Tuesday, March 13, 2007

Some Thai Academics Advocate Amnesty for Foreign Investors Who Violated Foreign Business Act


Govt urged to consider an amnesty

The Nation

Move is 'needed to restore confidence'

Academics believe the government should give an amnesty to all foreign-owned companies after the amended Foreign Business Act (FBA) is implemented to regain the confidence of foreign investors, which is declining amid the current political and economic situation.

Nonetheless, the academics also suggested the police speed up the legal process to prove quickly whether Kularb Kaew had violated the law prior to the enactment of the new foreign business law. The quick conclusion of the case would pave the way for clear policy direction on foreign business operations in Thailand, they said.

Speaking at a seminar yesterday on the FBA, Thitipan Chuerboonchai, dean of the Faculty of Law at Chulalongkorn University, urged the police to finalise the Kularb Kaew investigation quickly.

He also urged the Commerce Ministry to wrap up the investigation into allegations against other companies to see whether they had used nominees.

Amid eroding confidence among foreign investors, Thitipan said the government should provide the remedy by offering an amnesty to all foreign businesses.

I have noticed many politicians and newspapers taking a range of different stances towards foreign investment in the last five months. Right after the coup, many were banging the drums of Bang Rajan and wanted to kick the nasty foreigners out. Now that the economy seems to be on shaky ground, foreign money capital urged to stay. We've gone from nationalization to liberalization and amnesty.

But who are you to believe and why should anybody believe the Thai government after their sneaky confiscation of iTV and their impending nationalization of Shin Group.

Does it make it OK that one country gets punished and everybody else gets off?

What of other multinational conglomerates)Dtac/Telnor) that have used the nominee loopholes? Aren't they just as guilty as Temasek/Shin?

This article is basically saying that once the government has finished destroying Shin Group/Temasek, it will give amnesty to the other conglomerates that have broken the law.

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