aiir Posted May 26, 2011 Share Posted May 26, 2011 Hi all, A good friend of mine is on the verge of giving up his 15,000,000 baht home in thailand to a very persuasive Thai women! He has M S and it has got to such a severity that he is now confined to a wheelchair,the problem is his female friend who has been looking after him owns 51% of the land and company,she is in England with him at the moment and has confided in my wife(Thai) telling her of intensions to marry him and take him to the cleaners! My friend definitely does not want to marry and now knows all about her deceit . How can we help him, please guys any advice about the best way to go about things I.e selling up and her getting nothing? Thanks all. Link to comment Share on other sites More sharing options...
powderpuff Posted May 26, 2011 Share Posted May 26, 2011 Best of luck. Link to comment Share on other sites More sharing options...
aiir Posted May 26, 2011 Author Share Posted May 26, 2011 I forgot to add, £10,000 has gone missing from a joint account !! Can the house/land and company be transferred into someone elses names (1 Thai 1 falang) without any money actually changing hands, if you get my drift! Link to comment Share on other sites More sharing options...
cardholder Posted May 26, 2011 Share Posted May 26, 2011 I am not sure that I would ever want a 15m Baht home in Thailand. If I did, I certainly wouldn't put control of it in the hands of a female acquaintance. It looks like she has control and can presumably sell from under him. Can't see a legal way forward for your friend. The joint account money would grease a few palms. Link to comment Share on other sites More sharing options...
InterestedObserver Posted May 27, 2011 Share Posted May 27, 2011 We would have to know more about the company shareholder structure such as who controls the voting shares and can legally sign documents. Ideally the company is controlled by your friend and the woman can do nothing without his signature. Transfer or sale of the company assets would probably mean closing the company. The word lawyer comes to mind. Needless to say your good friend should not marry her, either in the UK or Thailand. Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 27, 2011 Share Posted May 27, 2011 As mentioned above, will depend on what protections you friend may or may not have put into place to illegally control the company. As to the joint account I can't see that anything legally wrong has been done. Link to comment Share on other sites More sharing options...
InterestedObserver Posted May 27, 2011 Share Posted May 27, 2011 (edited) As mentioned above, will depend on what protections you friend may or may not have put into place to illegally control the company. As to the joint account I can't see that anything legally wrong has been done. Preferred shares are not yet illegal in Thailand, the Thai nominee equity shareholder would be.. Edited May 27, 2011 by InterestedObserver Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 27, 2011 Share Posted May 27, 2011 As mentioned above, will depend on what protections you friend may or may not have put into place to illegally control the company. As to the joint account I can't see that anything legally wrong has been done. Preferred shares are not yet illegal in Thailand, the Thai nominee equity shareholder would be.. While not specifically precluded, to the extent it enables control here it would be difficult to avoid an illegal nominee structure under the FBA and Land Act. Link to comment Share on other sites More sharing options...
tomhuayyai Posted May 28, 2011 Share Posted May 28, 2011 Get legal advice. And pay for it - not from a bar room expert! If he is the only director of the company there may be a way of selling the house. Talk to someone like Tony at Magna Carta on Pattaya Tai opp. CAT. Link to comment Share on other sites More sharing options...
aiir Posted June 1, 2011 Author Share Posted June 1, 2011 Tony at magna carta at Pattaya Tai ??? Can you give me some more details please! I am meeting up with my friend today so will find out as much information as i can! Also is there anyway the cash left in the joint account approx £6500 can be transfered to his english account from this country? Link to comment Share on other sites More sharing options...
InterestedObserver Posted June 1, 2011 Share Posted June 1, 2011 Tony at magna carta at Pattaya Tai ??? Can you give me some more details please! I am meeting up with my friend today so will find out as much information as i can! Also is there anyway the cash left in the joint account approx £6500 can be transfered to his english account from this country? As I read this all the players are in the UK and the joint bank account is in Thailand? If so I'm afraid there is not practical way to transfer to funds. Link to comment Share on other sites More sharing options...
aiir Posted June 6, 2011 Author Share Posted June 6, 2011 I have spoken with my friend and here are somethings he has clarified; The £10,000 was taken from his personel account, when she had his atm,as he couldnt get to the bank! The female has 51% of the land and 49% of the company the other 51% is shared between his 2 daughters 1% each (english) 2% shared between two thai friends and the remainder is his share! He has it sealed that she can do nothing without his signature ! Is it posible that he can give his share of land and company to his sister and she can take control of the situation and will not have to return to Thailand as he is very worried about the outcome to his personal safety???? Also does anyone have a contact number for Tony at Magna Carta? Thankyou all. Link to comment Share on other sites More sharing options...
InterestedObserver Posted June 7, 2011 Share Posted June 7, 2011 You need to clarify just how the land and company are tied together. If the company owns the land in its name, with company name as owner on Chanote, then how does the 'female' hold 51% of the land? Link to comment Share on other sites More sharing options...
aussiebebe Posted June 8, 2011 Share Posted June 8, 2011 I have spoken with my friend and here are somethings he has clarified; The £10,000 was taken from his personel account, when she had his atm,as he couldnt get to the bank! The female has 51% of the land and 49% of the company the other 51% is shared between his 2 daughters 1% each (english) 2% shared between two thai friends and the remainder is his share! He has it sealed that she can do nothing without his signature ! Is it posible that he can give his share of land and company to his sister and she can take control of the situation and will not have to return to Thailand as he is very worried about the outcome to his personal safety???? Also does anyone have a contact number for Tony at Magna Carta? Thankyou all. I'm bemused by the gratuitous use of exclamation marks. Everything is exciting! With all due respect, internet search engines aren't that complicated and all legal firms in Thailand are online. In all seriousness, your friend isn't getting shafted as you put it; he shafted himself when he bought the land and set up the company in the fashion outlined above. Link to comment Share on other sites More sharing options...
aiir Posted June 8, 2011 Author Share Posted June 8, 2011 Thanks ausibebe, Your post is not helpful or appreciated ! Link to comment Share on other sites More sharing options...
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