Ministry to wrap up Cedar, Kularb Kaew probe this week
The Commerce Ministry is expected to finish this week its examination of ownership-related documents of Cedar Holdings and Kularb Kaew as part of its probe into whether both were nominees of Singapore's Temasek Holdings.
Orajit Singkalavanich, director-general of the ministry's Business Development Department, said yesterday the department would probably need two or three days to review the documents forwarded to it by the two companies on Monday.If the documents are incomplete, it would ask the companies' executives to submit more information in person, said Orajit. A department source said the department would ask for help from commercial banks that were not linked to the Shin-Temasek deal. "It's because there's a heap of papers, and it's a complicated case," said the source. Temasek, through subsidiaries Cedar and Aspen, acquired 49.6 per cent of Shin Corp Plc from the Shinawatra and Damapong families in January. After making a public tender offer, Cedar holds 51.98 per cent of Shin and Aspen 44.14 per cent. The Shin-Temasek deal prompted scholars and activists to ask if a nominee was involved to help Temasek take over Shin smoothly and still comply with the law. The final investigative report will be submitted to Commerce Minister Somkid Jatusripitak. Orajit said the department would also scrutinise the source of the money used by Surin Upatkoon to take a majority position in Kularb Kaew, a shareholder of Cedar. The wealthy Thai businessman acquired 68 per cent of Kularb Kaew this month, diluting Cypress Holdings' stake in Kularb Kaew to 27.75 per cent, from 49 per cent before, and the combined stake of Pong Sarasin and Suphadej Poonpipat to 4.25 per cent, from 50 per cent previously. Kularb Kaew owns 43.16 per cent of Cedar, while Cypress Holdings holds 46.55 per cent and Siam Commercial Bank 5.2 per cent. - The Nation
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