Confirmation of the tally came via a press release by DBD Director-General Auramon Supthaweethum made public today (May 9).
On Sept 11, 2024, the court ruled under Red Case No. A.2812/2567 that the offenders, including both Thai nationals and juristic persons, violated the Foreign Business Act B.E. 2542 (1999), Ms Auramon reported.
Each of them was sentenced to 10 years in prison, later reduced by half and suspended for two years due to their confessions and clean records.
The court also imposed a fine of B200,000 on each defendant, placed them on one-year probation, and ordered the dissolution of the involved companies, she added.
Failure to comply will result in a B10,000 daily fine, Ms Auramon noted.
The case, originally registered as Special Case No. 295/2565, stemmed from DBD inspections that uncovered nominee practices, particularly in Phuket’s real estate sector, explained the release.
These schemes involved Thai nationals acting as paper shareholders and directors to enable foreigners to bypass business ownership laws.
Law and accounting firms were found to play a central role in registering such companies, managing their finances, and offering legal consultation services.
Evidence revealed these firms facilitated foreign ownership of restricted businesses and properties, evading taxes and land transfer fees estimated at B1 billion annually.
After compiling sufficient evidence, the DBD referred the matter to the Department of Special Investigation (DSI), which later passed the case to the public prosecutor.
The final ruling was issued under Red Case No. A.2812/2567 and Black Case No. A.2643/2567.
DBD Director-General Ms Auramon warned that nominee arrangements not only violate the law but also harm Thailand’s economy and legitimate businesses.
She affirmed the department’s commitment to ongoing surveillance and enforcement, especially in tourist-heavy provinces like Phuket, Chonburi, Chiang Mai and Bangkok.
She further reminded the public that Thai participants in nominee schemes face serious penalties, including imprisonment of up to three years, fines ranging from B100,000 to B1 million, and daily fines for ongoing violations.