After ousting elected Thai PM Thaksin Shinawatra, Temasek’s Thai investments have not been doing well, especially Shin Corp. which has suffered a paper loss of over $1.5 billion. To mitigate the damages, Temasek’s chief Madam Ho Ching has reportedly bribed new Thai PM General General Surayud Chulanont with an offer of a luxury condominium in Singapore and a one-off cash bribe of $10 million to be paid out of Singapore’s foreign reserves. Apparently there has been a misunderstanding and the Thai PM had understood the bribe to be $100 million, not $10 million. It is unknown at present whether Madam Ho Ching will pay up the rest of the bribe. A conflicting statement from Foreign Minister George Yeo read that “Singapore does not always pay bribes”. When approached by Singapore Donkey to inquire about the use of national reserves for bribing foreign officials, President SR Nathan was found to be asleep near the bank vault where the reserves are kept. It is unknown whether Madam Ho Ching could have crept past President Nathan long enough to get to the money.
New Thai PM complains that Temasek bribe “too small” to save Shin Corp.