more lying bastards at SCB Bank

More answers needed on Temasek-Shin deal

Re: "Chirayu defends SCB's role in Shin deal", Business, October 28.

Chirayu Isarangkun na Ayutthaya, the chairman of Siam Commercial Bank and head of the Crown Property Bureau, is disingenuous at best when he blithely states that the bank's role in the Temasek-Shin deal was purely to help an indirect partner, Temasek, and further SCB's retail banking reach. Blatantly taking for granted the intelligence of the public, he failed to admit the integral role played by SCB's wholly-owned subsidiary, SCB Securities, who acted as advisor on the deal. Under the leadership of ML Chayotid Kridakorn and his management team, SCBS advised not only on the Temasek-Shin deal but also the prior, cookie-cutter Telenor-Ucom deal, along with the same team of Goldman Sachs and Hunton & Williams, who served as financial and legal advisors, respectively. They would have been directly involved in due diligence, financial and tax structuring, and the crossing of shares when the stakes were initially traded and at the time of the subsequent tender offers. The largest deal in Thailand for a long time, Chirayu must be aware of the substantial advisory fees and huge commissions on the stock trades that were earned.

SCBS would have been closely involved in advising on the "chain principle" transactions - a euphemism for nominee? - for all the companies which became the final shareholders in both the Telenor and Temasek holdings in Ucom-TAC and Shin-AIS, respectively, including the now notorious Kularb Kaew. Tellingly, most - if not all - of these companies have their registered address at Thai Wah Tower II on South Sathorn Road. Chirayu wears many hats. I ask him to speak sincerely and with probity, for all our sakes.

Chingchok on the Wall

Bangkok