DSI Summons Israeli National Over Nominee Shareholder Allegations

AN Israeli man who is a director of a company that roped in Thai nominees to hold shares and evade Foreign Business Act B.E. 2542 (1999) for the purchase of real estate is being summoned for questioning by the Department of Special Investigation (DSI), PPTVHD36 said today (Sep. 8). This followed a crackdown by Justice Minister Rutthapol Naowarat and Deputy Interior Minister Worasit Liangprasit on suspected networks using nominees to hold real estate and conduct business on behalf of foreigners in Pattaya last month. The operation targets similar violations in major cities and other tourist destinations. This crackdown led to a special investigation being undertaken with evidence unearthed showing that one company, whose director is Mr. Maimon David Marsiano, an Israeli national, had used Thais to evade the Foreign Business Act B.E. 2542 (1999) and had registered numerous legal entities that may may constitute violation of this law. This company was found to have hired a law firm to handle its registration applications. The law firm had included Ms. B. (pseudonym), its employee, as a shareholder since 2010. Currently, the company’s shareholder structure consists of Marciano with 49%, Ms. B. with 25.5%, and Ms. D. (pseudonym) with 25.5%. Furthermore, it was found that the shareholders and directors of this company are significantly the same as those of another company. Preliminary findings indicate that this company has assets exceeding several hundred million baht. In addition, another company operating a hotel in Pattaya hired this law firm to register the company in 2012. Ms. B. was included as a founding member. Between 2013 and 2015, Mr. S. (pseudonym), the owner of the law firm, also included himself as a shareholder in the company. Further investigation into the company’s shareholder structure is underway. It was found that between 2022 to the present day, the name of Ms. A. (pseudonym) was included as a shareholder in the company. However, information reveals that Ms. A. has registered social security through another company located in Samut Sakhon province that sells aluminum. Therefore, it is evident that this company has shareholders and directors linked to the first company, which is apparently using Thai nationals as nominee shareholders and is connected to several legal entities, totaling hundreds of millions of baht in assets. DSI said while its investigation is focusing on Marciano and a few others, it has not yet found any wrongdoing by Mr. Yosef Chaim Kantor but investigation is still underway.