Onnutrd Posted January 6, 2012 Share Posted January 6, 2012 (edited) I own a 25% share in a business registered with the government as a company, but I am currently in the process of a police investigation because the majority owner of the business Mrs. Wasana <snip> (she's a devil) has accused me of stealing furniture from her 'home'. First of all I'll answer your question, No I did not steal any furniture (I did take furniture from the business, but it is mine) and I have receipts with my name on it for the furniture, however, I am more concerned with this question: "Is she (Mrs. Wasana <snip>) able to cancel my name as 25% owner of the business?" I have not given her nor anyone else the authority to sign documents in my name, and I also have not agreed in any way to giving up my 25% share of the business. I have not gone to the business in 5 months (since she made the false accusation to the police). Indeed, would it be correct with I saying that she (Mrs. Wasana <snip>) would require my signature on various documents in order to renounce my ownership of my share of the business? Mrs. Wasana <snip> is majority shareholder with 50% Her daughter owns 25% of shares I own 25% of shares *thank you* Edited January 6, 2012 by soundman Personal info. removed. Link to comment Share on other sites More sharing options...
CARLIN Posted January 6, 2012 Share Posted January 6, 2012 Made me smile . Link to comment Share on other sites More sharing options...
Soutpeel Posted January 6, 2012 Share Posted January 6, 2012 To answer your question, she cannot "cancel" your 25% shares in the company, if they want you out, they need to buy you out Link to comment Share on other sites More sharing options...
Gone Posted January 7, 2012 Share Posted January 7, 2012 Why would you want to remain in? Take your stuff and run like helll. Link to comment Share on other sites More sharing options...
bino Posted January 7, 2012 Share Posted January 7, 2012 To answer your question, she cannot "cancel" your 25% shares in the company, if they want you out, they need to buy you out It is possible to remove someone from a company, esp if the OP is prosecuted and incarcerated. I saw a similar scenario years ago where a shareholder was incarcerated- the company sent a series of registered letters to the shareholder's address on the company registration documents, which naturally went unanswered and returned to sender. The registered letters show clear "abandonment" and the shareholder was voted out at the next AGM. OP- what were you thinking? Getting into a business with a Thai mother / daughter team who control 75% sounds like a recipe for disaster to me. Suggest you talk to a lawyer instead of the armchair experts here. 1 Link to comment Share on other sites More sharing options...
chainarong Posted January 7, 2012 Share Posted January 7, 2012 Providing what I read as correct, this is the shonky Thailand , that from time to time raises its ugly head, (as Gone has said run), you have mum and daughter as partners, so 75% of the partners no longer want you there, Question: why were you taking the furniture belonging to you in the first place. Link to comment Share on other sites More sharing options...
impulse Posted January 7, 2012 Share Posted January 7, 2012 (edited) I suspect you're pretty much hosed. If you insist on keeping your 25%, they'll simply unload all assets to another company you don't own. You'll own 25% of nothing. Or they can play hardball and drag you through a prosecution for stealing, complete with paid witnesses. And they'll even have receipts to prove you didn't pay for the furniture in question. Cut your losses, consider it "tuition" and move on before the cost of tuition gets out of control. Edited January 7, 2012 by impulse 1 Link to comment Share on other sites More sharing options...
