Thai authorities expand investigation into foreign nominee businesses
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Thai Deputy Interior Minister Polapee Suwunchwee announced an expanded investigation into foreign nominee businesses and "grey capital" to identify illegal land ownership and ownership structure circumvention. Authorities identified over 300 entities holding land illegally in Phuket, resulting in the forced sale of over 30 companies, while uncovering 104 companies illegally holding land worth nearly 1 billion baht in Surat Thani. The investigation further revealed new schemes in Nakhon Sawan where accounting and law firms allegedly used villager identities to register companies for Chinese nationals, exposing innocent residents to legal risks. Officials are also probing connections between businesses and the Chabad network, as well as an illegal cannabis operation on Koh Phangan, while scrutinizing compliance with Board of Investment (BoI) requirements.
Consequences
Companies and individuals found in violation of Thai land ownership laws face forced land sales within 180 days and potential legal action, including the revocation of citizenship or deportation. Authorities have begun screening prospective buyers to prevent future circumvention of the law and are investigating financial flows to address money laundering concerns.
Sources
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