Thailand Investigates 11,000 Companies for Illegal Foreign Ownership

11,000 firms face shareholder checks before September deadlineLegacyThailand is racing to complete investigations into more than 11,000 companies suspected of nominee arrangements by the end of September, as officials put the value of land in the cases under scrutiny at around 85 billion baht. Deputy Interior Minister Phonpi Suwannachawi announced the figures following an inter-agency meeting at Government House previously on September 15 involving officials from the Interior, Commerce and Justice ministries, police and land agencies. The investigation forms part of a wider crackdown on nominee companies in Thailand, where Thai shareholders may be used to conceal foreign control of businesses or land that foreigners would otherwise be restricted from owning. Phonpi said some businesses under investigation had already begun transferring assets or changing their corporate structures, prompting officials to accelerate the checks. He referred to around 2,200 landholding companies where foreign shareholdings exceeded Thai stakes and said these cases were already clearer for officials to pursue. More than 1,100 companies had also been flagged over possible changes to shareholders or bank-account details. A wider pool of more than 10,000 companies still requires investigation, with Phonpi putting the overall number of businesses being examined at more than 11,000. Police, the Department of Business Development (DBD), the Department of Lands and the Department of Provincial Administration have been tasked with determining which companies operate legally and which may involve nominee arrangements. The Department of Lands will accelerate investigations into property held by companies in the probe. Where unlawful ownership is established, officials can begin procedures requiring the land to be sold. Phonpi said the estimated value of land involved had risen from about 65 billion baht two weeks ago to 85 billion baht, with the latest figures set to be reported to Prime Minister Anutin Charnvirakul. The current investigation follows a much broader government screening of corporate land ownership. Earlier this month, the DBD said 36,277 companies with foreign investment held 305,838 land titles covering more than 1.06 million rai nationwide. The department stressed that foreign investment in a company does not itself indicate illegal nominee activity. Some businesses are legitimate Thai-foreign ventures, while corporate and financial records are being cross-checked to identify structures requiring deeper investigation. Similar probes have already been carried out in tourist and investment centres including Phuket, Pattaya, Koh Samui, Koh Pha Ngan, Krabi and Chiang Mai. Phonpi said the government wants the outstanding company checks completed by the end of September. He also clarified that illegal landholding would not automatically result in a foreign national being deported. Deportation would depend on the circumstances of the offence and applicable legal or court proceedings. In similar news

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