Surat Thani immigration busts French nominee business ring

Surat Thani Immigration Police initiated a major investigation, dubbed "Crackdown on Foreign Nominee Networks, Phase 7," into a French businessman suspected of operating businesses through Thai nominees on Koh Samui. The operation resulted in the uncovering of an allegedly unlicensed hotel and a potential links to a 26.4 million baht investment scam involving cannabis farms.

The investigation focused on foreigners suspected of conducting businesses through concealed shareholding arrangements, where Thai nationals were used as nominees to hold land via Thai-registered companies. One French national, Stephane Thierry Bastok, 74, is under investigation along with his businesses, Ida B Co Ltd and IDA B Domain Co Ltd. Police found no hotel business license for the property, despite it being operated as a hotel by IDA B Domain Co Ltd. The companies also showed continuous losses in financial records, suggesting they were merely holding land.

Three Thai nominees collectively held 60% of the shares in both companies, with all being mere employees with no financial capability for such investments. Investigators discovered transfers of over 7.7 million baht from corporate accounts to Bastok's personal account and over 1.5 million baht to his son, indicating Bastok controlled the businesses.

Pol. Col. Naruet has assigned the case to a deputy inspector to file charges against Bastok under the Foreign Business Act and Hotel Act. The investigation also raises potential money laundering allegations.