Tuesday, October 03, 2006

Temasek: Everything is fine at Shin Corp!

"Temasek's investment in Shin Corp was not
predicated on who was prime minister and
who formed the government. Shin Corp
continues to be a good investment"
- Jimmy Phoon, Temasek's Snr Managing Director,
Straits Times 29 Sep 2006

According to Saturday's Straits Times, everything is fine. Temasek has complied with the law and this is a good long term investment. It is not predicated on who is prime minister, meaning if they had to do it over again with the benefit of hindsight, Temasek would still do the same thing. ...there is no need to compile any lessons learned. They have learned alot under the leadership of Ho Ching. No Thai laws are broken and Temasek did not use illegal proxies in its purchase of Shin Corp. With people of the highest integrity taking care of Singaporeans' money, we simply don't have anything to worry about.

Yes, I was so reassured after reading the Straits Times on Saturday, I slept very soundly knowing that the Singaporeans' money is safe. The next day, I bought a copy of The Edge. It has an interesting picture of the shareholding of Shin Corp. Yes indeed, Temasek does not control it despite paying $5.9B (now worth $3.8B). A certain Mr. Lau together with Siam Bank has control over Shin Corp. Mr. Lau? Yes, he paid $70M and together with Siam Commercial Bank controls 52% of Shin. Now who is Mr. Lau? He is a Malaysia based Thai who is linked to former Malaysian Finance Minister Diam.

Since Temasek complied with all the Thai laws and regulations which allows foreign companies to own a maximum of 49%...and Temasek has said it doesn't use proxies to illegally buy and control Shin. Singapore taxpayers don't own or control Shin Corp at all after paying $5.9B, it is this Malaysia based businessman Lau & Siam Commercial Bank that controls it. Temasek must have done it due diligence to have Shin under the control of someone else.

See how smart the people in Temasek are and how much care they put into managing your money. Singaporeans are so lucky to have Temasek Holdings take care of their money and putting taxpayers' money into all sorts of long term investments. My uncle is also a good investor everytime he buys a stock that goes down sharply in value, he tells us it is for the long term.....I never thought of him as Temasek Holding material, but I think he can apply.

There is no need for more transparency in Temasek Holding. With the Straits Times explaining to us how every Temasek investment is a winning one, we can sleep tight and sleep well. Why trouble yourself with the personalities like Mr. Lau etc. Please read the Straits Times article thoroughly, you can only conclude it is a good investment.


Anonymous said...

depreciated $2b within months..... however, it is for long term investment so.....ha ha....

Anonymous said...

you think you can rile the garmen to account for 'unwise' decisions? if they are so easily bowled over, they wld not have stayed in power for so long.
gotta give honor where honor is due and credit the downpayment for another time.
you are not only lucky but ought to be very jealous of such capable people.lol.

Anonymous said...

"Temasek has complied will all the laws"...

How come become police case in Thailand? ...The Thai investigators has handed the case to Thai police. Evidence is Lau + gang are ILLEGAL proxies.

Finish liao.

Sure Die One said...

From the ownership structure of Shin Corp, it is obvious that Temasek own 76.64% of Shin Corp through direct and indirect holding. So is this compliance to Thai law?

Anonymous said...

Mentor could be learning sth from his protege. does anybody knows if he shipped out many suitcases when he left for France recently?

Anonymous said...

You are really too much, writing such an informative article about our highly talented managed temasek where the smartest and ablest in education feed.

Anonymous said...

You are really too much, writing such an informative article about our highly talented managed temasek where the smartest and ablest in education feed.

Anonymous said...

""gotta give honor where honor is due and credit the downpayment for another time.""""

honor??? what the s*it are you talking about? what's so honorable about getting into this financial mess? even jack welch would get sacked for what is happening...use you brain friend...

Anonymous said...

What you want? Pay what and you get what lah. If you want better things, you'll have to pay more so that you can get the best. Applying this logic, we should spend more money to hire better foreign talents to manage our nation's assets. This should rectify the problem at hand.

Blueheeler - the dog that sniffs out fishy news said...

If only the late ex-President Ong Teng Cheong is still around, he would use his presidential powers to demand the attorney-general to investigate fully. I know that PA P gave him a hard time, but at least there was someone senior to stir the shit at all the right places...

LuckySingaporean said...


Hey you got nice blog. Which I find far more interesting than xiaxue's profound holographic thoughts.

I gather from your blog, that you're a Singaporean based in Malaysia?...Working or business?

Anonymous said...

dont complain since you embrace capitalism and globalisation because, corruption comes with the territory. and i dont think anyone out there can do any better in the same game.but on the brighter side, arbitration monies are rolling in. we are so lucky to have a bright future ahead.

Anonymous said...

excuse me...lately there seems to be a slew of good news coming fast. but the key performing index to watch now is the high ticket items such as local assets?
have they divided the interests of the citizens? there is now a great gulf in home prices. the lower end homes,which include hdb homes, have not been lifted up from their losses since the mid 90s. there are many homes - islandwide - still suffering from a 30 to 40 % loss of their original value. whereas the high end homes of the rich are laughing to the banks., hmm... all that positive economic news propagated seem not to align with the value of homes. people are DESPERATELY selling at a major loss islandwide!!!rather strange?

Anonymous said...

interestingly...the propaganda machine is contradicking thenselfs big time in the papers today. front page says up...somehwere in the middur it says falling?. it looks like they are caugth in a dilenma. apparently a booming market is squeezing their valued foreign talents crucial for further money makiing. so boom is bad. but no boom also bad because... why would foreign money buy into our homes then? because, no one, not even stupid locals will put money in losing asset. so if dun buy also bad. now comes the expansion to correct the rising problem. swell!..that means, also an expansionary problem created for the future which i rather not speculate further... but judging from the last ten years...this first world city pale miserably in comparison to many other lesser cities where it matters for the stakeholders....the homes on state land is an expression of confidence. its instability is highly questionable of the state of our economy and future. but hey...trust that they will solve it like they solve our traffic problems by twitching the coes and erp.we are oh so lucky one.

itching ears said...

the city is getting more and more foreign dependent.. what it means is that, your values and identity will be moulded by them more and more. and this is because our livelihood can come and go just like our global hip hopping foreign talents..as well ass local hip hippong talents. hmm..for multimillion dollars leaders of this particular city, they sure know how to make us feel very secure hor. i am so lucky that our values and identity are defined by global trotters.lol.

Blueheeler - the dog that sniffs out fishy news said...

1st things 1st: You insult me by comparing my blog to Xiaxue! Pui-pui-pui!!! Hahaha. I am not a cyber whore....
Thanks for visiting my humble blog. I'm S'porean working in Sarawak for a while. I enjoy poking holes in govt spin-doctoring on both sides of the causeway... I enjoy your blog too!

Anonymous said...

who says it's fine ?

freemason said...

I'm so glad there is the erstwhile Temesak Corp to take care of all singaporean's money. yup all my $700 of it, is in safe hands. I'm sure with their high flying qualifications, they can recvoer back watever billions of losses... its peanuts ! Lying here at night I'm sure all the well paid millionaires up there will have care & concern over this singaporean's money , yup all $700 of it. I lie safe & assured that its enough to buy my coffin....

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