Representatives of Kularb Kaew Co Ltd, Cedar Holdings Co Ltd and Siam Commercial Bank have been summoned for a meeting on September 18 with a Commerce Ministry investigative committee, which will ask them to explain their financial ties to Temasek Holdings.

Acting Senator Chirmsak Pinthong will join the meeting as representative of the Senate committee which asked the authorities to investigate the nominee issue.

Yanyong Phuangrach, deputy permanent secretary of the Commerce Ministry, said yesterday that the ministry could not yet divulge details of the investigation.

"The investigative team has set a time frame for the investigation. But we cannot give an exact date as the team may come under pressure that would interfere with the results," said Yanyong.

The meeting is part of an investigation into whether the firms were proxies for Temasek Holdings, when Singapore's investment arm led a group of investors to take over Shin Corp Plc in January.

Kularb Kaew is a major shareholder of Cedar, while SCB holds 10 per cent of Cedar, which in turn owns 51.98 per cent of Shin Corp.

The investigative committee yesterday met the chairman of the Democrat Party's audit committee, Kiat Sitthee-amorn; deputy secretary-general of

the Democrat Party, Thaworn Senneam; and Weng Tojitrakarn, president of the Federation for Democracy, to discuss the progress of the ministry's investigation.

 Yanyong said the ministry had to collect more information on three issues, including shareholders' actions, nominee regulations and any repercussions of the judgement, to ensure free and fair investigations. The ministry will later call a meeting of representatives from Cyprus, an alleged foreign shareholder, to clarify the charge.

Yanyong defended himself and the investigative team, denying that they were dragging their feet in the case to favour certain politicians. He said the team has to produce a clear report to ensure transparency.

This may be a watershed case for other foreign business cases, he said. To protect the confidence of foreign investors in the Kingdom, he said, the team must clarify all issues, and not concern itself with the length of time the investigation is taking.

Kiat has urged the ministry to release the findings soon.

"The more the delay in releasing the report, the more the benefits for a certain company and some politicians," he said.

The Democrat Party last Friday pressured caretaker Deputy Prime Minister and Commerce Minister Somkid Jatusripitak to expedite the ministerial investigation.

The party called on Somkid, as head of the ministry, to take the responsibility for solving the problem. Kiat challenged Somkid to come clean before the public in a television programme.

In addition, Kiat said the ministry had no authority to start a new investigation as the Business Development Department had full charge of the investigation.

Kiat said the party would study the law related to the establishment of the committee, whether it breaches Act 20, referring to higher echelons of power, including administrators.

Weng, as a president of the Federation for Democracy, also urged the ministry to urgently make the investigation report public.

He said it was obvious that Kularb Kaew was a nominee. No person who takes 51 per cent of a company will accept just 3 per cent of the firm's income.

Petchanet Pratruangkrai

The Nation