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South Korea, Thailand
Royal Thai Navy's frigate acquisition trail leads to offshore family holding company

The first Bhumibol Adulyadej class frigate on delivery to the Royal Thai Navy in 2019.
The first Bhumibol Adulyadej class frigate on delivery to the Royal Thai Navy in 2019. © Chanat Katanyu/Bangkok Post/Bangkok Post via AFP
The Royal Thai Navy's project to acquire a second vessel, possibly from Hanwha Ocean, supplier of the first, is well underway. But the South Korean company's local partner, High-Tech AJ, belongs to the Inthraphuvasak family, whose connections stretch all the way to the British Virgin Islands. [...]
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International Dealmaking

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