French businessman Stephane Thierry Bastok, 74, is hit by a widening Koh Samui nominee probe. Police trace ฿9.2m in transfers, an unlicensed hotel and five Thai shareholders while examining possible money laundering and ฿300m in assets.
A sweeping immigration crackdown on Koh Samui has closed in on French businessman Stephane Thierry Bastok, 74, over suspected nominee companies, land holdings and an unlicensed 12-room hotel. Police have traced more than ฿9.2 million in corporate transfers to Mr Bastok and his son, while five Thai shareholders face nominee charges. Investigators are also probing possible money laundering and a reported ฿300 million property sale. Meanwhile, Mr Bastok faces separate proceedings after eight French nationals invested more than ฿26.4 million in a cannabis farm that police say was never established.
Surat Thani Immigration Police have widened a major investigation into a French businessman and suspected nominee companies on Koh Samui. The inquiry has uncovered an accommodation business operating without a hotel licence.
It has also exposed questionable Thai shareholdings, substantial land holdings and millions of baht in financial transfers. Separately, the businessman faces proceedings over a ฿26.4 million cannabis farm investment case.
At the centre of the investigation is French national Stephane Thierry Bastok, 74. Police have linked him to two Thai companies involved in land ownership and accommodation. Notably, five Thai nationals are accused of holding company shares on his behalf. Officers are now tracing assets, corporate accounts and the source of funds behind the businesses.
Police widen Koh Samui nominee crackdown as French businessman and Thai shareholders face investigation
The investigation forms part of “Crackdown on Foreign Nominee Networks, Phase 7”. It follows a nationwide policy ordered by National Police Chief Pol Gen Kittirat Phanphet. In parallel, Pol Gen Samran Nualma, deputy national police chief, is directing the campaign. He heads the Centre for the Suppression of Transnational Crime and Illegal Immigration.
On August 16, Immigration Bureau Commissioner Pol Lt Gen Phanumas Boonyalak ordered officers to intensify investigations. The directive was implemented through Pol Maj Gen Chuthares Yingyongdamrongsakul, commissioner of Immigration Division 6.
Specifically, officers were told to target foreigners suspected of using concealed Thai shareholding arrangements. The operation also targets Thai nominees suspected of holding land through Thai-registered companies for foreigners.
In response, Surat Thani Immigration expanded its investigation into foreign investors operating businesses across Koh Samui. Pol Col Naruet Phutthawiro, superintendent of Surat Thani Immigration, confirmed the widening inquiry. He said officers had discovered suspicious shareholding arrangements involving Thai nationals. As part of this, investigators began examining Mr Bastok’s businesses, property interests and financial transactions.
French businessman faces ฿26.4 million cannabis case as police trace Koh Samui property interests
On another front, Mr Bastok already faces legal proceedings involving a proposed cannabis farm. Police say eight fellow French nationals were persuaded to invest about ฿3.3 million each. Combined, those investments exceeded ฿26.4 million, equivalent to about €900,000. However, investigators say the cannabis farm was never established.
Investigators at Bo Phut and Koh Samui police stations have completed their case files. Those files have since been submitted to prosecutors for consideration. Against that background, immigration officers began examining Mr Bastok’s wider business interests and assets. Their inquiries led to two companies connected with property and accommodation on Koh Samui.
Officers identified them as Ida B Co Ltd and IDA B Domain Co Ltd. Both were linked to operations in Moo 5, Lipa Noi subdistrict, Koh Samui district. Investigators then examined their ownership structures, financial statements, land holdings and business activities. From there, the inquiry focused heavily on a substantial plot held by Ida B Co Ltd.
The company owned about seven rai, three ngan and 80 square wah of land. In 2021, a three-storey building was constructed on the property. Subsequently, the premises became an accommodation operation under the name “IDA B DOMAIN”. IDA B Domain Co Ltd operated the business.
Unlicensed 12-room Koh Samui hotel draws scrutiny as police examine company finances and land holdings
The property contained 12 rooms and a restaurant. Moreover, rooms were advertised for daily bookings through online accommodation platforms. The company also operated its own website to attract tourists. Despite those operations, officers found no hotel business licence issued by the Koh Samui district hotel registrar.
Immigration records provided additional evidence concerning the property’s use. Records filed under Section 38 of the Immigration Act showed guests generally stayed for short periods. Accordingly, officers said the pattern was consistent with daily accommodation services. Investigators also found an application for a health-hazardous business licence.
Significantly, that application described the operation as a 12-room rental business. Investigators then compared those records with the property’s online advertising and guest reports. Police also examined how the companies were structured and financed. That examination shifted the investigation from hotel licensing towards corporate ownership and financial control.
Ida B Co Ltd had continuously reported losses. Furthermore, investigators found no genuine business revenue recorded by the company. Instead, officers said it appeared to exist primarily to hold the Koh Samui land. Yet Thai nationals controlled a 60% majority stake on paper.
