No Shinawatra involvement in InTouch group, executives insist

business February 20, 2014 00:00

By The Nation

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InTouch group has insisted that it is not involved in politics and that its founders divested themselves of their combined shares in the group several years ago and have nothing to do with the business anymore.

InTouch made the statement on Thursday in response to a threat by Suthep Thaugsuban, head of the anti-government People's Democratic Reform Committee, to launch a campaign boycotting all goods and products offered by the businesses of the Shinawatra clan as well as the families of government figures, as part of its efforts to pressure caretaker Prime Minister Yingluck Shinawatra to step down..
According to statement, InTouch, Advanced Info Service and Thaicom, which are all listed companies, operate in a transparent matter and this ensures investor confidence in the group.
InTouch, formerly known as Shin Corp, was founded by family members of Thaksin Shinawatra, former premier and Yingluck's elder brother. The family members sold their combined 49.6 per cent shares on January 23, 2006 to the group led by Singapore state investment arm Temasek Holdings.
Currently Temasek-controlled Aspen Holdings owns the majority shares of around 41.62 per cent in InTouch. InTouch controls around 40.45 per cent shares of AIS and 41.14 per cent shares of Thaicom.