Bangkok: When discussions arise around "nominees," the typical scenario involves Thai nationals holding shares on behalf of foreigners. However, recent investigations have unveiled a more intricate situation involving foreigners who acquired Thai citizenship, subsequently becoming directors and shareholders in multiple companies, particularly in key tourist destinations.
According to Thai News Agency, the Ministry of Interior granted Thai citizenship to 46 foreign nationals on November 21, 2017, including individuals from China, the UK, the US, and Israel. Notably, an Israeli and an American family collectively received citizenship for six individuals, with their registered addresses in Bangkok. Two of these individuals have been actively involved in the Jewish community's administration and religious activities across several major tourist locations in Thailand, such as Bangkok, Phuket, Koh Phangan, Koh Samui, Pai, and Chiang Mai.
The investigation is particularly focused on one individual who, after receiving Thai citizenship in 2017, became a director and shareholder in 34 companies. These ventures span companies directly operated by the individual and those with joint foreign ownership. The shareholding structures, often at a 51% to 49% ratio, have raised questions about the authenticity of Thai shareholder investments and control, or if Thai citizenship is being exploited to bypass restrictions on foreign business operations. Among the companies under scrutiny is one involved in building a five-story luxury condominium in Bang Tao Beach, Phuket.
Another company, based in Koh Phangan District, Surat Thani Province, has a registered capital of merely 50,000 baht yet is engaged in high-value business activities. This discrepancy prompts further inquiries into the funding sources, true investors, and management structures of such companies.
Deputy Interior Minister Worasit Liengprasit emphasized the importance of verifying all information impartially. He refrains from speculating on who might be concealing information, stressing the ongoing nature of the investigation.
Dr. Panithan Wattanayagorn, a security expert, noted that while the process of obtaining Thai citizenship is comprehensive, the state must continuously monitor the actions of new citizens. Should it be discovered that Thai citizenship is employed for illegal activities, legal measures should be taken with caution. The pivotal issue is not the legitimacy of granting citizenship, but rather how citizenship is utilized for business operations and who ultimately controls or benefits from these enterprises.
The modern concept of "nominees" might extend beyond Thai nationals holding shares, involving more complex arrangements requiring thorough investigation into true ownership, funding sources, and beneficiaries. This presents a significant challenge for the government in establishing a robust verification system to prevent "Thai citizenship," a valued right, from becoming a legal loophole or a shield for dubious foreign investments. Thai News Agency pledges to continue uncovering facts and developments in this matter. Pleinpit Chusena reports.