Temasek is a major shareholder and the govt. controls the BOD. The BOD sets the direction of the company and can hire or fire the CEO. Hence, if the BOD directs the CEO to buy shares of PT Danamon from Temasek, he better do so, or he will lose his $8 million a year job. Temasek, in addition to owning 12% of the shares, controls another 15% owned by its subsidiaries, such as maju Holdings, etc. In addition, many DBS shares are held by nominee companies that in effect hide the real stockholder. For example, Citibank Nominees own 19%. Who are the share holders of Citibank nominees? No one knows. Is there a good chance that the Familee and its cronies are majoe shareholders of Citibank Nominees? Yes. Will they exercise their voting rights in conjunction with Temasek? yes.