Temasek & Thailand

Post by **sundaymorningstaple** » Mon, 27 Mar 2006 10:24 am

Should Temasek back out of the sale? Do you think that staying will be in the best interests of Asean? Is Temasek a government links/contolled company?

Here is some food for thought. Views?

The Sydney Morning Herald

CardZeus · Post by **CardZeus** » Mon, 27 Mar 2006 10:34 am

Notes one columnist in the Thailand's The Nation newspaper, "Singapore might change Bangkok's Sathorn Road into Orchard Road and declare it a bubble-gum-free zone".

tiki · Post by **tiki** » Mon, 27 Mar 2006 10:35 am

sundaymorningstaple wrote:Should Temasek back out of the sale? Do you think that staying will be in the best interests of Asean? Is Temasek a government links/contolled company?

Here is some food for thought. Views?

The Sydney Morning Herald

Temasek is probably the biggest corporation in Singapore.

I reckon backing out of the Thailand deal would result, as discussed voraciously on another thread....

..in a lost of 'face'.

Is it govt linked? Is it govt controlled?

You're wise to that mate

Post by **sundaymorningstaple** » Mon, 27 Mar 2006 11:14 am

From a historical perspective, I was here during the '97 financial meltdown that was also started in Thailand and crippled all of Asean for 4 years until 2000. The current baht is undergoing similar tremors again due to the magnitude of the current crisis there. Could it happen again?

What is more worrisome is the fact that while another meltdown is highly possible, Singapore seems to only be worried that they will be found out. Wouldn't their loss of face be greater if they don't pull out and precipitate another asian recession? It's not like asean has their head in the sand on this one everybody already knows the answer regardless of the local spin doctors.

dot dot dot · Post by **dot dot dot** » Mon, 27 Mar 2006 11:18 am

Trust Temasek for having all information needed for making the choices they make. A risk analysis including factors as a foreseeable crisis will be part of that, 100% sure.

It is an interesting topic though, this whole exercise going on in Thailand, especially with mr. Thaksin being involved in this as well.

Eric

mayaray · Post by **mayaray** » Mon, 27 Mar 2006 11:25 am

They should back out of it, for the simple reason, if another similar corporation from another country were to buy over a company similar to Shincorp in Singapore, there would be the same protests coming from Singaporeans and the government over similar reasons. (sensitive information etc etc)

But I am VERY sure they will not back out of it.

Post by **sundaymorningstaple** » Mon, 27 Mar 2006 11:32 am

Agreed Eric,

But I wonder just how good their analysts actually are. Are their soothsayers so caught up in their ivory tower that they don't see the foundations are no longer quite as stable as they were.

Some more from Eric Ellis

Okay, I'll have to admit, this guy is a journalist who writes for readership and bylines but usually where there is smoke there is something to investigate.

dot dot dot · Post by **dot dot dot** » Mon, 27 Mar 2006 11:37 am

Agree with you Sms, there is fire here.

But with masterminds like Thaksin and Temasek you need damn good journalists to tackle them....

This is all about big bugs and they will do all they can to make this happen.

No doubt PM Lee and Lee sr. are havin' intense discussions on their respective handphones here with Thaksin (wonder if they all talk Hokkien)...

If this comes out to be a scandal, Singapore itself is in deep deep sh*t I guess...

teabag · Post by **teabag** » Mon, 27 Mar 2006 11:39 am

mayaray wrote:They should back out of it, for the simple reason, if another similar corporation from another country were to buy over a company similar to Shincorp in Singapore, there would be the same protests coming from Singaporeans and the government over similar reasons. (sensitive information etc etc)

But I am VERY sure they will not back out of it.

That's never going to happen.
Temasek (The Government) have clutches in all such companies.

Wham · Post by **Wham** » Mon, 27 Mar 2006 12:42 pm

I was up in BKK and then Phuket afterwards for the last 5 days. Something really is amiss and i don't see any easy way out. What makes matters worse on this is that if the King does step in, it undermines the continued development of the Thai Democracy - nevertheless, that is what i think is needed - a strong hand (the King) to step in and rebuke Thaskin for getting too greedy and forcing the country (as well as singapore) to lose face as a result. Unfortunately, Thaskin does have a majority of support, so this would have to be done in an extremely delicate self sacraficial way. Demands a big man to stand up, apologize to the nation and then beg them not to have more protests in his favor.

tiki · Post by **tiki** » Mon, 27 Mar 2006 1:33 pm

Eric from the Netherlands wrote:Agree with you Sms, there is fire here.

