Foreign Business Act Of 1999 (Thailand)
The Foreign Business Act was a law enacted by the Chuan Leekpai-controlled National Legislative Assembly of Thailand in 1999 that limited foreign ownership of certain Thai industries. Its predecessor was the Alien Business Act of 1972, enacted by a military junta. Industries which must be majority-owned by Thais included the newspaper business, radio stations, television stations, rice farming, animal husbandry, fishing, land trading, mining, wholesaling and retailing, restaurants, and all service businesses. The law criminalized nominees, any Thai who held shares on behalf of a foreigner. Nominees could be fined 100,000 to 1 million baht and face up to 3 years in prison. However, the law did not prohibit foreigners from being the majority in the board of directors and also did not prohibit having different classes of shares with differing voting rights. This loophole allowed thousands of foreign-controlled businesses to operate in Thailand.
Read more about Foreign Business Act Of 1999 (Thailand): The New Draft Foreign Business Act, Objections of The Foreign Business Community
Famous quotes containing the words foreign, business and/or act:
“The force of a language does not consist of rejecting what is foreign but of swallowing it.”
—Johann Wolfgang Von Goethe (1749–1832)
“In my cheapest moments I am apt to think that it is n’t my business to be “seeking the spirit,” but as much its business to be seeking me.”
—Henry David Thoreau (1817–1862)
“In the order of literature, as in others, there is no act that is not the coronation of an infinite series of causes and the source of an infinite series of effects.”
—Jorge Luis Borges (1899–1986)