DBD Expands Nominee Probe to 5 Naturalized Foreigners, 84 Companies
Thailand's Department of Business Development has expanded its "Yuttharat" crackdown on nominee companies, focusing on five Israeli nationals who became Thai citizens and hold shares in 84 firms linked to 36 suspected nominee businesses. Ten government agencies raided three Bangkok locations in October 2026, and the DBD has since summoned 38 companies for explanations, with seven complying, 20 requesting extensions, and 11 failing to respond. The operation targets potential threats to national security, tax evasion, illegal land ownership, and foreign business violations.
Department of Business Development Director-General Kittiwat Patchimanont revealed that the department recently assigned Deputy Director-General Jittakorn Wongkhet and the anti-nominee task force to attend a progress meeting on the 'Yuttharat' operation at the Ministry of Justice. The meeting continues efforts to accelerate inspections and expand the nominee network probe after officers from ten agencies raided three targets in Bangkok in October 2026 to examine the use of individuals or entities to illegally operate businesses and hold real estate.
"Field inspections and in-depth checks by the Department of Business Development uncovered legal entities suspected of evading or violating the Foreign Business Act B.E. 2542. Five foreign nationals who had been naturalized as Thais were found to be shareholders in a total of 84 companies. The department extended its deep investigation to the nationalities of all shareholders and directors across those 84 firms, dividing them into three groups: 1) 42 Thai companies with exclusively Thai directors and shareholders, including four already dissolved or dormant; 2) 36 companies with both Thai and foreign shareholders; and 3) two foreign companies," Kittiwat said.
Kittiwat added that the department has sent inquiry letters to 38 companies in two categories: 1) 36 firms at risk of being nominee businesses, where foreigners hold less than 50 percent of shares, requiring directors and shareholders to explain their operations and investments and submit documents; and 2) two firms at risk of foreigners operating businesses without permission, requiring clarification on their activities. So far, seven companies have responded with documents, 20 have requested a one-month extension, and 11 have not submitted anything. The department will closely monitor and follow up on these entities.
"The 'Yuttharat' operation integrates ten state agencies to investigate groups of foreigners — originally Israeli nationals — who obtained Thai citizenship and may have taken actions affecting national security, both economically and socially, as well as evading taxes. The probe covers land ownership, foreign business operations, financial trails, and tax matters, especially foreign donations, inter-company transfers, investments, asset purchases, nationality and immigration records, naturalization processes, prevention of asset transfers linked to offenses, and overstaying foreigners potentially connected to wrongdoing. All agencies have worked closely and continuously tracked progress to eradicate offenders from Thailand," Kittiwat stated.
