• 
• 

Published on September 25, 2007

Even though the National Counter Corruption Commission's investigation into their business holdings is a routine task, people have been wondering why the results came at such a crucial time, when Council for National Security chairman Sonthi Boonyaratglin is slated to retire.Some say he is looking for a post that will shield him from would-be powers who could seek retaliation against the coup he launched last year.

And as Information and Communications Technology Minister Sitthichai Pookaiyaudom and Deputy Commerce Minister Oranuj Osatananda are resigning, this paves the way for Prime Minister Surayud Chulanont to reshuffle the Cabinet. Perfect timing again, as Sonthi is expected to be appointed deputy prime minister in charge of national security.

No one will confirm this, but time will tell whether all of these rumours are true. Certainly, officials at the Commerce Ministry who are mourning Oranuj's departure will be all ears for future developments. Meanwhile, the beleaguered business community is wondering whether this sudden change will spur more political instability, which could drag down an already-flagging economy even further.

A name game

When one seeks a name change, it is so easy. Just go to the district office and state your intention.

But it can be so complicated for a company to change its name - particularly a listed company, which needs the consent of its shareholders.

Deutsche Presse-Agentur just reported from Singapore that Natsteel is launching the seventh attempt in three years to change its name. The saga stems from the sale of its core steel business to India's Tata Iron and Steel in late 2004. The former steel business, now under Tata, trades as NatSteel Asia.

Following the sale of its steel business to Tata, the company became involved in chemicals, engineering and construction, and Natsteel wants to change its name to reflect its current business emphasis.

But all previous attempts to rename the company have been rebuffed by prominent investor Oei Hong Leong

who holds a 29.99-per-cent stake.

The name change requires a 75-per-cent supermajority. The last attempt to change the name was at an extraordinary general meeting in April, when the proposal garnered 62-per-cent support.

Natsteel, listed on the Singapore Exchange, has scheduled an extraordinary general meeting on October 16 to approve the resolution to rename itself NSL.

Let's see whether this time will see it succeed. It's not like changing your name from Gerry Dorsey to Engelbert Humperdinck.

achara_d@nationgroup.com