Word: shinful
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DISSOLVED. THAILAND'S PARLIAMENT, by King Bhumibol Adulyadej, at the request of Thai Prime Minister Thaksin Shinawatra; in order to call new elections; in Bangkok. While Thaksin's opponents have railed against his family's tax-free $1.9 billion windfall from the sale of Shin Corp., the telecom giant he founded, the Prime Minister still enjoys strong support among rural Thais. Elections for a new House of Representatives will take place on April...
...latest allegations, however, may prove to be the most damaging of all. They focus on the sale by Thaksin's family of their controlling stake in telecoms conglomerate Shin Corp. for $1.87 billion. The stake is being sold to a group led by the Singapore government's investment arm, Temasek Holdings. Thai regulators probed the deal for any violations, including possible insider trading. On the eve of the sale, Thaksin's son and daughter bought an 11% stake in Shin from an offshore company called Ample Rich for one baht (2.5 cents) a share, then sold to the Temasek...
...Bangkok, he met another upcoming media tycoon. Thaksin and he "were never friends, only acquaintances," Sondhi insists. But soon they were doing business together. In 1992, Thaksin invested in the share offering of IEC, a mobile-phone handset distributor that Sondhi had bought and which sold handsets to Shin subsidiary...
...sale drawing flak? Some Thais are upset that a major utility is now controlled by a foreign entity. Others resent the windfall gained by Thaksin's family, and say minority shareholders have been shortchanged. Local regulators ultimately decided that the purchase of an 11% stake in Shin by Thaksin's son and daughter on the eve of the sale was not insider trading even though they scored huge gains, but also said it was possible his son, Phantongtae, had not properly disclosed his stake in the purchasing firm...
...party were re-elected a year ago in a landslide victory. But his administration has since been on the defensive. Ethnic violence in the country's south continues unabated, opposition rallies are getting bigger, and a corruption scandal involving Bangkok's new airport refuses to go away. The Shin controversy adds to the growing perception that Thaksin's aura of invincibility has dissipated...