The Department of Business Development Director-General Banyong Limprayoonwong said that the Commerce Ministry has been drafting a set of regulations on the management and the inspection of foreign shareholding in Thai companies, in a bid to more strongly enforce the Alien Business Law of Thailand.
Mr Banyong conceded that the Ministry’s previous investigations into suspicious foreign shareholdings had been limited and lacked depth.
This has made it less effective in taking legal action against those who have broken the laws, he said.
He added that the Department will define more clearly the meaning of “Nominee shareholders”, while looking more thoroughly at the amount of shares held by nominees, the influence of foreign shareholders and other policies of individual companies.
According to Mr Banyong, there are more than 27,000 companies in Thailand with foreign shareholdings, all of which will be scrutinised by the Department of Business Development.
He said that any company found to be in violation of the laws will receive further attention from the Department of Special Investigations.