KRS1 Posted January 7, 2012 Share Posted January 7, 2012 What did you do for them to want you out of the business? 2 sides to every story. Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 What did you do for them to want you out of the business? 2 sides to every story. I took the furniture because my family had come to Thailand to live from NZ; so naturally I wanted my furniture back so I can prepare the house for them. I believe, and I have told the police this, that she was completely crazy/liar and that she did'nt like my family. The police are very much aware that she is crazy and they suspect that she's lying aswell. Because the day I took the furnture my sister's boyfriend had helped me, but she is only pressing charges against me (which is odd, but from my point it's helpful because it shows there's something more to this and than just 'stealing'). It's more about she was angry I decided to spend most of my time with my family (settling in and all that), mind you it's very difficult to say because I had'nt done anything 'wrong' persay, but obviously she did'nt like me spending time with my family once they arrived (she made a complaint to the police 2 days after their arrival) and with that for 2 years previous there were no problems. Even went travelling around Europe, np whatsoever. But I agree with most people here, behind that Thai smile there's a big monster!!!!! However, I do have good news which is I have receipts for all the furniture with my name on them and I am totally prepared for everything, except I want to know about changing the name of the company, if I have to do something in order to prevent my name being 'cancelled' by her and her daughter; then I will make preparations to do that. Is there any number I can call to check if it's still under my name? Thanks to everyone who has provided their opinions, it has been helpful indeed. Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 (edited) Why would you want to remain in? Take your stuff and run like helll. I want to remain 'in' simply to wreck hell. As part owner I can do alot of damage, and perhaps if this goes to court, I might be able to get alot more simply for 'defamation'. It's really just part of the plan now, I probably won't be able to get the money back from the initial investment, but I can certainly get all those computers just sitting in the computer room to the same value. <snip> Edited January 13, 2012 by soundman Arson. Link to comment Share on other sites More sharing options...
FritsSikkink Posted January 7, 2012 Share Posted January 7, 2012 If the business can provide/produce some paper that they bought the furniture from you and payed you in cash then you have a problem. Link to comment Share on other sites More sharing options...
KRS1 Posted January 7, 2012 Share Posted January 7, 2012 So you left them without any furniture? Who was paying the rent? Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 To answer your question, she cannot "cancel" your 25% shares in the company, if they want you out, they need to buy you out It is possible to remove someone from a company, esp if the OP is prosecuted and incarcerated. I saw a similar scenario years ago where a shareholder was incarcerated- the company sent a series of registered letters to the shareholder's address on the company registration documents, which naturally went unanswered and returned to sender. The registered letters show clear "abandonment" and the shareholder was voted out at the next AGM. OP- what were you thinking? Getting into a business with a Thai mother / daughter team who control 75% sounds like a recipe for disaster to me. Suggest you talk to a lawyer instead of the armchair experts here. Thank you for this, it seems like bad news for me, but I'm glad you've made it aware to me so that I can make preparations now to stop it. Yeah yeah I know, I should have known better. I've actually got a lawyer already for the first case about her claiming I 'stole' furniture, but that's pretty much been thrown out (it's been 5 months already and the police are on my side), but it's just a matter of continuing with the formalities now. But now it's more about suing her for defamation, and in that case, holding on to what I can with the business. Thanks again for this it's helpful! Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 Providing what I read as correct, this is the shonky Thailand , that from time to time raises its ugly head, (as Gone has said run), you have mum and daughter as partners, so 75% of the partners no longer want you there, Question: why were you taking the furniture belonging to you in the first place. Because my family were coming to Bangkok, so we needed furniture for the house we've just got and since I had furniture that was sitting in a storage room upstairs; i decided to use that instead of buying some new ones (the business had previously been my house, until it was renovated to be a private school, hence my furniture being in a storage room upstairs). Luckily I have the receipts for them all, but rather I'd just like to make sure she can't do anything with the business in question, just so I've got something she can pay me back for when this goes to court. Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 So you left them without any furniture? Who was paying the rent? I did'nt leave them without furniture, the school had purchased all the furniture for use by the school. So essentially, my furniture was only to be used by me but it was kept at the school as a storage room. Since it had been my house the years before, I decided to keep the furniture there (and rented a small apartment). The rent for the house during which i lived was being paid for by me (mortgage actually), but now since the bank owns it the business was paying for the rent out of it's revenue. Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 If the business can provide/produce some paper that they bought the furniture from you and payed you in cash then you have a problem. It would be a problem, but as I said I have the receipts for the furniture with my name on it (all delivered furniture would have a name on the receipt). Essentially she would'nt be able to prove that, but she can certainly make a story up but I don't think the police believe her (they've told me, my family, my lawyers that they don't believe her). As I said, she's crazy. She said at the first time they must arrest me, if they don't she'll tell their bosses. Luckily for me, my best friend's father is best friends with the Chief of Police for the entire Thai region, so I just told my lawyers for the police not worry about her threatening them. But that having been said, I really want to do this the right way until I see some fishy by the police on her behalf, and maybe then I might call in the calvary Link to comment Share on other sites More sharing options...
