Surat Thani —
Thailand’s Department of Special Investigation (DSI) has launched a sweeping investigation into 34 companies so far, registered on Koh Samui and Koh Phangan, Surat Thani, suspected of using Thai nationals as “nominee shareholders” to conceal foreign ownership.
Pol Lt Col Yutthana Praedam, Director-General of the DSI told the Phuket Express that the Bureau of Security Cases has been tasked with examining the firms after receiving data from the Department of Business Development. The companies under scrutiny reportedly hold combined assets valued at more than 100 million baht.
Authorities have analyzed records of over 11,000 companies in the region, classifying them into high, medium, and low risk categories. Koh Samui and Koh Phangan were identified as priority zones for proactive inspection, with plans to expand the probe to other major tourist destinations including Phuket, Krabi, Phang Nga, Pattaya, and Hua Hin.
Of the 34 companies flagged, investigators found that around 20 hold assets totaling 100 million baht. These firms span diverse industries, prompting investigators to scrutinize shareholder structures. The DSI will verify whether Thai shareholders genuinely own their stakes or are acting as proxies for foreign nationals.
“This process requires careful examination of shareholder identities, equity proportions, and any transfers of ownership over time,” Yutthana explained. “The goal is to establish whether shares are truly held by Thai nationals or simply fronted on behalf of foreigners.”
Investigators will also determine whether the businesses fall under restricted categories listed in Thailand’s Foreign Business Act of 1999, which prohibits foreign ownership in certain sectors. If nominee arrangements are confirmed, the cases will be escalated as “special cases” for criminal prosecution.
