Business licences pulled from 3 firms
THE BUSINESS Development Department of the Commerce Ministry has withdrawn the business licences of three companies in Bangkok for alleged breaches of the Foreign Business Act.
The companies are Fuan Travel Co, Xin Yuan Travel Co and Seatajaroen Co, all of which were running businesses whose major shareholding is reserved for Thais under the FBA.
Pongpun Gearaviriyapun, director-general of the department, said it had ordered the withdrawal of the three companies’ licences after an investigation found they had breached the FBA as Chinese businessmen had used fake Thai nationality documents.
Besides losing their business licences, persons involved with these firms’ wrongdoing will also face criminal action.
The licence withdrawals are with immediate effect, so those firms are unable to do business in Thailand.
The companies will also face an in-depth probe by Pongpun’s department, the Department of Special Investigation and the Revenue Department.
If found in breach of the FBA, foreigners and their Thai nominees can be subject to fines of Bt100,000 to Bt1 million and/or three years in prison.
The Business Development Department says it will continue to investigate companies suspected of breaching the FBA.