samsiam Posted January 7, 2012 Share Posted January 7, 2012 How much money are you getting out of this business......thought not. Check out the irish guy whose maid scammed and changed all documents, rentals, companies, land titles etc on 10 houses in Phuket.....now you can see what they are capable of. 1 Link to comment Share on other sites More sharing options...
fletchsmile Posted January 7, 2012 Share Posted January 7, 2012 The good news is they can't just cancel your share ownership. The bad news is they are the majority shareholders and you are a minority shareholder. With an amount of 75% they can do pretty much want they want with the business of the company, by putting up resolutions and voting in favour of them. eg Are you also a director of the company? They could remove you as a director, by a simple vote passing a resolution, and effectively remove you from any significant management control of day to day business. You do have certain rights as a minority shareholder, but there are plenty of ways to make life very difficult in terms of your business . Very easy to foresee them taking money out of the company in various ways which are technically legit, or ensuring you get little benefit from your shareholding, such as they could pay someone a very large salary wiping out any profits. My suggestion would be to sit down with them and and discsuss the misunderstanding, and if need be apologise for your part in the misunderstanding. Otherwise life will be very difficult, and your shareholding could become next to worthless. It's in no-one's long term interests for shareholders to be in continual dispute and confrontation. Link to comment Share on other sites More sharing options...
Totster Posted January 7, 2012 Share Posted January 7, 2012 Jasus, do you want to get involved in defamation trials etc.. speak to the 'crazy' woman and get what you can before running away totster Link to comment Share on other sites More sharing options...
Onnutrd Posted January 7, 2012 Author Share Posted January 7, 2012 Jasus, do you want to get involved in defamation trials etc.. speak to the 'crazy' woman and get what you can before running away totster I can see why you're an honourable member, and it's probably the best answer I've got so far! I might just push it further with the police and see how far that goes, that way I might be able to cause her such embarressment she'll want to just throw her money at me and I'll just be so happy to oblige myself Link to comment Share on other sites More sharing options...
chainarong Posted January 7, 2012 Share Posted January 7, 2012 Why would you want to remain in? Take your stuff and run like helll. I want to remain 'in' simply to wreck hell. As part owner I can do alot of damage, and perhaps if this goes to court, I might be able to get alot more simply for 'defamation'. It's really just part of the plan now, I probably won't be able to get the money back from the initial investment, but I can certainly get all those computers just sitting in the computer room to the same value. <snip> No No,don't damage anything, back out, take it as another lesson on the long and winding road, take a breather, then forget.Go in another direction. Link to comment Share on other sites More sharing options...
djayz Posted January 8, 2012 Share Posted January 8, 2012 Jasus, do you want to get involved in defamation trials etc.. speak to the 'crazy' woman and get what you can before running away totster I can see why you're an honourable member, and it's probably the best answer I've got so far! I might just push it further with the police and see how far that goes, that way I might be able to cause her such embarressment she'll want to just throw her money at me and I'll just be so happy to oblige myself I've never heard of a Thai "just throwing money" at anybody to get rid of them... You might want to rethink that. I think "fltechsmile" summed it up pretty well: sit down, talk to her, eventually eat humble pie and apologize for your part in the misunderstanding. Try to normalize the partnership/working relationship and move on. Good luck. Link to comment Share on other sites More sharing options...
jingjoke Posted January 8, 2012 Share Posted January 8, 2012 'Luckily for me, my best friend's father is best friends with the Chief of Police for the entire Thai region...'. Hmm... have heard a multitude of variations on that statement before. Good luck with that. Link to comment Share on other sites More sharing options...
BookMan Posted January 8, 2012 Share Posted January 8, 2012 How much money did you put into the company? 100%? 25% Link to comment Share on other sites More sharing options...
