smart?

    Don't be fooled by the fact that she is baby Lee's wife, she is a very intelligent woman surrounded by high calibre advisors.

    Singapore investments are not for the short-term, the little red dot must ensure the future of their island . . . anyway, the government has the highest budget surplus per capita than almost any other country -and more than any other that has no oil.

    It is so easy to slag them off, but the Temasek deal has bitten them in the arse because of the greed by the local hoods.

    Singaporea's view of these companies is two-fold; the first being that it is unjust that so much power lies in the laps of a few families (who do not enrich themselves on the sly, however, unlike other places) - to the multi-million dollar salaries being drawn - - - especially by the old man himself who then criticises the older generation for not contributing anymore, he does so from his huge office surrounded by staff.

    Ah, so much to write

  19. #19
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    Temasek loses anti-monopoly ruling appeal
    By Wahyudi Soeriaatmadja
    Fri, Sep 12, 2008

    JAKARTA: Indonesia's Supreme Court has rejected an appeal by Temasek Holdings, upholding a ruling that it had violated the country's anti-monopoly laws.

    'Temasek Holdings has lost the appeal,' Supreme Court spokesman Nurhadi told The Straits Times late yesterday.

    He refused to elaborate or give reasons why Temasek's appeal was rejected but said that a press conference would be held today.

    asiaone.com

  20. #20
    Hansum Man! panama hat's Avatar
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    And another nail in the coffin of Indonesia's credibility.

    History or not, the deal was given the green light by the authorities and backtracking now is a sign of the untrustworthy nature of doing business in morass-layered countries.

  21. #21
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    Temasek's investment in Thailand shaken
    5/02/2011

    The Singaporean government's investment arm, Temasek Holdings, is expected to fight any attempts by TOT Plc to seek billions of baht in compensation from Thai telecoms companies in which it has holdings, say observers.


    Finance Minister Korn Chatikavanij wants the Singaporean owners of mobile phone operator AIS to acknowledge it knew about the contract amendments which benefited Shin Corp, AIS and others.

    TOT announced on Tuesday it will seek 214.7 billion baht in compensation from local telecom operators - including AIS, which is owned by Temasek - for unpaid access charges and losses resulting from improper policy changes made by past governments.

    The news, which shook the Thai share market, is likely to cast Temasek's Thai investments under a cloud, said a Post Today writer.

    Investments in the Thai share market by Temasek face a period of uncertainty, he said.

    Temasek Holdings has invested in the telecommunications, energy and hospital sectors here.

    Some believe its willingness to invest in Thailand was tied to the fortunes of former prime minister Thaksin Shinawatra.

    Once Thaksin was toppled from power, Temasek Holdings' investments in Thailand started to look less attractive to the company.

    Now, the findings of a committee appointed under Section 22 of the Joint Public/Private Venture Act 1992 could shake up Temasek's investments still further.

    The committee recommended that state-owned TOT sue Advanced Info Services (AIS), its mobile phone concessionaire, for over 70 billion baht in damages caused by amendments to its concession contract during the time Thaksin was in power.

    Singapore telecoms giant Singtel and Temasek Holdings stand to be affected, as they are the major shareholders in Shin Corp and AIS.

    If TOT sues AIS and wins, AIS may find it hard to survive, as it would have to pay a huge sum in damages.

    Finance Minister Korn Chatikavanij revealed that Singtel executives came to see him earlier last month to discuss the AIS issue.

    Mr Korn said he would treat the Singaporean investors fairly, as Singtel helped develop the communications industry in Thailand.

    However, Mr Korn is prodding Singtel to acknowledge that it knew about the contract amendments which benefited Shin Corp, AIS and others.

    "At that time [Singtel] may have thought that contract amendments would not cause any legal problems.

    "I will take care of this issue in a fair manner, but I ask that [Singtel] not deny knowing about the issue," said Mr Korn.

    When news leaked that the Section 22 committee (a committee set up by the ICT minister under section 22 of the Joint Private/State Venture Act of 1992 to come up with a resolution concerning AIS after the Supreme Court's Criminal Division for Holders of Political Positions last year brought down a judgement in the Shinawatra family's unusual wealth case) would find against AIS, the Thai stock market nose-dived, falling below the 1,000 points barrier.

    Some insiders claimed the selling orders originated from Singapore, and were intended to express displeasure with the Thai government, which investors thought was trying to punish AIS.

    Another rumour surfaced that several hedge funds based in Singapore and Hong Kong began to sell their holdings in companies owned by Temasek Holdings, including Singtel and AIS.

    Prime Minister Abhisit Vejjajiva met Singtel group chief executive Chua Sock Koong on Tuesday.

    Some believe the Singtel CEO carried a letter from Temasek Holdings seeking Mr Abhisit's opinion of foreign investors in the communications industry in Thailand.

    ICT Minister Juti Krairiksh wanted to table the Section 22 committee's conclusion with the cabinet on Tuesday for endorsement.

    Mr Korn asked for more time, as he wants to seek a compromise solution.

    The Finance Ministry said those who were involved in concession contract amendments which damaged TOT should be punished, which means the TOT board chairman and other high-ranking executives could be targeted.

    The Supreme Court's Criminal Division for Holders of Political Positions in February last year confiscated 46.3 billion baht that Thaksin and his former wife, Potjaman na Pombejra, acquired from selling their shares in Shin Corporation to Temasek Holdings.

    The court ruled that Thaksin had abused his power and had become unusually richer while holding the post of prime minister. It also found he abused his authority to benefit Shin Corp.

    Post Today did not believe that Singtel and Temasek Holdings should be punished as they were not directly involved in Thaksin's power abuse.

    The Finance Ministry insisted that TOT, as the concession owner, must be the party which initiates legal proceedings to recover the damages.

    The statutory period for taking action is one year after the Supreme Court handed down its verdict.

    If the ICT Ministry and TOT do not do anything to recover the losses, both could be sued for dereliction of duty.

    The Finance Ministry told the Section 22 committee that other telecom concessionaires including DTAC and True Move should also be sued for damages by CAT Telecom.

    Singtel and Temasek are likely to strongly resist any TOT threat to their investments - whatever they may think of Thailand since Thaksin was ousted from power.

    snip

    bangkokpost.com

  22. #22
    Mid
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    Shin Corporation will pay a dividend of 1.53 baht per share from first-quarter results amid some objections from shareholders to the high amount.

    The payment reflected the group's policy to pay dividends at 100% of net profit, the company said.

    It will be paid on April 27 to shareholders on the register as of April 11.

    Some shareholders at yesterday's annual general meeting complained the high dividend would benefit only major shareholder Temasek Holdings of Singapore.

    Bangkok Post : Shin dividend 'too high'

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