Commerce permanent secretary Karun Kittisataporn said yesterday that the ministry might pass its second investigation into the Bt73.3-billion sale of Shin Corp shares to Temasek Holdings to the police. The ministry's Business Development Department was the first agency to investigate the sale. Although its initial investigation reached a conclusion, Karun has declined to reveal what that conclusion was.

Previously, a high-level ministry source who had been involved in the department's investigation said there were many questions the department had earmarked for the next investigators.

"We have no authority to point out whether Kularb Kaew is a proxy of Temasek Holdings. A final judgement will be made by a court after considering our remarks," said the source, adding that some of Kularb Kaew's financial transactions and sources of capital investment may have breached Thailand's Foreign Business Act.

Karun and other officials will soon decide whether the ministry's second investigative team, led by Deputy Permanent Secretary Yangyong Phuangrach, is still necessary.

"If the ministry finds no reason to continue with Yangyong's investigation, then I have the authority to end the investigation," said Karun. He added that the results of the department's first investigation would be passed on to the police today.

Petchanet Pratruangkrai

The Nation