Thailand says no to Temasek appointee

October 27, 2006
Singapore Democrats

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Bangkok Post
27 Oct 06

Secretary to Crown Prince declines offer to become adviser of Temasek Holdings

M R Tongnoi Tongyai, the private secretary to His Royal Highness Crown Prince Maha Vajiralongkorn, has declined an offer to become an adviser to Temasek Holdings amid ongoing political pressure surrounding the Singapore investment arm’s takeover of Shin Corp last January.

“After due consideration, M R Tongnoi Tongyai and Temasek Holdings wish to announce that both sides have mutually agreed that M.R. Tongnoi will not proceed as a corporate adviser to Temasek’s proposed representative office in Thailand,” Temasek said in a statement yesterday.

M R Tongnoi earlier this month resigned as audit committee chairman of Total Access Communication, the second-largest mobile phone operator after Shin flagship Advanced Info Service, in anticipation of becoming an adviser to Temasek’s new local office and taking a seat on the Shin board.

Temasek’s purchase of a 49% stake in Shin from the family of deposed premier Thaksin Shinawatra for 73.3 billion baht in January touched off widespread protests over alleged conflicts of interest by the twice-elected Thai Rak Thai leader.

Temasek has also come under investigation over the use of nominee companies to allegedly violate the 49% foreign shareholding rule in the Foreign Business Act.