SEC views 'Dr Boon' case as personal matter, unrelated to THG
Dr Boon Vanasin, former chairman of Thonburi Healthcare Group, accused of fraudulent loan agreements
According to reports, Dr Boon Vanasin and associated individuals are accused of defrauding the public through loan agreements. The Securities and Exchange Commission (SEC) has been closely monitoring the matter, as Boon is a former chairman of Thonburi Healthcare Group Pcl (THG).
Preliminary information suggests that Boon acted in a personal capacity, unrelated to THG. This may constitute fraud under the Criminal Code but does not appear to fall under the Securities and Exchange Act 1992, which focuses on fraudulent activities within companies offering securities to the public.
The SEC says it will continue monitoring the case and, if any actions potentially violate the Securities and Exchange Act, will promptly investigate and coordinate with law enforcement.
THG disclosed on September 20 that suspicious transactions were identified within a subsidiary. These involved loans to companies linked to the Vanasin family and purchases from a Singapore-registered company, with no actual delivery of goods.
The SEC has been investigating potential violations of the Securities and Exchange Act, with significant progress made, though details remain confidential.
Currently, Boon holds no directorial or executive roles at THG. In December 2022, the SEC requested that the public prosecutor file a civil case against Boon for disseminating misleading information about THG’s performance and stock prices. The SEC also sought civil penalties and a period of disqualification from holding directorial or executive positions.
There are reports that Dr Boon has fled to China, while eight others have been arrested in an investment-fraud case totalling about 7.5 billion baht.
