Ammar urges an end to Singapore-bashing
Respected economist Ammar Siamwalla has urged anti-Thaksin protesters to "come to their senses" about launching a boycott of Singaporean investment in Thailand, saying that "prejudice" could harm the economy.
Ammar, the honorary adviser to the Thailand Research Development Institute, said on the sidelines of a seminar yesterday that the protesters should be clear about whether it is Prime Minister Thaksin Shinawatra they are against, or foreign investment."They should instead focus on whether the [Shin Corp] share sell-off has breached any Thai laws [and not on foreign investment in general]," he said. The comment followed protests against Singaporean investment in Thailand that started on Thursday with the destruction of SIM cards of Advanced Info Service, a cash-cow subsidiary of Shin Corp, which was acquired by Singapore's Temasek Holdings. The protesters have urged the Singaporean government to have Temasek withdraw the deal or Singapore could face more serious boycotts. The boycotts have brought alarm to the business community, as the pro-democracy alliance has named a number of companies as targets. Several companies have issued statements denying that they have significant Singaporean shareholders, including Sathorn Park Co Ltd , which owns the Sukhothai Hotel. "As Bangkok's only stand-alone five-star hotel, which strives continually to promote Thailand's heritage and culture, we are justifiably angry and deeply offended by the misinformation," said George Benney, general manager of the hotel. "I urge you to verify the validity of the list as it appears many innocent companies have suffered because of it. It is a sad day indeed when innocent companies become pawns in a political stalemate," he added. Bank of Thailand Governor MR Pridiyathorn Devakula also said late on Thursday that the anti-Singapore sentiment was unjustified. "Why do we oppose the deal? It's good that a lot of money is flowing into the country," he said. A movement to oust Prime Minister Thaksin Shinawatra swelled in January after his family sold its 49.6-per-cent stake in Shin Corp to the Singapore government-owned investment company, netting Bt73.3 billion. Critics allege the sale involved insider trading and tax dodges, and complain that key national assets - such as the country's communications satellites - are now in the hands of a foreign government. The tender offer for outstanding Shin Corp stock ended on Thursday, and payment will be made on Tuesday. The baht gained sharply against the US dollar in January due partly to the capital inflow from the Thaksin family's sale of its stake in Shin. Before the end of the tender offer, the unit spiked up to above the $/Bt39 level. Yesterday, the dollar ended at Bt39.065, down from Bt39.10 at the Asian close on Thursday. The Nation
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