Kularb Kaew status considered
The Commerce Ministry has assigned a committee to decide on the definition of the term "nominee", after a question arose whether Kularb Kaew Ltd, the company that indirectly owns Shin Corp, was a proxy of Singapore's Temasek Holdings, the deputy commerce minister said yesterday.
Preecha Laohapongchana said a clear definition was required, because it had become a hot political issue.He said that while the Commerce Ministry had yet to reach a decision on the findings over Kularb Kaew's status, the ministry felt it necessary to define the term clearly, in order to protect foreign investors co-owning a number of corporations in Thailand. The question of whether Kularb Kaew was a proxy for Temasek has become a political issue. The ministry's finding will set a benchmark for future rulings, so it needs to come up with a clear definition, especially since the Alien Business Act did not provide one. Deputy Permanent Secretary Yangyong Phuangrach said he would ask Business Development Department director-general Orajit Singkalavanich to sum up a preliminary finding before she retires next month.
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