A FOREIGN MAN on the run after being slapped with charges of illegal land trade in Phuket and Surat Thani has been arrested in Pattaya, Naewna newspaper said last night (Mar. 15).
The wanted foreigner, only identified as Mr. David, 58, from the USA, was taken into custody in front of Jomtien Hospital in Bang Lamung district at 11 a.m. on Thursday.
An investigation revealed that the American suspect had set up a consulting company with offices in both Phuket and Surat Thani together with Mr. Marcus (surname withheld), a British national, and Mr. Paul, an American.
The Department of Special Investigation team said the suspect had used a Thai employee to take stakes in various companies to hold land plots in both Phuket and Surat Thani at majority Thai ownership level. Thai law permits the purchase of land or condominium by a partly foreign owned Thai company so long as the maximum foreign shareholding does not exceed 49%.
When other foreigners showed up to buy these land plots either the shares in these companies were transferred to them or the companies were shut down so that their clients could work out their own ways to hold them,
The Criminal Court has already sentenced the others associated with the company but only managed to arrest David on Thursday under a warrant issued on December 19, 2023.
He has been accused of being the executive director of this company who jointly invested in purchasing a land plot from another company for property development but later sold it by means of share transfer to Ms. Oksana.
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The American suspect wanted on illegal land trading charges being arrested. Photo: Naewna
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