The latest edition of Newsweek International, published online, reported Jimmy Phoon, Temasek's managing director for strategic development, as saying the company was unaware the Shinawatra family would pay no taxes on its Bt73.3-billion sale of Shin Corp.

"Our advisers were advising us on our side. From our perspective, we've complied with all the laws and regulations in Thailand, and that's really what our advisers advised us about," he added.

Phoon also said Temasek made full payment of the transaction through the Stock Exchange of Thailand. "The money was paid in Thailand, and there isn't any buyback-arrangement plan whatsoever," he said. Phoon also said Temasek's buy-out of Shin was made purely on commercial grounds, without taking into account which government was in power.

The Shin shares were transferred from offshore accounts through complicated transactions before they were executed via the stock market.

As for allegations that Temasek had circumvented Thai ownership law by relying on Kularb Kaew as its nominee to buy into Shin, Phoon said Temasek had not yet been notified by the Thai Commerce Ministry.

"We've complied with all the laws and regulations, and we will continue to cooperate fully with the authorities. We are confident that the outcome of the review by the Ministry of Commerce will be satisfactory, as we complied with all laws," he said.