So the S’porean MD of Singapore Technologies Telemedia (ST Telemedia), a 100%-owned unit of Temasek, Lee Theng Kiat, is now a president of Temasek, and its general counsel. He is in exalted company as one of the other two presidents was once a contender to be CEO of BoA. http://www.bloomberg.com/news/2012-03-30/temasek-hires-st-telemedia-s-lee-as-president-general-counsel.html
But it was also reported last week by the wires that Eircom applied for court protection as expected last to allow it to restructure its 3.75 billion euro (S$6.29 billion) debt, a move it said was “necessary and unavoidable”.
The application follows the company’s agreement to support a proposal under which most senior lenders take control of the company from current majority shareholder ST Telemedia and cut its debt by 40 to 50%.
ST Telemedia bought 65% of Eircom in 2009 for 140 million euros in cash and shares. An employee share trust owns the other 35%. Eircom has 4.1 billion euros of gross debt and more than 300 million euros of cash on its balance sheet, giving net debt of around 3.75 billion euros.http://www.reuters.com/article/2012/03/29/us-eircom-idUSBRE82S14R20120329?rpc=401&feedType=RSS&feedName=technologyNews&rpc=401
Lee was the MD of ST Telemedia when Eircom was purchased.
Well the Communist Party and Government in Vietnam are not so forgiving of executives who goof. Nine top officials have been given tough jail sentences for their role in the near-bankruptcy of one of Vietnam’s largest state-owned companies. Err they were convicted of being directly responsible for a loss of US$43m http://www.bbc.co.uk/news/world-asia-17561109. Peanuts when compared to Euros 140m.
BTW, came across this comment about Merrill Lynch recently, “From July 2007 to July 2008, a total of [US]$19.2 billion vaporized – or [US}$52 million in losses per day!” For the record, Temasek bot into ML in December 2007 and in late July 2008.http://moneymorning.com/2008/07/29/merrill-lynch/
Temasek’s loss ran into billions of US dollars http://online.wsj.com/article/SB124236495798923123.html. The Vietnamese officials would have been hung, drawn and quatered if they had been held responsible for such a loss. Nothing happened to Temasek officials.