Thai authorities have initiated a comprehensive nationwide probe into over 36,000 companies with foreign ties that hold land, alongside 7,000 entities owning condominiums. This effort, coordinated by the Commerce and Interior Ministries, aims to identify illegal nominee arrangements used to bypass foreign ownership restrictions. Investigators are now scrutinizing historical shareholder data, director changes, financial statements, and capital sources by linking corporate, land, and population databases. While many foreign-linked firms operate legally as joint ventures, officials are specifically targeting structures where Thai shareholders may be acting on behalf of foreign interests. The investigation allows authorities to trace ownership history and verify the origin of investment funds. Proven violations could lead to severe penalties, including imprisonment, substantial fines, and the mandatory disposal of unlawfully held property assets.
Source : Thai Examiner
