Napintorn Srisunpang, the Deputy Minister of Commerce of Thailand, announced in an interview with the media that the government has officially launched a comprehensive investigation into foreign companies using "Thai agents" to illegally hold shares and operate. The first round targets about 46,000 foreign-owned companies nationwide, focusing on whether there are "nominal shareholders" to evade the law.
According to Napintorn, this operation is organized by the Ministry of Commerce in conjunction with the Ministry of Interior, with provincial governors leading the formation of investigation teams to carry out on-site verifications. The focus of the investigation includes whether foreign companies are involved in industries prohibited by Thai law, and whether the registered shareholders have the actual ability to contribute capital and participate in management, to determine if they constitute "nominal shareholder" behavior.
"We must confirm whether these so-called Thai shareholders are truly involved in the operations of the companies. If illegal, they will be held accountable according to the law," emphasized Napintorn.
However, current laws still have limited measures against "agent companies", often only requiring the companies in violation to change shareholders or rectify, which is hard to form a deterrent. Therefore, the Ministry of Commerce is working with the Anti-Money Laundering Office to promote legislative reform, intending to include "nominal shareholding" behavior in the scope of the Anti-Money Laundering Law. Once the amendment is completed, it will be possible to directly seize and confiscate the assets of the involved companies, significantly enhancing the effectiveness of law enforcement.
The relevant legal draft has already completed the hearing and is being drafted by the State Council, expected to be submitted to the cabinet for review within two months. Napintorn stated that he would recommend that this draft be listed as an "urgent legislative project" to complete the legislation and investigation process within six months and "completely eliminate agent companies."
Additionally, regarding the incident of "Vietnamese durians being exported to China under the guise of Thai durians," Napintorn also mentioned that Prime Minister Prayut Chan-o-cha has requested the Ministry of Agriculture and the Customs Department to intervene in the investigation. In the future, the supervision of imported fruits will be strengthened to maintain the international reputation of "Thai durian."
