THE Department of Special Investigation (DSI), in collaboration with the Department of Business Development, is zeroing in on 34 nominee companies in Koh Samui and Koh Phangan each with assets exceeding 100 million baht and with hotels and resorts among them, Amarin TV said today (May 15).
Pol.Maj.Yutthana Praedam, DSI’s director-general, said investigation of 21 of these 34 companies has been completed and evidence being gathered against the others.
For a company to be considered to have violated the Foreign Business Act, two issues have to be proven with one being that the company has engaged in prohibited businesses and the other Thai nationals are holding shares on behalf of foreigners in excess of the legal limit.
Simply just being a “nominee” is not sufficient to constitute an offence if the company is not also engaging in prohibited businesses, he said.
The companies under investigation are diverse, including resorts, hotels, and restaurants and further in-depth investigation is required including the financial capabilities of Thai shareholders, their management power over the company, and the source of investment funds – as to whether the Thai shareholders actually made the payments or others did so on their behalf.
Pol. Maj. Yutthana admitted that some individuals held cross-shareholdings and served as directors of multiple companies, which is one indication that they may be acting as nominees, but this must be considered in conjunction with other evidence, as this single issue may not be sufficient for prosecution.
Regarding the kindergarten on Koh Phangan, which was previously investigated by security forces, the DSI Director-General stated that it was not among the 34 companies identified by his agency because its assets were less than 100 million baht. It is the responsibility of the local police to investigate further.
When asked about foreign investment groups operating in the area, Pol. Maj. Yutthana stated that there are groups of various nationalities, including those from Israel, and affirmed that the DSI’s investigation does not discriminate based on nationality. If any foreign national is found to have violated Thai law, they will be prosecuted accordingly.
Currently violations of Foreign Business Act do not constitute money laundering but the Anti-Money Laundering Office (AMLO) is proposing amendments to this law to also cover offences linked to money laundering, which will enhance the efficiency of tracing financial transactions and seizing assets.
Pol. Maj. Yutthana mentioned that following the Prime Minister Anutin Charnvirakul’s visit to Koh Samui and Koh Phangan, all agencies were instructed to expedite their duties. Cases involving assets exceeding 100 million baht are under the responsibility of DSI as a special project, while other cases will be handled jointly by police units.
CAPTION:
Top and Front Page – Pol.Maj. Yutthana Praedam. Photos – Amarin TV
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