Thai DSI probes 34 firms in Samui, Phangan nominee shareholder case
Surat Thani — Thailand’s Department of Special Investigation (DSI) has launched a sweeping investigation into 34 companies so far, registered on Koh Samui and Koh Phangan, Surat Thani province, suspected of using Thai…
Thailand’s Department of Special Investigation is probing 34 companies registered on Koh Samui and Koh Phangan in a nominee shareholder case announced on May 13, with Phuket named as one of the next areas for expanded inspections. Officials said the firms are suspected of using Thai nationals to conceal foreign ownership, and the companies under scrutiny hold combined assets worth more than B100 million.
Review of 11,000 company records drives probe
Pol Lt Col Yutthana Praedam, director-general of the DSI, said the Bureau of Security Cases began examining the firms after receiving data from the Department of Business Development.
Authorities reviewed records from more than 11,000 companies in the area and sorted them into high-, medium- and low-risk groups. Investigators identified Koh Samui and Koh Phangan as priority zones for proactive inspection before widening the operation to Phuket, Krabi, Phang Nga, Pattaya and Hua Hin.
Of the 34 companies already flagged, about 20 were found to hold assets totaling B100 million. Officials said the businesses operate across several industries, leading investigators to focus on their shareholder structures.
Investigators checking ownership, transfers and legal restrictions
The DSI said investigators will verify whether listed Thai shareholders actually own their stakes or are acting as proxies for foreign nationals.
Yutthana said the review will examine shareholder identities, equity proportions and any ownership transfers over time. That process is intended to determine whether shares are genuinely held by Thai nationals or fronted on behalf of foreigners.
Officials will also assess whether any of the businesses operate in sectors restricted under Thailand’s Foreign Business Act of 1999, which bars foreign ownership in certain categories. If nominee arrangements are confirmed, the DSI said the cases will be escalated as special cases for criminal prosecution.
Source: https://thephuketexpress.com/2026/05/13/thai-dsi-targets-34-companies-so-far-in-nominee-shareholder-probe-on-koh-phangan-and-koh-samui/
