Twenty-two Thai companies found breaking foreign ownership rules
Source: bangkokpost Februari 5 2013
As many as 329 firms have been alleged to use nominees for their foreign shareholders, with 22 firms illegally found to have foreign ownership, according the Commerce Ministry reports. Many of these companies have representatives of foreigners on their boards or as shareholders who usually come from accounting, consultancy or law companies, according to an investigation by the ministry's Business Development Department.
The probe is being conducted with the Department of Special Investigation and involves random checks on 27,093 firms with foreign shareholdings of not more than 49% as allowed by Thai law. Some companies are in the service sector covering tourism, property, housing and car rental, construction, restaurants and bars.
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