"all Shareholders Are To Have Access To Business Banking Accounts."

[bkkmadness]

I was just reading the story of Siam Superbikes, link here.

and I found one quote really stuck out, something I never knew before and I would like to know if it's accurate or not.

the Thai system is designed to give locals leverage, minority ownership etc and its getting worse now that for new companies, all shareholders are to have access to business banking accounts.

Can someone confirm?

[andy1308]

I am no expert and I stand to be corrected, but I wonder if this is referring to the availability of access to the financial records of the company concerned. As I understand it, there is already a degree of public domain accounting information available on any Limited company through the Ministry of Commerce.

I would doubt the banks would be too happy to provide information about the current state of any bank account. Can you imagine the work involved in (a) proving you are a shareholder of a particular company, and ( actually providing that information in a suitable format. It would only be a snapshot anyway and can change by the second.

Interesting though .. but not entirely clear what it means.

[Digger]

I do not put any credibility into this story as far as the law goes. Only our company directors have access to our bank accounts - mere shareholders have no such authority to withdraw funds. Sounds like a case of sour grapes to me and as he himself said, putting far too much trust in people of dubious repute. Sounds like his wife is about as useful as a wet paper bag in the art of running a business as well. Seems odd to me, why his wife would be the legal 'front person' unless of course, he was working without a work permit. That in itself will have the police vultures circling and laughing all the way, as they merely just hi-light the difficulty he could face without a work permit. A sad story for sure, but really nothing more than common sense would indicate he had a huge exposure.

[Wekhin]

Shareholders cannot directly access company bank account but they have rights to examine all accounting books and financial records.