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whitespider
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oex100 - my mate runs the Dunkin Donuts franchises in BKK - he'd be happy to meet up (anything for a beer) and talk through things with - he even usually pays  )
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 2:01 pm on Mar. 25, 2003
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Packripper
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^
Indian family that's all I know about them. Which has an advantage in itself when compared to the typical western falang. The Indian community here is established with a huge network. The western falang community is rag-tag at best (although there are a handful of success stories... nothing like what the Indians have here though).
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 2:16 pm on Mar. 25, 2003
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whitespider
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Packripper - yes Indian - or at least of Indian origin. The brothers who now run the business are 3rd gen', speak Thai as a first language and consider themselves Thai. The youngest brother, who deals with this side of the business is a top bloke and will always try to help people if he can.
Indeed he "introduced" me to the wheres and whiels of BKK from back in my days in the fabric trade.
Are you the Bro' who lives in the President Park Appts? Another of their interests.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 4:02 pm on Mar. 25, 2003
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PussyLover 69
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Report from Bangkok Post dated Wednesday 10 January 2007 :-
FBA changes get cabinet approval - Limits on foreign holdings 'dangerous'
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The cabinet yesterday approved in principle amendments to the 1999 Foreign Business Act that limit foreign investors to holding no more than 50% of the shares or voting rights in Thai companies. Economic ministers insisted the changes would help improve the investment climate as they would boost compliance with the law.
But deputy Democrat leader Kiat Sittheeamorn charged that it was a ''dangerous move'' that would undermine confidence in the country.
Businesses which violate the rules on voting rights will be required to inform the Commerce Ministry within one year. Those in violation of the foreign ownership limit will have to reduce their holdings to 49% within two years.The new law will apply to businesses on Lists 1 and 2, but exempt most businesses on List 3. The cabinet will forward the draft amendment to the Council of State for its constitutionality to be checked.
Deputy Prime Minister and Finance Minister M R Pridiyathorn Devakula said the amendment would ease uncertainties over the country's regulatory framework, after an investigation which began last year into nominee issues with Kularb Kaew Co, a shareholder of Shin Corp.
''If we leave the matter as it is, businesses will remain uncertain of their compliance with the law. New investment is unlikely to happen,'' he said.
The current law allows some foreign businesses to dominate ownership of Thai firms through majority voting rights, the finance minister said.
But Mr Kiat said there were ''other things'' the government should have done. ''So far it has chosen to implement measures that undermine confidence in the country's economy. First, capital controls. Now, the foreign business law,'' he said.
He called on the government, in particular the Commerce Ministry, to clarify why it needed to impose the rule.
The regulation was likely to draw protests from investors who would find more favourable terms in other Asian countries like Vietnam and China, Mr Kiat said.
''This is a dangerous move for the country. It is unlikely to benefit the nation.''
M R Pridiyathorn believed the impact on the investment climate would be slight as businesses under all three lists of the current law total 10,00-20,000 companies, compared with the total of 500,000 foreign-owned businesses in the country.
''In considering the amendment, we have taken into account the impact on the investment climate. The country has allowed improper procedures to prevail for a long time. We want to nurture the investment climate. This amendment will help clear the air,'' M R Pridiyathorn said.
He noted the government had exempted List 3, which mainly comprises companies in the service sector, because local operators on the list appeared to have adapted to active foreign participation.
Commerce Minister Krirk-krai Jirapaet said the move was part of the government's efforts to close the loopholes abused in the past. Foreign companies had used these loopholes to operate in businesses restricted to Thais, he said. The amendment was likely to make investors feel more optimistic about investing in Thailand.
''I do not think that foreign investors should take this as a negative move. On the contrary, it should help increase confidence as there have been abuses in the past,'' Mr Krirk-krai said. ''The investment environment should improve and so should corporate governance, and the new laws will make things more progressive,'' he added. Separating some industries from List 3 to come under their own laws, such as banking and insurance, would be beneficial to the country in the long run, the minister said.
Kanissorn Navanugraha, director-general of the Business Development Department, said his department would start to make random checks on companies listed on the Stock Exchange of Thailand, especially those that fall under Lists 1 and 2 to see if they are in breach of the law or not. However, this will be done after the voluntary 90-day registration has expired. He said there are 40,000 foreign investors listed on the SET among the 500 odd firms on the local bourse.
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 9:40 pm on Jan. 9, 2007
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PussyLover 69
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Report from The Nation dated Wednesday 10 January 2007 :-
Most companies not affected by amended foreign business laws
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Finance Minister Pridiyathorn Devakula said Wednesday that most foreign companies will not be affected by draft legal amendments of foreign business laws.
The amendment expected to force some owners in the telecommunications and other sectors to sell down majority holdings and give up majority voting rights.
