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Over 46,000 suspected foreign-controlled firms under investigation

Over 46,000 suspected foreign-controlled firms under investigation

10 Sept 17:02 Key points summarised by AI
  • The Commerce Ministry has launched a major crackdown on over 46,000 suspected foreign-controlled companies using Thai nominees and dealing in substandard imports.
  • This initiative aims to protect local manufacturing, promote fair competition, and address issues that have persisted for over a decade due to obsolete laws.
  • In the past nine months, over 39,000 legal cases related to these problems have been reported, with 857 nominee-owned companies identified, causing an estimated 17 billion baht in damages.
  • The Ministry plans to propose amendments to the Foreign Business Act to increase penalties, including asset confiscation, for nominee-owned companies operating illegally in restricted sectors like tourism and real estate.
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