NanLaew Posted January 8, 2012 Share Posted January 8, 2012 How much money are you getting out of this business......thought not. Check out the irish guy whose maid scammed and changed all documents, rentals, companies, land titles etc on 10 houses in Phuket.....now you can see what they are capable of. Or, rather you can see what stupid foreigners are NOT capable of! It's always the evil, Thai, she-devil that is to blame isn't it? Link to comment Share on other sites More sharing options...
rgs2001uk Posted January 8, 2012 Share Posted January 8, 2012 How much money are you getting out of this business......thought not. Check out the irish guy whose maid scammed and changed all documents, rentals, companies, land titles etc on 10 houses in Phuket.....now you can see what they are capable of. Or, rather you can see what stupid foreigners are NOT capable of! It's always the evil, Thai, she-devil that is to blame isn't it? I love reading these stories from the oh so smart farang that thinks he has worked a flanker by circumventing laws that are there to protect him and his money from his own stupidty. Then they have the gall to come on here and bitch and moan about underhand Thais ripping them off. You can only laugh. Link to comment Share on other sites More sharing options...
samsiam Posted January 8, 2012 Share Posted January 8, 2012 It's always the evil, Thai, she-devil that is to blame isn't it? Glad you agree. Link to comment Share on other sites More sharing options...
samsiam Posted January 8, 2012 Share Posted January 8, 2012 How much money are you getting out of this business......thought not. Check out the irish guy whose maid scammed and changed all documents, rentals, companies, land titles etc on 10 houses in Phuket.....now you can see what they are capable of. Or, rather you can see what stupid foreigners are NOT capable of! It's always the evil, Thai, she-devil that is to blame isn't it? I love reading these stories from the oh so smart farang that thinks he has worked a flanker by circumventing laws that are there to protect him and his money from his own stupidty. Then they have the gall to come on here and bitch and moan about underhand Thais ripping them off. You can only laugh. Hilarious....you seem to agree with thievery and dishonesty. Link to comment Share on other sites More sharing options...
rgs2001uk Posted January 8, 2012 Share Posted January 8, 2012 How much money are you getting out of this business......thought not. Check out the irish guy whose maid scammed and changed all documents, rentals, companies, land titles etc on 10 houses in Phuket.....now you can see what they are capable of. Or, rather you can see what stupid foreigners are NOT capable of! It's always the evil, Thai, she-devil that is to blame isn't it? I love reading these stories from the oh so smart farang that thinks he has worked a flanker by circumventing laws that are there to protect him and his money from his own stupidty. Then they have the gall to come on here and bitch and moan about underhand Thais ripping them off. You can only laugh. Hilarious....you seem to agree with thievery and dishonesty. Paddy knew exactly what he was doing, dont play with fire and you wont get your fingers burnt. If he hadnt voulntarily put himself in the position he did, how would he have been ripped off? Outsmarted by a khon chai, your goddamned right its hilarious, hell mend him. And no I dont agree with dishonesty, thats why I have no problem with Paddy being taken to the cleaners (pun intended), thought he was smarter than the system. Link to comment Share on other sites More sharing options...
Pakboong Posted January 9, 2012 Share Posted January 9, 2012 What did you do for them to want you out of the business? 2 sides to every story. I took the furniture because my family had come to Thailand to live from NZ; so naturally I wanted my furniture back so I can prepare the house for them. I believe, and I have told the police this, that she was completely crazy/liar and that she did'nt like my family. The police are very much aware that she is crazy and they suspect that she's lying aswell. Because the day I took the furnture my sister's boyfriend had helped me, but she is only pressing charges against me (which is odd, but from my point it's helpful because it shows there's something more to this and than just 'stealing'). It's more about she was angry I decided to spend most of my time with my family (settling in and all that), mind you it's very difficult to say because I had'nt done anything 'wrong' persay, but obviously she did'nt like me spending time with my family once they arrived (she made a complaint to the police 2 days after their arrival) and with that for 2 years previous there were no problems. Even went travelling around Europe, np whatsoever. But I agree with most people here, behind that Thai smile there's a big monster!!!!! However, I do have good news which is I have receipts for all the furniture with my name on them and I am totally prepared for everything, except I want to know about changing the name of the company, if I have to do something in order to prevent my name being 'cancelled' by her and her daughter; then I will make preparations to do that. Is there any number I can call to check if it's still under my name? Thanks to everyone who has provided their opinions, it has been helpful indeed. We are in Thailand thus it is not what is behind her smile, it is what is behind yours? Most of us learn to live with that concept and survive. Link to comment Share on other sites More sharing options...
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