Ikea delays Thai plans as government moves to tighten
foreign ownership laws - Telegraph,
September 23, 2007
...The Daily Telegraph can reveal that the lingering
after-effects of last year's military coup and a series of tougher laws
on foreign ownership have prompted Ikea to postpone a move into one of
south-east Asia's most important economies.
The delay reflects growing nervousness among overseas investors
following Draconian revisions to Thailand's Foreign Business Act and
the publication of draft legislation covering the retail sector which
may have a serious impact on Tesco and Carrefour, the French
supermarkets group.
Since the ousting of Thaksin Shinawatra, the former prime minister and
current owner of Manchester City Football Club, a year ago this week,
the Thai government has proposed changes to the definition of a
"foreign" company to mean one which is not controlled or majority-owned
by Thais. It has also vowed to stamp out the use of nominee
shareholders for the subsidiaries of multinationals operating there,
alarming the many overseas firms which have largely relied on the use
of such structures...
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