Vagaries Of Business In Thailand

[moose of the jungle]

BEWARE FORIEGN DIRECTORS Recently the appeals court of thailand awarded a nominee a settlement for outstanding unpaid shares.

The director of the company have been ordered to pay this former employee who was convicted of theft of monies and company assets and ordered by the provisional court to repay an amount less than the claimed amount. The former nominee /staffer book keeper then lodged her own case applying for restituion of moies for the value of her shares,which she neither bought or agreed to pay for .

Funny how things work here ,according to the court they had to reverse the provisional courts decision to throw the case out ,but on appeal the court chose not to delve into the seedy side of life for foriegn controlled thai companies as both parties had committed a misdemeanor under Thai law. here is the interesting part to appeal the foriegn directors have to lodge the full payment with the court to hear the appeal that will probably take 3-5 years to hear. All the while accumulating interest for the decision was post dated to 1st of January 5 YEARS EARLIER a day where the country is shut but shareholders could meet and make the relevant changes to the shareholders list . LOOKING FORWARD TO SHARING THIS EXPERIENCE WITH ANYONE OUT THERE WHO HAS HAD THE SAME DECISION APPLIED TOO THEM .

[croweater]

Only invest in Thailand what you can afford to loose,everybody knows that,so, what's the beef?

[Pseudolus]

Employed a bad accountant in the first place. Would have thought that hiring a lady to make your books clean, adding her as a nominee director who would see how much she would be entitled to if she were a true co-owner of the business is a recipe for disaster.