The minister said the law will apply mainly to service industries, while most foreign companies in the country are in export and industrial sectors.
He said there could possibly be minor revisions to the draft, but that the principles of the law couldn't be sacrificed and the loophole of using voting rights to maintain majority control in sensitive sectors would be closed.
"Some minor adjustments are possible in implementation, but if they ask for us to call off the voting rights rules, we can't do that. It is because it's the main principle which they have used to avoid Thai laws all along," he said.
He added that we have to talk reasonably. "We are an independent country. We have our own laws and we want businesses to respect our laws."
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Report from The Nation dated Wednesday 10 January 2007 :-
Nominees will be forbidden - Planned amendments give more teeth to laws that restrict business holdings; executives warn of investment backlash
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Foreign companies, which have been using Thai nominees to circumvent ownership laws, will be forced to reduce their stakes and their voting rights within specified time limits when the amended Foreign Business Act becomes law.
After deliberating for almost five hours yesterday, the Cabinet approved a draft amendment to the Foreign Business Act designed to create a level playing field and transparency among foreign companies doing business in Thailand.
The amendment aims to end the legal contention over allegations that Temasek Hold-ings of Singapore had relied on nominees to get around the Thai ownership law to take over Shin Corp.
The amendments require foreign business owners to reduce their voting rights to below 50 per cent within one year.
For shareholdings, if they own a stake in their own name that exceeds the limit, they have two years to reduce it. If the exceeded limit is held in the name of a Thai nominee, they have one year to reduce it.
Commerce Minister Krirk-krai Jirapaet said the new law would set a clearer definition on foreign corporate entities.
"The law is designed to create more transparency in the system. It should improve the investment atmosphere," he told a news conference.
Under the amendments, "foreign companies" are defined as those whose shareholding stakes or voting rights exceed 50 per cent.
This law mainly affects foreign companies in the service industry. Most foreign manufacturing companies are exempt, including companies that fall under Board of Investment mandated waivers.
The Foreign Business Law covers three lists of business sectors - deemed critical to national security - subject to the degree of protection. The most protective category is Annex 1, followed by Annex 2 and Annex 3.
Industries listed in Annex 1 include rice farming, forestry, agriculture and protected professions such as hairdressing. Annex 2 comprises national security-related sectors such as telecommunications, handicrafts, media, weaponry, ammunition, military equipment, the culture-related sector, environment, transportation, marine and air transport, domestic aviation, antique sales, salt farming and mining.
Companies operating in industries listed in Annex 3 of the law will be exempt from the rule. Annex 3 includes rice milling, fisheries, forestry, accountancy services, the service business, legal service business, agriculture, engineering, and retail.
However, the retail law will soon be subject to a retail business law to be introduced in the near future.
At present, there are around 8,800 companies under Annex 1 and 2, while another 30,000 companies operate under Annex 3.
According to the draft amendments, companies, which operate under Annex 1 and 2 and which violate the foreign business law, will be required to revise their shareholding structure and voting rights below 50 per cent within a maximum of two years.
For foreign companies, which have used nominees to circumvent the ownership law, they must report their true status to the Commerce Ministry and will be given one year to comply with the law by reducing their stake to less than 50 per cent.
In total, the new law will govern almost 40,000 multinational companies operating in Thailand at the moment.
The Joint Foreign Chambers of Commerce on Monday warned the government to suspend the amendment saying members might withdraw their investments if the new law becomes more restrictive.
"Companies in List 1 and 2, which include large companies, will be affected. The net effect is something that we can't really gauge and we don't know what it is [at the moment]. However, the immediate effect is that it changes the playing rules, and that reduces the confidence of investors," said Peter Van Haren, chairman of the joint foreign chambers.
However, the new law would not affect the legal process in the Kularb Kaew case. Krirk-krai said Kularb Kaew, suspected to hold Shin Corp's shares on behalf of Temasek Holdings, would be subject to the old law.
The Commerce Ministry is still firm on its recommendation to the police that evidence leads the ministry to believe that Kularb Kaew might be a nominee for Temasek of Singapore.
Sources said Cabinet members intensely debated the merits of the law. According to the source, Interior Minister Aree Wongsearaya voiced concern that the new law might provide amnesty to Kularb Kaew. Information and Communications Technology Minister Sitthichai Pookaiyaudom also questioned the implication of the law on the Shin Corp deal.
Foreign Minister Nitya Pibulsonggram asked for Cabinet's comments on how he should explain the new law to foreigners. Eventually, Prime Minister Surayud Chulanont assigned Krirk-krai to explain the issue to avoid confusion.
Surayud also tried to ward off investors' concerns, saying the decision was right and the government would be able to explain it.
He said the changes would not take effect for "some time", as a panel of legal experts needs to review the changes and the government would try to reassure nervous investors.
