Hmm...Bro GSK...urs is not the first of such case and will not be the last.
I think your FIRST and BIGGEST mistake is tat u prob left the biz mainly to ur so called Thai Partners. So from then onwards, u are alrdy branded ROBERT. When u "entertain" was it mainly from your coffers?? Did your Thai partners help out??
Next can u speak thai or know the biz system here enuff to actually pump in tat kind of investment?? If u do not...did u at least get PROFESSIONAL HELP to do ur due dilligence?? As in Lawyers and Accountants that will take care of ur position (not those introduced by ur so call Thai partners).
I see 2 options for u now:
a. Cut loss as u said but try to recover as much as possible back from this. BUT do not leave the cut loss campaign to ur Thai counterparts alrdy...u need to be the one actively over looking this part now. U will need legal and accounting advise.
b. If u see that the biz is still worth the effort....engage some help to do due dilligence and INTERNAL audit now....and also ur legal (if they are competent) will know how to "push" these so called officials to pull thru wat they promised u in the first place. But again...u need to be more pro active and watch these from now.
Well, these are my thots....again...wat do I know...5555...
....but from my regular dealings with Thai Officials....sometimes u just need to play hard ball and let them know they are not facing some newbie.
Good luck.
p.s: PM me if u need some contacts for Legal or Accounting.