Faces and Stories of GA

Through this initiative, “Faces and Stories of GA,” we invite you to step behind the scenes of our firm to discover the distinctive blend of human and professional qualities that define GA.

Using the voices of our professionals, we will delve into the most significant moments of their careers, the motivations that drive them, and their insights on the laws and changes shaping our industry.

Today, we are pleased to introduce you to Palawi Bunnag, Partner at ILCT Ltd.!

Palawi is at the cutting edge of business development in Thailand and surrounding regions. She holds two distinguished law degrees from a reputable Thai university and a prestigious UK university. Armed with her training in the common law and civil law and international business transactions, she has been dedicating her career to foster the development of cross-border trades and direct foreign investments for more than two decades.

What has been the most rewarding moment of your career so far?

There have been several rewarding moments, but I think one of the most rewarding moment of my career is to be receive several awards, including but not limited to being  ranked on the A-List Top 100 lawyers in Thailand by Asia Business Law Journal for 3 consecutive years and awarded as a “highly recommended lawyer” by Legal 500, as well as, helping the firm to achieve the top 10 law firm ranking in the M&A capital market section. 

What has been the most interesting or important case you have handled?

It’s hard to pick just one, but one case that stands out is the conversion of a property fund to a REIT, which was the first of its kind in Thailand. This was a landmark transaction for the Thai capital markets, and it required a deep understanding of both local regulations and international financial laws.  More recently, I had been involved in designing the eco-system of the Real Estate ICO laws with the Securities and Exchange Commission, Thailand and managed to obtain a licence for a real-estate backed ICO Portal for a client. These projects stand out because they represent the intersection of legal expertise with cutting-edge business and technology.  All M&A cases and other cases are unique and interesting, especially when we have to negotiate with the other parties on behalf of the client in order to safeguard their interests.

What recent legislative changes in your country have had a significant impact?

A few recent legislative changes have really reshaped the investment landscape. The Board of Investment regulations have been periodically amended to attract investors and promote specific industries.  The Digital Asset Business Act is one that’s having a big impact, especially in the FinTech sector. It’s providing much-needed clarity on the regulation of digital currencies, ICOs, and blockchain-based businesses, which is opening up new opportunities in Thailand. Additionally, the tax regulations have also been revised regularly based on the current government’s policies.  Not to mention immigration laws such as visa exemptions and long-term residence (LTR) visa in order to support foreigners who wish to reside or work in Thailand. 

Faces and Stories of GA

Through this initiative, “Faces and Stories of GA,” we invite you to step behind the scenes of our firm to discover the distinctive blend of human and professional qualities that define GA.

Using the voices of our professionals, we will delve into the most significant moments of their careers, the motivations that drive them, and their insights on the laws and changes shaping our industry.

Today, we are pleased to introduce you to Mallika E.S Margherita, Partner at ILCT Ltd.!

Mallika, a Thai national of Italian heritage. She is a lawyer of a bilingual background. Having grew up in a bilingual environment, Ms. Mallika possesses unique and rare multicultural knowledge. She graduated LLB from a notable Thai university along with an LLM from a US law school. Following her education, she has been practicing law for more than three decades.

What is the most important advice you would give to someone starting this career?

The most important advice I would give to anyone starting a legal career would be to really understand the world around you, not just the law. Law isn’t just about knowing the rules, it’s about understanding people, cultures, and how businesses operate.  In today’s interconnected world, it’s incredibly important to be able to navigate different legal systems, especially in cross-border work. Being bilingual or multilingual is a huge advantage, as it allows you to bridge cultural and legal differences. Don't be afraid to take on challenges, whether that’s a complex cross-border deal or adapting to new legal developments. Law is constantly evolving, so being flexible and willing to learn is key.

What was your main motivation for becoming a lawyer?

I think my motivation came from a mix of curiosity and a desire to make a real impact. Growing up in a bilingual environment, I was naturally drawn to the idea of working across cultures. I wanted to use my legal skills to help people and businesses from different parts of the world. I enjoy the challenge of solving complex problems, particularly when it means opening doors for others in a new market. It’s incredibly satisfying to assist clients in overcoming legal barriers and achieving success in a foreign market.

What are the most important current laws affecting potential investors in your country?

For anyone looking to invest in Thailand, the Foreign Business Act is one of the most important laws to keep in mind, especially because it restricts foreign ownership in certain sectors. But there are ways to work around these limitations, especially if you’re working with Thai partners or using other structures that the law allows. The Board of Investment (BOI) is also a key resource for foreign investors. They offer incentives like tax exemptions and other benefits, depending on the sector you’re investing in—especially in tourism, manufacturing, and tech. Additionally, if you’re considering real estate, there are restrictions on foreign ownership, and the rules can get a little complicated, so it’s always wise to seek legal advice.

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Grimaldi Alliance, an international law firm with 11 offices in Italy, as well as branches in New York, Lugano, Brussels, London, and Paris, and an international network active in over 60 jurisdictions, announces the addition of ILCT, a prestigious Thai law firm with over 100 professionals, based in Bangkok.

Founded in 1966, ILCT is one of the most authoritative brands in the Thai market, offering a full-service practice that spans a wide range of areas: banking & finance, competition and antitrust, advanced negotiations, corporate, entertainment, expatriate services, fintech, food & drug, foreign affairs, public procurement, information technology, infrastructure and project financing, insurance, intellectual property, labor law, litigation and arbitration, healthcare law, M&A, mining law, real estate, and tax.

With 10 partners, led by Managing Partner Jayavadh Bunnag, the 100 professionals at ILCT provide significant professional and linguistic coverage (in Thai, English, Chinese, Japanese, French, Italian, and Spanish), which is highly valuable for Grimaldi Alliance.

"The addition of ILCT to Grimaldi Alliance is a key milestone in our expansion strategy in Asian markets," said Francesco Sciaudone, Managing Partner of Grimaldi Alliance. "Grimaldi Alliance confirms itself as a strategic bridge for entrepreneurs looking to expand their business abroad. Our collaboration with ILCT allows us to further enhance our ability to support companies in the vast Asian market, offering them tailored legal assistance based on a deep understanding of the local context."

The partnership with ILCT strengthens Grimaldi Alliance’s position as a global leader in providing legal support for the internationalization of businesses, offering personalized solutions that facilitate the growth and expansion of companies in the world’s most dynamic markets.