Thailand's Securities and Exchange Commission (SEC) has launched legal action against prominent doctor Boon Vanasin, filing a criminal complaint with the Economic Crime Suppression Division (ECD) and the Anti-Money Laundering Office (AMLO) on Friday.
The regulator alleges that Dr Boon made false statements regarding the pledging of his shares in Thonburi Healthcare Group Public Company Limited (THG).
The SEC's investigation, triggered by information from the Stock Exchange of Thailand in October 2024, focused on a media interview given by Dr Boon in September 2024.
In an interview, Dr Boon, a major shareholder in THG, stated that neither he nor his family had ever pledged or borrowed against their THG shares, either on or off the market. He claimed it was something he would not do as a significant stakeholder.
However, the SEC's inquiry uncovered evidence contradicting these claims. They found that Dr Boon and entities within the Vanasin group had, in fact, pledged a substantial number of THG shares to various individuals.
Furthermore, a portion of these pledged shares had already been forcibly sold through foreclosure, with the remaining shares highly likely to have changed ownership.
Given Dr Boon and the Vanasin group's position as the second-largest shareholder bloc in THG, the SEC argues that Dr Boon's statements misled the public into believing that the major shareholder structure of THG remained unchanged.
This, the regulator contends, constitutes a false or...
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