Sunday, September 04, 2011

Thailand - Official has accused DTAC of violating the foreign ownership law

[the nation] Deputy Commerce Minister Alongkorn Ponlaboot today said Total Access Communication (DTAC) has breached foreign business law.

Alongkorn also recommended the Business Development Department to file charges against seven corporate shareholders of DTAC, believed to hold shares in DTAC on behalf of foreigners.

Alongkorn did not specify the names of the companies. On the shareholders' list as of December 2010, corporate shareholders of DTAC included Telenor Asia (Singapore) and Thai Telco Holdings Co Ltd. Holding shares in Thai Telco Holdings included Bolero Co Ltd, Abaroni Co Ltd and Sandalwood Holdings Co Ltd.

Banyong Limprayoonwong, director-general of the Business Development Department, said at a press conference today that Alongkorn could just give the recommendation given that he is a caretaker minister who has no authority in this case.

Banyong added that the Business Development Department, which enforces the Foreign Business Act BE2542, would stick to the original schedule: to decide within 7 days whether to file charges against "nominees" or to forward the investigation to the police.

DTAC reiterates its high commitment to do business in Thailand with high standard of good corporate governance.

In a statement, it said "we are in full compliance with the Thai laws and regulations. The company is willing to cooperate with the authorities and sincerely hope that the investigation process will be fair, transparent and not discriminatory. DTAC affirms that its customers, partners and all stakeholders as well as its business operations will not be affected by the ongoing entity investigation process."

DTAC breaches foreign business law: Alongkorn

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