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Amendments in Thai law &
enterprise establishment simplified
Nat Seeland
On October 9 at the Sheraton Hotel Pattaya, Attorney-at-Law Markus Klemm,
Managing Director of Asia LawWorks Co., Ltd., lectured on the latest
amendments in Thai law.
 Markus
Klemm informs the attentive audience.
“Lawmakers were very active this year,” Klemm noted. “On the whole, they
made it a lot easier for people to establish a company limited in Thailand.
The number of shareholders has been reduced from 7 to 3. In addition, the
registration of a company limited can be completed within just one day – a
substantial reduction in comparison to prior times.”
Another issue, which has been changed as a result of the current economic
crises, is the cash contribution at financial institutes. Within the next 3
years, the amount guaranteed by the Thai state will be reduced step by step
to be only 1 million baht. Currently, the hedging is higher. Furthermore, it
is now possible to make a deal (e.g. deposit payment for condos) via an
escrow account. This will minimize risks for a multitude of business
transactions that are known to have failed occasionally in the past.
The regulations concerning loss and claim have also been modified.
Previously, it was almost impossible to successfully sue manufacturers of
hazardous products, as the onus of proof was on the plaintiff’s side. Now,
it is the enterprise that will have to prove – e.g. in case of an injury
–the product’s safety.
Summarizing, Klemm said that the regulations for limited companies now
correspond to British law to a great extent.
Several SEB Bank lecturers attended the meeting, including Mats Oscarsson,
clerk for the bank’s private customers in Europe and Asia-Pacific, and
Client Relationship Manager, Roland Lamprecht (Singapore).
SEB Bank, controlling a network of branches in Europe, has been represented
in Singapore since 2005. It consults customers who search for reliable
financial institutes in Europe and Asia.
This seminar was mainly directed towards private investors but SEB Bank also
deals with corporate enterprises. Due to the current global economical
crises, triggered by the US stock market, SEB Bank was there to promote the
safest investment products in its portfolio.
More information can be obtained from Asia LawWorks Co., Ltd., 300/45 Moo
12, Thepprasit Road, Pattaya 20260, phone 038-411-591, fax 038-411-592,
email talk2us @asialawworks.com or from the website www.asia lawworks.com.
AAM breaks ground for its
Thailand manufacturing facility
(Left-right) Curt S. Howell, Vice
President, Driveline, Full Frame Operations; Joseph S. Tang, Plant Manager,
Rayong Manufacturing Facility
and John J. Bellanti, Executive Vice President, Worldwide Operations.
AAM has broken ground for its manufacturing facility in the
Hemaraj Eastern Seaboard Industrial Estate in Rayong Province.
AAM has acquired approximately 21 acres in an industrial park in the Rayong for
the construction of a 120,000 square-foot, state-of-the-art, wholly-owned
regional manufacturing plant for its highly engineered and proven driveline
products.
When fully operational, the facility will create approximately 230 engineering
and manufacturing positions. Joseph S. Tang has been appointed plant manager to
oversee the construction, build the organization, and be responsible for the
future operation of the facility.
Products scheduled for future production at the facility include: front and rear
axles; one-piece front; and one- and two-piece rear driveshafts.
“We are extremely pleased to celebrate the ground breaking for AAM’s first
regional manufacturing operation in Rayong, Thailand,” said AAM Vice President,
Driveline Full Frame Operations Curt S. Howell. “Thailand is the second largest
pickup truck market in the world. This new market will allow us to leverage
AAM’s historic track record of world-class quality delivery, reliability and
outstanding warranty performance while furthering AAM’s global expansion
strategy to serve new markets with AAM’s latest technology products, processes
and systems.”
AAM is a world leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and modules, chassis
systems and metal-formed products for trucks, sport utility vehicles, passenger
cars and crossover utility vehicles. In addition to locations in the United
States (Michigan, New York, Ohio and Indiana), AAM also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland,
South Korea, Thailand and the United Kingdom.
Thai government approves bank deposit guarantees until mid-2011
In an attempt to shore up bank depositors confidence amid the global
financial crisis, the Thai cabinet last week gave the green light to extend
full guarantees for bank deposits by another two years until August 10,
2011, Finance Minister Suchart Thada-Thamrongvech said.
Last Tuesday’s cabinet decision was in response to the worldwide credit
crunch which has left countries with a shortage of funds and at least some
panicked investors, who fear that their money will not be safe in the hands
of the banks.
In August this year, Thailand approved the guaranteeing of all banking
deposits for one year, or until August 2009, and a decreasing proportion of
deposits for three years thereafter, with a maximum of Bt1 million per
customer per account from 2012 onwards.
Suchart said the extension of full guarantee to bank customers will help
prevent depositors from withdrawing their money and transferring it to banks
in the US, Europe and even in some Asian countries such as Singapore,
Malaysia and Hong Kong which currently offer full guarantees. (TNA)
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