"We think that it needs to be worked out in detail for the law to be more transparent, and to make investors more confident," Surayud said.
But that failed to console the stock market, which tumbled 2.69 per cent, with the Stock Exchange of Thailand (SET) composite index losing 17.07 points to close at 616.75.
Krirk-krai said he could not say when the law would be enacted as the draft would have to receive the blessing of the Council of State. He expected that it might take three to four months.
Krirk-krai said the amendment would promote good governance and transparency. Foreigners wishing to hold more than 50 per cent in businesses under Annex 2 and 3 could apply for approval on a case by case basis.
The old law imposes a maximum three-year jail sentence and Bt100,000 to B1 million in fines. But the new law would increase the fine from Bt500,000 to Bt5 million.
Director general of the Business Development Department, Kanissorn Navanugraha, said the law should be clearer and the investment atmosphere should be transparent. The department would develop the system of checking company structures and would randomly check to see who was violating the law.
Asked if foreign investors would pull out, Krirk-krai said: "It's their right to invest, but I believe that quality foreign investors will understand this issue."
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 9:53 pm on Jan. 9, 2007
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PussyLover 69
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Report from Bangkok Post dated Wednesday 10 January 2007 :-
Foreigners rip new rules on ownership - FDI likely to fall as investors ready to flee
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Foreigners yesterday poured scorn on moves by the Thai government to regulate foreign businesses by dismantling the widely used practice of using local nominee shareholders. ''If this government's aim is to scare away foreign investors, then I think they are doing a very good job here; they have the perfect strategy in place to do this,'' said Lance Depew, the portfolio manager of Quest Capital, a $250-million fund management company that has been very positive about Thailand even at the peak of the economic crisis in 1997.
''They are wreaking havoc on foreign investors, and investors are going to vote with their money on where they want to invest,'' he said.
The military-backed government's attempt to place restrictions on foreign ownership by clarifying the poorly understood 1999 Foreign Business Act has been bitterly opposed by most foreign investors. They claim restrictions would only exclude Thailand from the booming foreign direct investment flowing into the region.
''In the face of competition from so many other countries, this is nothing but negative for Thailand, and we may have to do more research on what the impact of these measures would be before deciding on the sovereign ratings,'' said Kim Eng Tan, an associate director for sovereign and international public finance ratings at Standard & Poor's.
''I have a feeling that things are not going to be very rosy from here on,'' he said, noting that S&P was studying the country's rating and there was a ''strong chance'' that the outlook could be lowered.
Under the changes that have made markets jittery, foreign investors will be given one year to sell down their holdings and up to two years to reduce voting rights to less than 50%.
The laws redefined alien business classifications, and gave a 90-day deadline for firms that use Thai nominees to disclose their holdings. A one-year deadline was set for them to comply with revised limits.
This move comes as the country's investment climate is already suffering from political instability, foreign ownership probes and recent capital controls.
Mr Tan said many previous investments in Thailand would have to be restructured. Some investors will leave altogether, even if the majority stick around.
Peter Van Haren, the chairman of the Joint Foreign Chambers of Commerce, said: ''We are very disappointed with the moves, but we still have a ray of hope that things will be amended when it goes through the various processes before it becomes a law.''
The cabinet will refer the changes to the Council of State, the government's legal advisory body, and it could be months before the law is formally enacted.
But the moves are seen as a step backward at a time when competition is intense for foreign direct investment. Thailand, which is already facing a protracted political crisis, saw investment applications in the first nine months of 2006 halved to $5.4 billion from the same period in 2005.
''What is Thailand doing? Countries like Vietnam are looking to relax foreign limits, and we are looking to tighten them?'' Mr Depew asked.
Other analysts were more vocal, saying that the interim government's poor understanding of business could have long-term implications.
''The main problem with this army-sponsored government represented largely by retired army generals is lack of experience in politics.... Ministers are using a 'learn on the job' method. The result is simple _ confusing policies exposing their inexperience and hurting foreign investment, investor confidence, domestic consumption and the country's image [further],'' Vikas Kawatra, head of institutional sales at Kim Eng Securities, said in a note to clients.
''Imposing restrictions on FDI is simply wrong _ even though the intention behind the move is to punish the deposed PM Thaksin Shinawatra. I think these two steps aren't the last silly moves expected from this government.''
Citicorp Securities said hopes of a possible compromise were shattered, and called the moves the ''worst-case scenario''. It recommended its clients remain underweight in the Thai equity market.
Mr Tan of S&P agreed. ''Even in the best-case scenario I would say it is negative news for Thailand.
''In the short term people are going to pull out of Thailand and you will see less interest from foreign investors into Thailand,'' he said, adding that most foreign investors were looking for majority stakes to increase the efficiency of the companies in which they invest.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 10:00 pm on Jan. 9, 2007
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