Kraisak Choonhavan, in a letter to Singapore's parliament speaker, expressed concern over a growing sense of discontent among Thais over a perceived lack of transparency surrounding the transaction.

Ongoing mass protests in Bangkok and across the country could affect good relations between the two countries, as well as between the two peoples, he said.

Profits from the deal obtained by Prime Minister Thaksin Shinawatra and his family have raised doubts over conflicts of interest. Information regarding the deal also indicated irregularities, including repeated disclosure violations by members of Mr Thaksin's family and allegations of tax evasion, insider trading and asset concealment involving both the Thai majority owners and Singapore-based financial institutions, he said.

The acquisition would not normally have been completed under Thai law due to limits on foreign ownership concerning three of the four Shin Corp subsidiaries, he said. His committee and the Senate ad hoc committee against corruption would have to investigate those legal aspects.

''I truly feel the relationship between our countries must not be jeopardised as a result of a single business transaction, especially since Singapore is respected throughout the international community for her belief in the values of transparency, accountability and good governance,'' Mr Kraisak said.

He called on the prime minister of Singapore and the country's parliament speaker, ''to help address allegations of impropriety from this transaction and clarify any misunderstanding between our peoples''.

The Kraisak committee also held a two-hour meeting with 11 foreign chambers of commerce at parliament yesterday to brief them on the current political situation.

Mr Kraisak would also hold a similar meeting with ambassadors and foreign diplomats tomorrow. This may include leaders of other political parties, including Democrat leader Abhisit Vejjajiva.

''Several senators, as well as the Democrat party's former party-list MP Kiat Siithi-Amorn explained to the foreign business chambers the reasons behind the election boycott, the problems regarding the ethics of the government, as well as discussing the lack of legitimacy in the government's free trade area [FTA] talks, in which it failed to hold consultations with parliament,'' Mr Kraisak said.

He said the foreign businessmen did not seem too concerned over whether or not the prime minister would resign since they believed the economy was moving on the right track.

A number of officials at the Foreign Ministry showed up for work dressed in black yesterday to show their discontent over the current political impasse.

A group of slum activists staged a protest in front of the Singapore embassy yesterday before joining a rally held by the People's Alliance for Democracy at the Shinawatra Tower building.

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