1 Billion Baht in Assets Examined in Southern Nominee-Business Sweep

Authorities are investigating companies in Phuket and Krabi suspected of using Thai nominees to conceal foreign ownership of businesses and land. In Phuket, inspections identified several companies connected to land and other assets valued at more than 231 million baht. Investigators found further suspected nominee arrangements in Krabi involving assets worth over 499 million baht. One Thai shareholder reportedly admitted holding shares on behalf of an Israeli investor, while accountants were also accused of assisting some of the arrangements. Information involving hundreds of suspicious companies across four southern provinces will be submitted to a special police task force for additional action.