Advice On A Business Legal Problem

[Remix4]

Hi,

Not sure if this is the correct forum but I would appreciate any advice on a legal issue I have with a business in Thailand.

12 months ago we developed a business plan for a new idea, which required several million BHT in order to establish the business. A friend offered shares in an existing company, which was effectively dormant but owned a building, which could be used to secure overdraft facilities.

The friend took the position of Managing Director and transferred 49% of the company in return for the idea.

Just prior to completing the final details with the bank the friend + one other director got into trouble with another business venture and both used the building as a bail bond, which obviously meant that it could no longer be used as security for the bank and effectively cut off options for financing causing the business to fail.

As a result of the 49% transferred originally the Managing Director does not technically own any shares due to the limits on foreign share ownership. What action, if any, can be taken and is it actually legal for the Managing Director, who is not a shareholder to use the company assets in this way?

Appreciate any advice/insight anyone may have before I make any kind of official move.

Thanks