Tongnoi won't be Temasek adviser
Temasek Holdings yesterday announced that MR Tongnoi Tongyai would not become the adviser for the company's local office in Thailand.
"After thorough consideration, MR Tongnoi Tongyai and Temasek Holdings unanimously agree that MR Tongnoi will not be the adviser for Temasek's office which will be established in Thailand," Jimmy Phoon, senior managing director of the Singapore government investment arm, said in a press statement. The announcement ends speculation that Temasek was trying to quash criticism over the morality of its investment in Thailand with the appointment of Tongnoi, who is a deputy principal private secretary to HRH Crown Prince Maha Vajiralongkorn. Temasek is under pressure to reduce its stake in Shin Corp from 93 per cent to lessen social resistance and to comply with the listing rules which specify that at least 15 per cent of a listed company's shares must be held by minor shareholders. There is also a rumour that Temasek plans a shake-up in Shin's board of directors. Tongnoi was first reported as a potential new face on the board, but Temasek later denied the report.
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