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[Sexpat]

I wonder if Singapore will regret ever getting involved with Thaksin Shinawatra:

"Singapore state investment firm Temasek Holdings stands to lose more than Bt20 billion if it were to sell off its controversial majority holding in Shin Corp, financial experts believe.

Brokerage analysts said Temasek, which controls about 96 per cent of Shin Corp, might have to sell up to 47 per cent of the company, or 1.5 billion shares, to resolve the foreign ownership dispute.Thai law restricts foreign interests in Thai firms to below 50 per cent, so Temasek must reduce its holding by 47 per cent to meet the 49 per cent limit.

The 47 per cent stake in Shin Corp is now worth a market price of Bt52.32 billion, compared with Bt74.14 billion in January this year - a loss for Temasek of more than Bt20 billion.

On Monday, Temasek issued a statement to clarify its willingness to reduce its holding in Shin Corp at an appropriate time to ensure an orderly market. However, it has not yet addressed the question of whether it breached Thai law by allegedly relying on nominees to take over Shin Corp....

...Last month, the ministry concluded its investigation, finding that Kularb Kaew was a nominee of Temasek Holdings. The case was handed over to Tung-Mahamek police station. In the primary investigation, the department found it likely Kularb Kaew was in breach of the kingdom's Foreign Business Act."

http://www.nationmultimedia.com/2006/10/18...es_30016475.php