Thai restaurant workers and driver held 60% of land company as police question who controlled business
Three Thai shareholders collectively held that 60% interest. Crucially, officers established that the three were restaurant employees and a driver. Police said they showed no apparent financial capacity to make investments of that scale. The findings therefore increased scrutiny of who actually funded and controlled the company.
Attention then turned to IDA B Domain Co Ltd. Once again, Thai nationals collectively held 60% of the shares. Two Thai shareholders accounted for that majority interest. During questioning, one shareholder gave investigators details about his actual involvement with the company.
According to immigration police, the shareholder admitted he was only an employee. His name had been used to make him a company director. In addition, he said his role was limited to handling documents. He told investigators that he had no authority over the company’s finances.
Financial records then opened another strand of the investigation. Officers discovered transfers exceeding ฿7.7 million from corporate accounts into Mr Bastok’s personal account. At the same time, more than ฿1.5 million was transferred to his son. Together, those identified transfers exceeded ฿9.2 million.
Police trace ฿9.2 million in transfers as French businessman faces foreign business and hotel charges
Police said the transactions indicated Mr Bastok was the sole source of company funds. More importantly, officers said the records indicated he actually controlled the businesses. The financial findings were then considered alongside the companies’ Thai majority shareholdings. Investigators also considered the occupations and stated financial capacity of those shareholders.
Following those findings, Surat Thani Immigration moved towards criminal proceedings. Pol Lt Col Arun Musigim, deputy inspector at Surat Thani Immigration, was assigned to file the complaint. Mr Bastok now faces charges under the Foreign Business Act B.E. 2542, or 1999. The proceedings cite Sections 8, 36, 37 and 41.
Additionally, Mr Bastok faces a charge of operating a hotel without a licence. That offence falls under the Hotel Act B.E. 2547, or 2004. The allegations therefore cover both foreign business restrictions and the operation of the accommodation property.
Legal action also extends to Ida B Co Ltd and IDA B Domain Co Ltd. The companies face accusations of allowing a foreigner to conduct business in violation of Thai law. Likewise, they face accusations involving Thai nationals holding shares on behalf of a foreigner. The accommodation business also faces action for operating a hotel without authorisation.
Five Thai shareholders face nominee charges as police probe assets and possible money laundering
Meanwhile, the five Thai shareholders face separate accusations arising from their roles. Police accuse them of assisting or supporting a foreigner in circumventing restrictions under Thai law. They also face accusations of holding shares for a foreigner under Section 36. Further charges relate to their positions as company directors under Section 41.
Beyond those proceedings, investigators are now following the wider financial trail. Pol Col Naruet said the case had raised the possibility of money laundering. Consequently, officers are examining whether money from suspected illegal activities was subsequently used for investment. That investigation includes the companies’ assets, land holdings and financial transactions.
The cannabis investment case forms part of the financial background now being examined. Eight French nationals reportedly invested approximately ฿3.3 million each in the proposed farm. In total, police put the claimed investment at more than ฿26.4 million. Investigators say the cannabis operation itself was never established.
Elsewhere in the inquiry, officers received information about a previous attempt to sell substantial Koh Samui assets. Pol Col Naruet said immigration police regarded the information as credible. According to investigators, Mr Bastok had advertised a hotel, buildings and land for ฿300 million. The information has added another asset trail for officers to examine.
Immigration police trace Koh Samui assets and funds as nominee and cannabis investigations continue
Surat Thani Immigration will now coordinate with other agencies over the property and financial investigation. Among other areas, officers will examine corporate accounts, land holdings and the original sources of investment funds. They will also investigate whether suspected illegal proceeds were subsequently channelled into businesses or property.
At this stage, any money laundering proceedings will depend on evidence uncovered during that continuing investigation. The separate cannabis investment case has already been completed by investigators and forwarded to prosecutors. The nominee investigation, however, remains active as officers trace the companies, assets and financial flows.
Drive against foreign owned property and business on Koh Samui and Koh Phangan now targets leases
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Overall, the Phase 7 investigation now encompasses Mr Bastok, two Thai companies and five Thai shareholders. It includes substantial Koh Samui land and a 12-room accommodation operation without a hotel licence. It also covers more than ฿9.2 million in identified corporate transfers and a reported ฿300 million property sale offer.
At the same time, Mr Bastok remains subject to proceedings over the separate cannabis investment case. That investigation concerns eight French investors and more than ฿26.4 million in claimed investments. Police are now examining whether the different financial and business strands warrant further legal action.
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Further reading:
Drive against foreign owned property and business on Koh Samui and Koh Phangan now targets leases
International reservations system used by hotels targeted in latest Koh Phangan swoop by ministers
Anutin visits Koh Phangan as nominee crackdown shows 68% of firms with foreign ownership links
Blitzkrieg on foreign firms and enterprises on Koh Phangan continues with French owned resort busted
Russian-Chinese Koh Phangan alliance to sell drugs to foreigners. Accused entered Thailand illegally
Crackdown aimed at upending foreign business trade moves from Koh Phangan to Phuket. Four arrested
Crackdown to wipe out foreign business abuses and ownership on Koh Phangan & Koh Samui intensifies
