Thailand investigates more than 11,000 suspected nominee firms in land probe
More than 11,000 companies are under investigation over suspected nominee arrangements for foreign investors, with land linked to the firms valued at B85 billion.
Thailand is investigating more than 11,000 companies suspected of acting as nominees for foreign investors holding land, Deputy Interior Minister Polpree Suwannachawi said at a joint meeting of the Interior and Justice ministries.
Polpree said investigations had confirmed that 2,200 companies were illegally controlled by foreign shareholders holding majority stakes, in violation of Thai law. More than 11,000 companies are being examined for possible irregularities, including sudden changes in shareholder structures and suspicious financial accounts.
The estimated value of land linked to the firms has risen to B85 billion, from B65 billion two weeks earlier, according to the report.
The findings will be submitted to Prime Minister Anutin Charnvirakul. The Department of Lands has been instructed to speed up investigations and enforce the compulsory divestment of illegally held properties.
Police, the Department of Business Development and the Department of Provincial Administration are coordinating the work to distinguish legitimate companies from nominee firms. The government has set a deadline of the end of September for the investigations to be completed.
Polpree also said land-ownership violations would not automatically result in deportation under Thailand’s new expulsion law, signed by Anutin. Deportation would apply only in cases involving a foreigner’s conviction for criminal activity or a relevant court ruling.
