Friday, February 16, 2007

Sonthi Vows to Take Back Shin Group Assets from Singapore

Junta leader vows to take back national assets from Singapore

Bangkok Post Version

Bloomberg Version

Gen Sonthi Boonyaratglin, chairman of the Council for National Security, vowed Friday to take back national assets from Singapore.

He said Thailand' assets worth Bt140 billion had been bought by Singapore and he wanted the assets to be returned to the kingdom.

"I want these assets to be returned to the country, especially satellite [concession]," Sonthi said.

He was giving a speech while chairing a ceremony to kick off the Year of Patriotism of the Army at the Army Club.

The Nation

Seriously, after the last five months, why would any foreigner want to invest in Thailand again?

Do business with Thailand and this what will happen to you:

1. The government will capriciously re-write the rules governing foreign investment, so that those rules will benefit those with political power at the expense of foreigners.

2. The government will make it so difficult for foreigners to do business that they will sell their businesses at a loss to Thais on the cheap.

3. The government will institute fines so large that the business will have no choice but to sell to a Thai, as in the case of iTV.

4. There is no security in owning any assets in Thailand, because of inconsistent government policies.

5. The government can't be trusted to keep its word.

6. The government has no regard for the intellectual property of other countries. Thailand complains about other Thais selling Thai assets to foreigners, yet the Thai government has no problem stealing the intellectual property of Western pharmaceutical companies, and cares nothing about how Thais steal up to $220 million worth of US intellectual property every year.

7. The government is hostile and racist to foreigners concerning investment/work visas.

8. The Thai government won't allow foreigners to own their own property.

9. Thai government officials will try to fleece foreigners through bribery and tea money.

10. Capital controls.

11. The airport is a disaster.

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