A Chinese network has used over 240 Thai nominees to set up 40 companies with over 5.3-billion-baht worth of combined assets.
The Department of Special Investigation (DSI) searched a company office in Bangkok which is the principal firm for running the illegal businesses in Thailand.
According to DSI Director-general Korawat Panprapakorn, legal documents, business contracts and other evidence showed that the group of Chinese nationals had used Thai nominees as shareholders to create majority Thai-owned companies.
All 40 illegal firms were linked to a Chinese man, named Kaew Zae-Lee, who received Thai citizenship in 2015 by bribing a local official in Chiang Rai province.
Backed by a group of Chinese investors, Kaew, or Chen Pao, had set up many companies in Thailand until his Thai citizenship was revoked on Wednesday.
Using Thai nominee shareholders to run business in Thailand had affected national security, said Korawat in the press conference.
The administrative official in Chiang Rai has been fired and is being prosecuted.(TNA)
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