Nominee-owned foreign firms on Samui taking up long-term land leases

Several foreign-controlled companies with Thai nationals acting as their nominees have switched to leasing plots of land on Samui Island instead of buying land on which to build hotels and resorts to avoid legal action, according to Deputy Interior Minister Polapee Suwunchwee and Pol Gen Samran Nualma, the deputy national police chief.

Speaking at a joint press conference today on the island, at the end of the 7th phase of a crackdown on nominee businesses on the island, the two men have to take action against Thai law and accountancy firms which have allegedly helped foreign businessmen obtain land.

Polapee disclosed that there are 12,906 registered companies on Samui Island, of which about 8,254 are suspected to be nominee-held businesses.

The deputy interior minister admitted to being shocked by the high number of suspected nominee businesses on the island and has instructed Surat Thani’s governor to coordinate with the Business Development Department in checking the 138 companies already found to be majority-owned by foreigners.

He said a thorough investigation will be jointly carried out by the provincial administration, the Land and Business Development departments to determine whether they have breached the law.

Pol. Gen. Samran, meanwhile, warned Thai law and accountancy firms to adhere to their ethical code of conduct by refraining from advising their clients on ways to circumvent the law.