Temasek, Singapore boycott to proceed
A boycott of services and products of Temasek Holdings and Singapore firms in Thailand will proceed as planned as the Singaporean government failed to respond positively to the call for Temasek's pullout from its deal with Shin Corp, said consumer activist Rosana Tositrakul. Ms Rosana, secretary-general of the Thai Health Holistic Foundation, was among anti-government protest leaders who met officials inside the Singapore embassy yesterday to hear the Singaporean government's response to their demand.
On Wednesday, a group of protest leaders submitted a letter to the embassy demanding Singapore order Temasek to pull out of the controversial 73-billion-baht purchase of Shin Corp shares.
However, they were told yesterday that Singaporean companies doing business in Thailand need to abide by Thai law.
In a two-paragraph statement to the People's Alliance for Democracy, it said: ''The Shin Corp-Temasek deal is a private sector deal, done purely on a commercial basis. It is not a government to government deal. The Singapore government does not interfere in the business and operations of Temasek Holdings.
''Temasek Holdings' board and management make their own investment decisions. The Singapore government is not involved. Singapore companies doing business in Thailand are required to observe the laws of Thailand.''
The protest leaders expressed disappointment and urged the city state to review its stance or face public pressure.
Ms Rosana said the protest group told the embassy officials that exploiting legal loopholes to invest in other countries was tantamount to colonialism.
She said that the protest did not aim at instilling hatred between Thai and Singaporean people but to tell the public in both countries that there were ''intentional irregularities'' in the deal and the governments involved could not deny their responsibility.
Some 1,500 demonstrators wearing yellow T-shirts bearing the slogan ''We Love the King'', waving national flags and anti-Thaksin and anti-Temasek banners marched from King Vajiravudh (Rama VI) statue near Lumpini Park to the Singapore embassy on Sathorn road yesterday.
About 200 police officers guarded the embassy during the three-hour gathering organised by the PAD.
Temasek officials in Singapore told the Straits Times that the firm is going ahead with the purchase of a controlling interest in Shin despite threats of a boycott of Singapore products if the deal proceeds.
Yesterday was the last day of the official tender offer. Under Thai law, Temasek must make a mandatory tender offer for the remaining 51% stake in Shin Corp at 49.25 baht per share, the same price paid to the Shinawatras and Damapongs.
To circumvent laws limiting the foreign holding in Thai telecoms companies to 49%, Temasek has set up two Thai-incorporated companies _ Aspen Holdings and Cedar Holdings as the investors _ so that upon completion of the transaction Shin Corp would remain a majority Thai-owned firm.
Dej Pumkacha, adviser of the NGOs Coordinating Committee, said the statement implied Singapore acknowledged the Thai leadership's dishonest behaviour.
He said the two countries' leaders have very close ties and there were dubious conflicts of interest also since Singaporean Prime Minister Lee Hsien Loong's wife was president of Temasek while Shin was owned by the Thai prime minister's family.
On Wednesday, a group of protest leaders submitted a letter to the embassy demanding Singapore order Temasek to pull out of the controversial 73-billion-baht purchase of Shin Corp shares.
However, they were told yesterday that Singaporean companies doing business in Thailand need to abide by Thai law.
In a two-paragraph statement to the People's Alliance for Democracy, it said: ''The Shin Corp-Temasek deal is a private sector deal, done purely on a commercial basis. It is not a government to government deal. The Singapore government does not interfere in the business and operations of Temasek Holdings.
''Temasek Holdings' board and management make their own investment decisions. The Singapore government is not involved. Singapore companies doing business in Thailand are required to observe the laws of Thailand.''
The protest leaders expressed disappointment and urged the city state to review its stance or face public pressure.
Ms Rosana said the protest group told the embassy officials that exploiting legal loopholes to invest in other countries was tantamount to colonialism.
She said that the protest did not aim at instilling hatred between Thai and Singaporean people but to tell the public in both countries that there were ''intentional irregularities'' in the deal and the governments involved could not deny their responsibility.
Some 1,500 demonstrators wearing yellow T-shirts bearing the slogan ''We Love the King'', waving national flags and anti-Thaksin and anti-Temasek banners marched from King Vajiravudh (Rama VI) statue near Lumpini Park to the Singapore embassy on Sathorn road yesterday.
About 200 police officers guarded the embassy during the three-hour gathering organised by the PAD.
Temasek officials in Singapore told the Straits Times that the firm is going ahead with the purchase of a controlling interest in Shin despite threats of a boycott of Singapore products if the deal proceeds.
Yesterday was the last day of the official tender offer. Under Thai law, Temasek must make a mandatory tender offer for the remaining 51% stake in Shin Corp at 49.25 baht per share, the same price paid to the Shinawatras and Damapongs.
To circumvent laws limiting the foreign holding in Thai telecoms companies to 49%, Temasek has set up two Thai-incorporated companies _ Aspen Holdings and Cedar Holdings as the investors _ so that upon completion of the transaction Shin Corp would remain a majority Thai-owned firm.
Dej Pumkacha, adviser of the NGOs Coordinating Committee, said the statement implied Singapore acknowledged the Thai leadership's dishonest behaviour.
He said the two countries' leaders have very close ties and there were dubious conflicts of interest also since Singaporean Prime Minister Lee Hsien Loong's wife was president of Temasek while Shin was owned by the Thai prime minister's family.
posted by Boycott Singapore at 7:08 PM
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