B2.1bn in land seized in nominee bust

Thai authorities have seized 126 rai of land valued at more than 2.1 billion baht in Krabi's Koh Lanta district as part of a crackdown on nominee businesses. The operation, conducted by the Interior and Commerce ministries along with police, targeted suspected illegal foreign ownership facilitated by Thai nominee shareholders. Deputy Interior Minister Polapee Suwunchwee stated that an investigation revealed a British national, identified only as "Alain," established three companies using Thai shareholding structures. Investigators allege these firms, linked through cross-shareholdings, gave "Alain" effective control of 99.87% of Gulval Properties, which acquired the land on Koh Por. The land is now frozen pending legal proceedings, with the Department of Lands expected to complete ownership document investigations within six months to a year before Krabi province oversees its compulsory disposal. Police will expand their inquiry to trace the source of funds for the purchases and identify any nominees or facilitators involved. The investigation will also scrutinize potential involvement of state employees.

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The land seizure followed an investigation into suspected illegal foreign ownership through Thai nominee shareholders.