11,000 firms face shareholder checks before September deadline

Thailand is set to investigate over 11,000 companies suspected of nominee arrangements before a September deadline, with officials estimating the total value of land involved at approximately 85 billion baht. Deputy Interior Minister Phonpi Suwannachawi revealed these figures during an inter-agency meeting on September 15, attended by representatives from the Interior, Commerce and Justice ministries, police, and land agencies.

The investigation is part of a broader crackdown on nominee companies in Thailand, where Thai shareholders may conceal foreign control of businesses or land that foreigners are otherwise restricted from owning. Some businesses under scrutiny have already started transferring assets or altering their corporate structures, leading officials to expedite the checks.

Approximately 2,200 landholding companies, where foreign shareholdings exceed Thai stakes, are particularly clear for officials to pursue. Over 1,100 companies have also been flagged due to potential changes in shareholders or bank-account details. A larger pool of more than 10,000 companies still requires investigation, with the total number of businesses being examined exceeding 11,000.

Police, the Department of Business Development, the Department of Lands, and the Department of Provincial Administration are responsible for determining the legality of each company. Those found operating unlawfully could face procedures requiring the sale of their land. The estimated value of land involved has increased from about 65 billion baht two weeks ago to 85 billion baht, as reported to Prime Minister Anutin Charnvirakul.