Two firms at centre of Shin row meet document deadline
Documents that may settle the dispute over the status of two firms at the centre of the controversial sale of Shin Corp to Temasek Holdings of Singapore are now in the hands of officials at the Commerce Ministry.
Executives from Kularb Kaew Co Ltd and Cedar Holdings submitted ownership-related documents to the Commerce Ministry shortly before the 4.30pm deadline yesterday, said Orajit Sighkalvanich, director-general of the Business Development Department.If the department found the documents incomplete, it would ask the companies' executives to submit more information in person, Orajit said. Officials would immediately begin examining the documents to determine whether the two companies were nominees of Temasek. Opposition MPs have charged that the two companies are merely Temasek nominees. They said that though Thais held a majority of shares in each company, the Thai shareholders did not have voting rights commensurate with the size of their stakes. If the companies were found to be nominees, they would be in breach of laws governing foreign businesses. In Thailand, foreign entities must obtain a business licence from the Commerce Ministry before investing here and must submit a three-year investment plan, among other requirements. Petchanet Pratruangkrai The Nation
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