Please allow me to decipher the letter from Temasek's senior managing director for investments, as follows:

Per his letter, Temasek is the main substantial owner of almost all of the shares of Shin Corp; ie, a self-admission that Shin is owned almost in total by a Singaporean corporation called Temasek.

But under the public record, as ascertainable from the Stock Exchange of Thailand website, Shin is registered as owned by two Thai companies called Cedar Holdings Ltd and Aspen Holdings Ltd, together holding 96 per cent of the Shin shares.

As we all know, these two companies are currently under investigation by the Thai authorities in regard to their Thai-majority status and whether they have been acting as Thai shareholders for Temasek. If they are nominees for foreigners, then they are in breach of many licensing conditions as granted to Shin companies in which the licensees have to be a majority Thai-owned company.

Temasek is in a jam and now prepared to reduce the holdings by the two "Thai" companies to a level, presumably, of 49 per cent "at the appropriate time and in an appropriate manner to maintain an orderly market". The meaning is: "Please don't rush us to reduce ownership now, since we bought them at Bt49.25 per share, while the current price is Bt34 per share. Please allow us time to incur the least loss."

Temasek is "a responsible investor", meaning: "We took a chance when an amenable ruler was in power, and we lost."

Spade

Bangkok

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Temasek is also a victim and deserves our assistance

Re: "Temasek vows to cut down stake", News, October 17.

Many thanks to The Nation for shedding light on the Temasek buy-out of Shin Corp. There are so many aspects to an incident of this magnitude, and I would like to offer one.

The way I see it, Thaksin is a highly capable salesperson. He had many of us Thais believing that Christmas comes round once a month. He told a very good story to Temasek, and they bought it hook, line and sinker. Temasek is now left holding the baby. The condition of the baby is another story.

But for us Thais, what is the right thing to do? As it turned out, Temasek was taken for a ride by a Thai. Do we rub salt in Temasek's injury by hounding them regarding nominees, which will eventually explode in our own faces? Or do we show a bit of empathy and assist Temasek in solving this problem equitably, to demonstrate some of us still believe in fair play?

Time will tell whether buying Shin Corp at Bt49.25 per share was a good bet or not. The mobile-phone market is very competitive. iTV is not a profitable entity. Shin Satellite has more than 75-per-cent unused capacity. Low-cost air travel is also a competitive market. Capital OK is losing money because of defaults. The worst part is the Shin Corp investment has become illiquid.

Whatever we do, we should not rub salt in Temasek's injury. Just leave them alone. If they want to sell, find buyers for them. Just make sure it's not Ample Rich.

One more thing, about the concerns about Singaporeans eavesdropping on us: after this Shin Corp deal, they probably don't ever want to listen to any more Thai stories, ever again!

Coldcrab

Bangkok

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Judgement on Foreign Ministry was made in haste

Re: "Impacts of the coup on Thai diplomacy", Opinion, October 16.

Commentaries by Kavi Chongkittavorn have always struck me with interesting viewpoints and arguments on foreign affairs from a journalistic and analytical perspective. His recent piece on Monday is no exception. However, his underlying supposition and eventual conclusion to the effect that there will not be much in foreign policy under the current government seems a bit too hasty.

When meeting the press on October 11, Foreign Minister Nitya Pibulsonggram outlined the overall picture of what the ministry would have as its approach in the conduct of foreign policy. To conclude then and there that the minister had "readily admitted that there is not much the ministry can do" is unwarrantedly mistaken and logically unfounded.

As he emphasised, one of the major issues that will be on the agenda for the Foreign Ministry and this government is promoting confidence in and a better understanding of the country. We will try to convey to our friends, near and far, what has happened, where Thailand stands today and whether Thailand will continue to adhere to all of the principles in the conduct of domestic and foreign affairs that people may have come to expect of us.

Clearly, there is no shying away from it or need to conceal it; for what has happened, happened. While not forgetting "specific syndromes", as so described by Kavi, one must also move on and look forward. Hence, rather than passing judgement, critics of Thai diplomacy are asked to follow along as this administration has proceeded with discharging its responsibilities. The direction that the government is heading and the groundwork it will be able to achieve will be made clear through deeds and through actions, hopefully in the shortest possible period of time. Likewise, the efficacy of foreign policy will ultimately be proven through deeds.

Kitti Wasinondh

Director-general, Information Department

Foreign Ministry

Bangkok

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Ousted Thaksin is certainly no Muhammad Yunus

Re: "Nobel Peace Prize winner had same idea as Thaksin", Letters, October 15.

The comparison of Thaksin Shinawatra with Nobel Prize winner Muhammad Yunus is surely a ludicrous one. And that someone might hold this opinion seems to add weight to the government's decision not to allow the deposed PM to return to Thailand at this juncture, as misinformation such as this could easily be used to whip up the support of his rabid followers.

Former PM Thaksin was a master at using such instruments as the Village Fund scheme to make it appear he was a bold and innovative leader who cared about the poor, when just the opposite was true. While the Village Fund may have provided some benefit to a few villages, the money from the loans to rural individuals was frequently just given to local businessmen to invest in their manufacturing companies (often located in Bangkok). In return, the people who obtained the loans earned a little interest from the businessman they gave the money to, but the villages benefited not at all. In other instances, the Village Fund money was simply used by the loan applicant to purchase unnecessary luxuries.

Of course, this kind of corruption of the scheme would have never have happened if Thaksin's government had followed up on these loans, making sure the money was being used as intended. But that would have defeated the scheme's primary function as a propaganda tool to help win the rural vote.

David Tapila

Sakon Nakhon

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Keep toppled PM out of the Kingdom for a while longer

What does the former PM want to come back for? To pack another 62 suitcases full of cash and jewellery to take back to London a week later? Or perhaps he wants to unload some of his mega-real-estate portfolio, in order to transfer more billions of baht overseas. Letting him and his family back would only cause problems for the Thai populace.

Ken Albertsen

Chiang Rai

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New govt acting responsibly in regard to flood crisis

Is it not time that the people who complained about the previous government gave the new government a chance? This week, I have seen a group of people that care not about how much money they can gain, but about how they can help the people. The help is for everyone: Thai, Chinese, farang, Malay or Lao. Religion makes no difference either - you can be Buddhist, Muslim, Hindu, Christian, whatever.

The flood in my area started last week. Since then, the military has provided vehicles to transport people to the main road, the government has provided sandbags, and if you are old, the military will deliver and fill the bags and put them in place. HRH Princess Maha Chakri Sirindhorn has handed out medical packages to take care of everyone. The local administration has just delivered to me 5 kilos of rice, 1 litre of sunflower oil and a litre of fish sauce. When I told them there was no problem, they said, "We are here to help."

There has not been any killing, rapes, shooting at police or soldiers, looting of stores or burning of buildings. Thailand is not New Orleans. In Thailand, the local government takes care of the people, not like in Louisiana. The new PM is a people person, and he cares.

Tom

Bangkok

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A link between new airport and rising water levels?

I am curious about all the self-congratulatory fever over the opening of a new airport coinciding with the severest flooding in the central region in years.

There have been reports in the press regarding the previous Cobra Swamp's importance as a water-retention area. However, there seems to be little mention that there may be a link to the flooding and the replacement of the 32.37-square-kilometre water-retaining area with a brash and face-making endeavour such as the new airport.

Something looks out of balance here: slick promotional adverts for the airport on television are interrupted by hours of flooded video news reports. Surely there is a lack of will to "join the dots" to present a clear picture.

Chang Dek

Bangkok