Billions at stake, so Shin saga a national concern

TEMASEK'S purchase of Shin Corp has caught the world's attention. As has been reported in all major newspapers, Shin Corp's profit dropped by 60 per cent last year and the Thai government said on Tuesday that it would take over the nation's only private television broadcaster if it fails to meet a deadline next week to pay US$2.8 billion (S$4.3 billion) in fines and overdue fees.

The battle over iTV marks the latest move by the military-backed government against companies controlled by Shin Corp, the telecom giant founded by deposed prime minister Thaksin Shinawatra. As it now stands, Shin Corp has lost 45 per cent of its value, compared to the price Temasek paid for its takeover last year.

The Singapore Government has said repeatedly that it is a commercial transaction between Temasek and Shin Corp. But is it? If the Thai government revoked the concessions of iTV, AIS or Shin Satellite, Temasek could end up with absolutely nothing at the end of the day.

In other words, billions of dollars of our national reserves would just disappear into thin air. When you are talking about billions of dollars, is it not a matter of national concern?

I can accept that PAP MPs may be restrained from asking some tough questions because of political correctness or the Whip, but even the opposition MPs are not asking the right questions.



Patrick Tan Siong Kuan