Thailand identifies about 2,100 firms with potential nominee links
Applications to register companies considered at risk of nominee use have fallen by about 70%, while authorities have seized or frozen assets worth THB20.392 billion.
- As part of a government crackdown, Thai authorities have identified approximately 2,100 companies whose shareholding structures suggest the use of nominees.
- In addition to the 2,100 firms, more than 10,000 other companies have been flagged as suspicious and are undergoing further scrutiny.
- The investigation has also uncovered companies potentially using nominees to own land worth more than THB80 billion, prompting legal action.
- The government's actions have led to a 70% drop in applications to register new companies considered at risk of using nominee arrangements.
Government spokesman Ekkapob Pianpises said on Friday (September 18, 2026) that the government was continuing its crackdown on nominee arrangements, grey capital and identity-card fraud networks under instructions from Prime Minister Anutin Charnvirakul.
Agencies are integrating data and linking financial transactions, individuals, legal entities, shareholders and landholdings to extend investigations from those involved to their networks and assets.
The prime minister has instructed authorities to oversee foreign nationals and address nominee arrangements directly and swiftly, with strict enforcement of the law, particularly in cases involving nominees used to hold land, illegal business operations and the use of Thailand as a base for crime.
At the same time, the government remains open to foreign nationals who invest and conduct business honestly and lawfully.
The government’s proactive work is beginning to produce tangible results.
Coordination of financial transaction data is helping to track irregularities and combat mule accounts, while the Ministry of Commerce is cross-checking the shareholders of legal entities against related information, including financial histories.
As a result, applications to register companies considered at risk of nominee use have fallen by about 70%.
Reviews of shareholding structures have identified about 2,100 companies whose arrangements may involve nominees, while more than 10,000 others have raised suspicions and require further scrutiny.
The information has been forwarded to the relevant agencies for action under the law.
On landholdings, the Ministry of Interior has found companies with evidence suggesting nominee ownership of land worth more than THB80 billion and is pursuing legal action that could lead to compulsory sale.
Further inquiries into identity-card fraud have also uncovered networks in several areas.
Most recently, under Operation Pit Chak Rang Ngao 2 in Surat Thani province, a court issued arrest warrants for 33 people, and 27 were arrested in connection with a network linked to the unlawful issuance of identification cards for people without civil-registration status.
In addition, investigators tracing financial flows associated with the “Yim Leak–Ben Smith” network have seized or frozen assets totalling about THB20.392 billion.
This reflects the extension of the crackdown from individuals to financial networks and assets.
The spokesman said the decline in applications to register companies considered at risk of nominee use, the examination of landholdings, action against identity-card fraud networks and the seizure or freezing of assets showed that the government was serious about addressing long-running problems that had accumulated and remained hidden, and was moving quickly to produce results.
The government will continue integrating data and extending investigations across the entire chain, including financial flows, shareholding structures, people involved and assets, to take legal action against offenders.
Addressing political parties, Ekkapob said that if any members or political office-holders met the criteria for investigation or prosecution in nominee or grey-capital cases, the parties concerned should issue clear instructions and cooperate with officials in bringing those involved into the investigative and judicial processes like any other member of the public.
No one should be shielded, nor should the review process be interfered with, so that enforcement proceeds straightforwardly based on evidence and the law.
