Criminal Court on Tuesday issued an arrest warrant for Surin Upatkoon who has been accused of acting as nominee for foreign companies through his stockholdings in Kularb Kaew Co, Ltd.
Police told the court that Surin failed three times to appear before police to hear the charges.
Kularb Kaew is one of the companies used by Temasek Holdings of Singapore to acquire Shin Corp from the Shinawatra family.
Surin's lawyer on Monday presented a medical report from a Malaysian hospital to the police, asking for delaying the hearing.
The report shows that Surin suffered from an irregular heartbeat, making it impossible for him to appear before the police to hear the criminal charges against him.
However police said the report is not credible because it is not accompanied by a notarisation from any Thai agency such as a Thai embassy or Thai Consul.
Police believed that Surin only wanted to buy time and escape from having to face the charges.
Chief Investigator Pol Maj Gen Wisut Wanitbutr, anti-economic crime department, said if Surin failed to surrender, he will ask Malaysia to arrest and extradite him.
"Thailand and Malaysia have signed extradition treaty, so we are eligible to ask Malaysia to arrest and extradite him.