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Russian Woman Arrested Using Thai Nominee to Sell Real Estate

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PATTAYA – Thailand’s Immigration police have arrested a Russian woman on a warrant on charges that include using Thai nominee to run a real estate business in Pattaya, Thailand

Pol Lt Gen Sompong Chingduang, of the Immigration Bureau, said Ms. Natalia Nikiforova, was arrested under a warrant issued by the Pattaya Court on June 29, 2016.

She was arrested at the Nesta Asia Group on charges of being an alien carrying out business prohibited to foreigners.

Pol Lt Gen Sompong said Ms. Nikiforova used a Thai nominee as a front for her real estate business and did not pay tax.

She instead remitted her income back to her motherland, thus affecting the Thai economy.

She left the country and re*entered with a new name and a new passport but the bureau’s bio-metric iris-scanning system identified her as the wanted person on the arrest warrant.

Crackdown on Thai Nominee Shareholders

The Thai Department of Special Investigations (DSI) has cracked down on foreigners using Thai nominee shareholders to bypass Thai laws and control Thai companies.

The foreign nationals use Thai nominee shareholders to run business operations that are restricted to foreigners or to purchase land and property.

The procedure is currently prohibited by the Foreign Business Act and the Land Act.

What is a Nominee Shareholder?

A nominee shareholder is an individual or entity that his holding shares on behalf of the actual owner.

There is a confidential agreement between the nominee shareholder and the actual owner for the management of the shares.

The nominee shareholder is listed on the shareholder agreement instead of the actual owner. The actual owner is provided complete anonymity in relation to the ownership of the shares in the company.

Source: The Nation


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