iCon Group’s billion baht earnings raise suspicions

The iCon Group has surprised business observers by earning more than 5 billion baht this year, even though it was only set up five years ago.

This huge claimed revenue has raised the eyebrows of many, as they wonder if there were any suspicious dealings behind the company’s success, or if the company’s owner is a genius and has come up with a super strategy.

The iCon Group was founded by Warathaphon “Paul” Waratyaworrakul, often referred to by his employees as “Boss Paul”.

Warathaphon has earned fame by projecting himself as a super-successful online marketer, coining the phrase: “You’ll never get rich if you put your efforts in the wrong place.”

He explains this phrase by saying that he once struggled and did different jobs before setting up his direct sales company to sell supplementary food products.

The Business Development Department reported that as of Wednesday, Warathaphon was found to be the director and major stakeholder in six companies, including one that has ceased operations.

His iCon Group earned fame fast by enlisting leading actors and actresses as brand ambassadors, who subsequently convinced people to join the direct sales network.

In his interviews and speeches to encourage members of his direct salesforces, Boss Paul has repeatedly shared his rags-to-riches story, saying he was raised by his mum singlehandedly after his father left them when he was just three.

In messages encouraging his direct-sales members who have subscribed to his system and bought his products to sell, he tells them that he had tried his hand at several online businesses until he opened this company five years ago. Now, he boasts, the company has earned 5 billion baht in sales this year. This claim, however, could not be verified because his company has not reported this year’s earnings to the authorities.

In his many speeches to his direct sales team, he is heard saying that when he joined the sales team of a company, he only earned 6,000 baht a month. But now, he says, he earns millions selling his own products directly and wants others to follow his example by investing and selling products of his iCon Group.

The iCon Goup was created on June 1, 2018, with a registered capital of 50 million baht. Its registered address is in Bangkok’s Bang Khen district and its objective is to carry out retail sales via the Internet.

As of April 30 this year, Warathaphon holds a 74.9998% stake in the company, with the rest held by Jinda Saekok (21%) and Panjarat Kanokrathanaporn (4.002%).

The iCon Group reported to the Business Development Department last year that its assets are worth 2.4 billion baht and liabilities worth 1.554 billion baht. Its revenue was registered at 1.89 billion baht and expenses at 1.86 billion baht. It has paid 9.11 million baht in taxes for a profit of 19.78 million baht.

Warathaphon’s other companies are:

• iCon Wellness Co Ltd: Set up on August 3, 2022, with 1 million baht registered capital.
• iCon Accountancy Co Ltd: Set up on August 9, 2022, with 1 million baht registered capital.
• Niramitr Global Co Ltd: Set up on July 15, 2020, with 1 million baht registered capital.
• iCon Advertising Co Ltd: Set up on October 14, 2011, but ceased operations on November 15, 2021.
• Friendship Fulfillment Co Ltd: Set up on May 15, 2019, with 1 million baht registered capital.
• iCon Souvenir Co Ltd: Set up on August 6, 2024, with 1 million baht registered capital.