But with masterminds like Thaksin and Temasek you need damn good journalists to tackle them....

This is all about big bugs and they will do all they can to make this happen.

No doubt PM Lee and Lee sr. are havin' intense discussions on their respective handphones here with Thaksin (wonder if they all talk Hokkien)...

If this comes out to be a scandal, Singapore itself is in deep deep sh*t I guess...

..and brilliant legal counsels, if I may add.

tiki · Post by **tiki** » Mon, 27 Mar 2006 1:35 pm

sundaymorningstaple wrote:Agreed Eric,

But I wonder just how good their analysts actually are. Are their soothsayers so caught up in their ivory tower that they don't see the foundations are no longer quite as stable as they were.

Some more from Eric Ellis

Okay, I'll have to admit, this guy is a journalist who writes for readership and bylines but usually where there is smoke there is something to investigate.

..perhaps being locked up in ivory towers and pockets lined with gold, the 'vision' becomes somewhat blurred.

Post by **sundaymorningstaple** » Wed, 29 Mar 2006 8:31 pm

Update - Interesting related read

Email gaffe highlights Temasek's image sensitivities

SINGAPORE, March 29 (Reuters) - Reporters rarely get a glimpse behind the scenes at Singapore's notoriously secretive state investor Temasek Holdings [TEM.UL].
But the company accidentally revealed more than it intended this week when it emailed an internal document to journalists that set out how Temasek officials should reply to tough questions from the press.
"We are trying to find out what happened," said Temasek spokeswoman Eva Ho in an email to Reuters on Wednesday.
The briefing document, received by Reuters and other news media, covers 59 potential questions ranging from the firm's government ownership and potential conflicts of interest to its motivation for buying banks and telecoms companies overseas.
While it is standard practice around the world for company officials to be briefed by "spin doctors" on how to handle the media, the document shows which areas Temasek considers particularly sensitive.
The 13-page briefing spells out what to say when the media ask whether the appointment of Temasek CEO Ho Ching -- the wife of the prime minister -- was "politically motivated" and whether there are conflicts of interest because Lee also heads the Ministry of Finance, which owns Temasek.
"We are not here to discuss politics since we are not politicians or a political organization. Our CEO is accountable to the board of directors, who is headed by an independent chairman just like any other commercial organisation," is Temasek's official response.

SNAPPED UP
Temasek's chairman, S. Dhanabalan, is a former cabinet minister who entered politics in 1976 and who held several cabinet positions between 1980 and 1993 including Minister for Foreign Affairs, and Minister for Trade and Industry.
He was also chairman of DBS Group Holdings <DBSM.SI> , Singapore's biggest bank, which is partly owned by Temasek.
Temasek, which has been snapping up stakes in banks and telecom companies in Asia, already has major holdings in Singapore's blue-chip companies such as Singapore Airlines <SIAL.SI> and telecoms firm SingTel <STEL.SI>, whose CEO is the Prime Minister's brother.
The document, which mainly covers Temasek's purchase this week of an 11.55 percent stake worth $4 billion in emerging markets bank Standard Chartered <STAN.L>, shows how sensitive Temasek is about its image at home and abroad, as well as its relationship with Singapore's government.
"The Singapore government, as a shareholder, is not involved in our investment decisions and business operations, much less in the businesses of our portfolio companies," is the official reply to questions about the government's involvement in business.
Temasek has helped spark a political crisis in Thailand and attracted hostility when it led a consortium that paid $3.8 billion for Thai Prime Minister Thaksin Shinawatra's Shin Corp. <SHIN.BK>.
"Our investment in Shin Corp reflected our confidence in Thailand's long-term growth," is the answer to two different questions -- question 46, on the Shin takeover, and question 47, which reads: "Now with Standard Chartered, you are seen as taking over Thailand's financial services as well. Isn't this politically motivated?".
One stock reply in the document sounded all too familiar to reporters covering the firm. In case of a news leak about the StanChart deal before the signing of the deal, Temasek spokespeople are instructed to say: "We do not comment on market speculations."

Wham · Post by **Wham** » Wed, 29 Mar 2006 8:44 pm

So who DOES own Temasek? Is it essentially a pension fund for the people? Or is there a more sinister answer?

dot dot dot · Post by **dot dot dot** » Wed, 29 Mar 2006 8:49 pm

Wham wrote:So who DOES own Temasek? Is it essentially a pension fund for the people? Or is there a more sinister answer?

I am sure, somewhere you'd find a name "Lee"....

Eric

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