This is ridiculous la. iTV is a television broadcaster in Thailand under Shin Corp which is majority owned by Temasek Holdings. The Thai court has ordered a back pay of 2.2 billion baht and a whopping 98.1 billion baht fine on the company for certain breaches. What kind of fine goes up to 98.1 billion baht (S$4.39 billion) besides a clear case of extortion? The fine is approximately 50 times the payment problems!!! A penalty of that kind of amount is not meant to arrive at any other solution besides swallowing the business entirely.
It is clear to me that Temasek Holdings, led by Ho Ching again...... is gonna lose out big time. However, it is also clear that Thailand, resorting to such means of dealing with foreign investments.... will also lose out in the long run as they will turn away more than a fair share of investments. Looks like a lose-lose situation is on the cards. The question now is..... would ShinSat and AIS follow the trail of iTV? Between, 96% of Shin Corp cost the Temasek led consortium 143.12 billion baht. This displays the outrageous sum of the penalty imposed on iTV by the court. Sigh....... didn't something like this happen before with regards to Su Zhou or Indonesia? When will our government ever learn? Ho Ching should get the sack man...... but that's a far cry.....
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