Temasek's Thai assets fall after Thaksin ruling
Listed assets in Thailand owned by Singapore SWF Temasek Holdings fell after a Thai court ruling that ex-prime minister Thaksin Shinawatra had abused his office to benefit entities of Shin Corp., the telecoms group linked to his family that was controversially sold to Temasek in 2006.
Shin Corp. itself, 42% owned by Temasek, fell 3.5%, while its daughter companies mobile phone carrier Advanced Info Service (AIS) and satellite provider Thaicom fell over 4% and over 9% respectively. As part of the Thai Supreme Court's ruling, some $1.5 billion or 60% of the proceeds to Thaksin's family from the sale was seized, though around two thirds of this is due to be returned later. The original charges related to changes to telecoms regulations and decisions that benefited AIS and Thaicom, as well as accusations that Thaksin had hidden his wealth and concealed his family relationships with Shin Corp.
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