Backlash for Temasek over ‘Singapore imperialism’
http://news.ft.com/cms/s/3cb817f6-bac5-11da-980d-0000779e2340.html
When Thai protesters recently set alight pictures
of Ho Ching, chief executive of Temasek Holdings,
it was a further indication that the Singapore
state investment company was facing growing
political problems as it expands across Asia.
The burning of images of Ms Ho and her husband
Lee Hsien Loong, the Singapore prime minister,
was part of protests in Bangkok over Temasek’s
$1.9bn (£1.1bn) purchase of Shin Corp from the
family of Thaksin Shinawatra, the Thai prime minister.
Demonstrators are angry that the family used
legal loopholes to pay no tax on the deal.
But the protests also underscored the fact that
Temasek is becoming a target of a nationalist
backlash in Asia, with critics raising questions
about its close links with the Singapore government
and its secretive nature.
It is not the first time that investments by Temasek and
its affiliated companies have been greeted with suspicion.
Temasek has tried to distance itself from the Singapore
government in spite of being 100 per cent owned by the
Finance Ministry. It describes itself as
“an investment company based in Singapore”
whose decisions are based solely on commercial criteria.
It says associated companies act independently of Temasek
in making investment decisions in spite of Temasek
being represented on their boards.
Some critics have seen a political agenda in Temasek’s
investments as Singapore seeks to increase its influence
in the region. Temasek says there is no government
involvement in making deals.
Analysts suggest Temasek could gain greater trust
by becoming more open about its operations.
But Ms Ho and other Temasek executives
have refused to make themselves available for
media interviews, which has given rise to an image of secrecy.
Top Thai mobile firm feels pain of anti-Thaksin boycott
http://www.todayonline.com/articles/108796print.asp
Thailand's top mobile operator, Advanced Info Service (AIS),
has said it was feeling the pain of a boycott called by
opponents of embattled Prime Minister Thaksin Shinawatra.
AIS, the flagship unit of telecoms giant Shin Corp,
which was founded by Thaksin, said subscribers were
cancelling its services because of the company's link
with the premier.
"Some customers cancelled our products. When we
asked them why, they said they were cancelling
because of Thaksin. We accepted their opinions
and we have to be patient," said an AIS official who
declined to be named.
"This political crisis was starting to affect us negatively.
It has affected our morale," she said. She declined to
give the number of cancellations but added the company
would release such figures in May.
Thaksin, under allegations of abuse of power and
corruption, has faced near daily demonstrations
demanding his resignation. Anti-Thaksin groups will
again hold another mass protest in Bangkok on Saturday.
Opponents of Thaksin have also called for a boycott
of companies linked to Thaksin, his friends and
supporters, and Singapore's state-linked investment
firm Temasek, which now owns more than 96 percent
stake in Shin Corp.
Simmering criticism of Thaksin's autocratic style
exploded in late January, when his family earned
1.9 billion dollars by selling its 50 percent stake
in Shin Corp. to Temasek without having to pay tax.
After buying the stake from Thaksin's family,
Temasek launched a mandatory tender offer
and bought an additional 46.91 percent of Shin Corp.
Separately, Temasek made a mandatory tender offer
to buy AIS, which controls over 50 percent of the
Thai cell phone market with 16.3 million users.
________________________________________
Foreign workers in Dubai riot over pay, treatment
Violence shows anger of migrants who are backbone
of nation's growth:
http://www.chron.com/disp/story.mpl/world/3742220.html
.
|
