Airline’s new owner thought to be a front

Airline's new owner thought to be a front - Bangkok Post, February 17, 2006
[Mysterious companies led by unknown people have been a staple of several big deals over the past few years. See also The Frobisher controversy and Phuket Pass Project Limited.]
A consumer advocate and opposition MPs suspect the three-day-old Asia Aviation Co Ltd, new majority owner of Thai AirAsia, of being a front company after they found only empty office space at the firm's address...
The office, on the 15th floor of Phahon Yothin Place building, Phahon Yothin road, was empty with only an ''E.com Internet Work Co Ltd sign in front of it...
''This only proves that Asia Aviation Co Ltd is a non-existent company and a nominee for possibly Shin Corp and consequently Singapore's Temasek Holdings. The Ministry of Commerce is at fault for letting this slip through its hands,'' said Ms Rosana...
Democrat party list MP Kiat Sitheeamorn, meanwhile, questioned the legitimacy of Asia Aviation Co Ltd and asked how a company with only five million baht in registered capital could buy into a company such as Thai AirAsia, worth more than 200 million baht...
Mr Kiat also questioned why Mr Sithichai, with his 51% stake in Asia Aviation Co Ltd and thus a 25% holding in Thai AirAsia, does not have a seat on the board. Normally someone with a 5% stake in a company would hold a seat on the board of directors, which raised the question of who Mr Sithichai actually is...
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