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The 2006 sale of the Shinawatra family's share of Shin Corporation (ShinCorp) to Temasek Holdings caused great controversy in Thailand. The sale was in response to long-standing criticisms that the Shinawatra family's holdings created a conflict of interest for Thai Prime Minister Thaksin Shinawatra. Criticisms of the sale focused on the insistence by Thaksin and a compliant government that the transaction was exempt from capital gains tax (as per Revenue Department and Stock Exchange of Thailand regulations, later determined by Thai courts not to be legal), the fact that the Thai company was sold to a Singaporean company, and the fact that the Thai law regarding foreign investments in the telecom sector had been amended just prior to the sale (although the amendment had been proposed since 2001). Thaksin's sale also impacted holdings, among other parties, of the Crown Property Bureau that had an investment in Siam Commercial Bank that held ShinCorp stock. ==The sale of Shin Corporation to Temasek Holdings== On 23 January 2006, the Thai Telecommunication Act (2006) became effective, raising the limit on foreign holdings in telecom companies to 49%. The act replaced the Telecom Business Law, which took effect in November 2001, and put the foreign investment cap at 25%. At the time, AIS was 49%-owned by the Shinawatra family. Competitors DTAC and TA Orange were 40%-owned by Norway's Telenor and 49%-owned by France's Orange. The law was not retroactive, thus DTAC and TA Orange criticized the government for discriminating against foreign investors and urged it to increase the cap.〔Asia Sentinel, (Thailand's Thaksin Freeze Out ), 14 June 2007〕 On Monday, 23 January 2006, the Shinawatra family sold its remaining 49.6% stake in Shin Corporation to two nominees of Temasek Holdings (Cedar Holdings and Aspen Holdings). The Shinawatra and Damapong (Potjaman's maiden name) families netted about 73 billion baht (about US$1.88 billion). In accordance with Thai tax laws, they did not have to pay capital gains tax. In an unrelated transaction, the two families had earlier not paid taxes when Thaksin transferred shares to his sister Yingluck Shinawatra and his wife, Potjaman Shinawatra, transferred shares to her brother Bannapoj Damapong. The tax exemption was granted on grounds that the transfer, at a par value of 10 baht, took place through the stock market. Although the tax exemption was legal, the sale drew heavy criticism over Thaksin's ethics on the grounds that Shin Corp, a dominant player in Thailand's information technology sector, would be sold to an investment arm of the Government of Singapore. The transaction was done via several holding companies, including Cypress Holdings, Kularb Kaew, and Cedar Holdings. Cypress Holdings, a unit of Temasek, owned 49% of the shares of Kularb Kaew, but had 90% of the voting rights. Kularb Kaew owned 41.1% of Cedar Holdings. Cedar Holdings held a 54.54% stake in Shin Corp. Indirectly, Kularb Kaew also directly owned another 22.4% of Shin Corp.〔The Nation, (Kularb Kaew has 1 year to cut non-Thai shareholding ), 10 January 2007〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Sale of Shin Corporation to Temasek Holdings」の詳細全文を読む スポンサード リンク
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