51 Thais and 21 Chinese nationals working at an unnamed accounting firm in Bang Phli Yai, a modestly sized district on the eastern side of Bangkok, have been arrested for what appears to be an scheme to register Thais as owners of businesses not actually owned by Thais to skirt around Foreign Business Act rules that bar foreign owners.
OK but it wasn’t just that. Reports Bangkok Post:
The operation followed the arrest of a Chinese suspect, identified only as Lee, who was wanted on a red notice issued by Interpol on charges of extorting money from Chinese nationals, causing damages of 14 billion baht ($413 million USD). Lee and his accomplices established a firm to issue ID cards and visas, leading to numerous victims.
Following Lee’s arrest in early March, investigators discovered he had also hired the accounting firm in Bang Phli to register foreign companies using Thai nominees.
AND:
The investigation found that the firm was owned by a Chinese woman, Yian Zhao, alias Venus. She operated from China, coordinating with Chinese clients via WeChat and using the names of Thai employees as nominees.
The Bangkok Post has a couple pictures of the office which is what we’re here to talk about.
Look at all that fucking paper. A travesty. Maybe authorities wouldn’t have seized five title deeds, 332 company stamps, and ton of documents that’ll make their job much easier had this firm not left a literal paper trail.
GSI Group Inc. (GSIG) said it reached a settlement with the U.S. Securities and Exchange Commission by consenting to a cease and desist order related to accusations that it improperly recognized revenue on certain transactions at its semiconductor business from at least 2004 through June 2008, partly because of insufficient internal controls. The SEC alleged that as a result, the supplier of precision technology and semiconductor systems had overstated revenue by 0.7% in 2004, 1.4% in 2005, 17% in 2006 and 5% in 2007 and by 13% and 5.6% in the first and second quarters of 2008. The company said it agreed to the settlement without admitting or denying the SEC finding and wasn’t charged with fraud or required to pay any penalties. “GSI fully cooperated with the SEC in its two year investigation and has undertaken a number of corrective actions and internal control enhancements,” said Chief Executive John Roush. [
Social awareness time: not all firms are paperless. This is why you are hearing the sound of crickets. Try and not judge other firms and their business philosophy.
Great job with identifying nationalities. We love hearing your dog whistles! MAGA!