Following the infamous investigation of Thonburi Healthcare Group PCL. (SET: THG), Doctor Boon Vanasin has been caught up in a THB 8.4-billion renovation of the Thonburi Bamrungmuang hospital of which the overall outcome went awry, resulting in a massive loss. As such, Dr. Boon resorted to putting his personal assets including the THG stocks as guarantees. Ramkamhaeng Hospital PCL. (SET: RAM) cut ties while pressing THG to retrieve lost assets.
Sources from the financial industry told “Kaohoon” that Dr. Boon, founder and former President of THG, has accrued over THB 7 billion in debt through institutions as well as loan sharks. The very high amount also incurred a very high interest rate that ultimately compelled Dr. Boon to be short of money and cost him illiquidity. It is later discovered that most of Dr. Boon’s personal assets and estates have been mortgaged in exchange for large sums of loan – whether any of THG’s or Thonbori Bamrungmuang hospital’s assets have been included in the mortgage remains unclear.
Given various projects carried out under Dr. Boon’s management proved unsuccessful, coupled with his personal shortage, Dr. Boon may have considered options to appropriate some of THG’s asset to regain financial liquidity – one of which is the initiation of a new project with inflated cost.
Dr. Boon had previously invested, under his own name as well as THG, in different projects such as 1) Thonburi Bamrungmuang hospital (83.03% held by THG) amounting to THB 4 billion which was considerably overpriced when compared to other hospitals – the renovation cost THB 2.5 billion which was unusual, taking into account the hospital has sustained an unceasing loss from the beginning. 2) THB 4.4 billion in Jin Wellbeing County, a residential complex for retirees, that was undergoing a phased construction without any definitive outlooks. Also toppled by the COVID-19, the project incurred much loss as the sale failed to meet its target.
Moreover, Dr. Boon was also faced with prosecution in connection with the mortgage of stocks of which there were numerous claims for legal confiscation. In any case, Dr. Boon once held THG’s shares under his name, which eventually changed to his wife’s and in-law’s. However, the in-law claimed she was unaware of her name being used and had never signed any related document.
Sources from the medical industry also told “Kaohoon” there could be more fraudulent cases apart from the reported two. For instance, THB and THH lending to Ratchathani Phattanakarn (2014) Ltd. (RTD), a land and real estate developer, should have never been approved by the boards who also claimed to be unaware of the non-existing benefit, which is inexcusable provided the business was transacted with an entity unassociated with the medical field.
Furthermore, observation should be made on how the THB and THH boards of directors respond to the accusation which may affect retail investors should the matter prove severe.
