Dr. Boon Vanasin, the previous chairman of Thonburi Healthcare Group Public Company Limited (SET: THG), was once held high as a pandemic hero after saying that he is striking a 20-million-dose Covid vaccine deal with Pfizer and BioNTech.
The share price of THG surged nearly 300% in the span of 16 months from the beginning of 2021 to mid April 2022 despite the vaccine promised by the chairman never arrived. The failure of the vaccine deal was covered up by outstanding financial results and potential expansion announced by the chairman himself.
Amid mounting allegations of financial misconduct filed by the Securities and Exchange Commission (SEC), Dr. Boon Vanasin vacated his position in August 2022, followed by his family’s exit from the board.
The story of Dr. Boon Vanasin did not end there as he and associated individuals are accused of fraud through loan agreement and investment. These revelations hit home when THG detected dubious transactions involving family-linked companies and a Singapore-registered entity that failed to deliver goods purchased.
Further investigations revealed Dr. Boon’s misleading behavior, accusing him and conspirators of convincing people to invest in phantom healthcare projects. Currently, both his ex-spouse and daughter are under police custody over controversial loan agreements, which they ascribe to implicated signatures forged by Dr. Boon as loan guarantors.
The scandal got more heated, with claims of Vanasin evading the law and now escaped to China with a total of over 7.5 billion baht investment fraud case.
Following these reports, THG has made an official statement through the Stock Exchange of Thailand, asserting no involvement with the behaviour of once the founder of its company.
