Thai authorities are stepping up a crackdown on 53 firms suspected of using nominee arrangements in Huai Khwang district of Bangkok, amid concerns over Chinese-operated businesses and irregular financial transactions.
Huai Khwang, home to a large concentration of foreign residents and businesses, has come under increased scrutiny as authorities try curb activities that may circumvent the law, particularly through nominee shareholding arrangements, said Poonpong Naiyanapakorn, director-general of the Department of Business Development (DBD).
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