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International


THAI MEDICAL TYCOON WANTED FOR ALLEGED FRAUD FLEES TO CHINA

By Patpicha Tanakasempipat
November 23, 2024 at 11:59PM EST

(Bloomberg) -- Thai hospital tycoon Boon Vanasin, who allegedly lured some 7.5
billion baht ($217 million) of investments in fake medical projects, has fled to
China, prompting the police to issue a warrant for his arrest.

Police have received some 520 complaints since December last year involving
about 247 people, Nopasin Poolsawat, deputy commissioner of the Metropolitan
Police Bureau, told the media on Saturday in Bangkok. The victims believed they
were investing in medical businesses in Thailand, Laos and Vietnam, promoted by
the founder and former chairman of Thonburi Healthcare Group Pcl.

“The fundraising was for all these projects that didn’t exist,” Nopasin said,
according to a YouTube livestream by Channel 3 of the press conference. “The
victims believed they would materialize, but two years have passed and they have
not seen a single thing happen.”

Some individuals claim to have invested as much as 600 million baht because they
trusted Boon’s credibility, he said. 

Fled to China

Boon left Bangkok for Hong Kong on Sept. 19 and “we’ve been informed he has left
Hong Kong for China,” Nopasin said. Police have coordinated with Interpol to
issue a red notice for Boon to be arrested. 

There are nine alleged accomplices, including Boon as “mastermind”, his wife,
daughter, two assistants and three brokers, Nopasin said. Police are looking for
Boon’s assets including 19 cars. 

In a statement on Monday, Thonburi said it had nothing to do with the five
medical projects promoted by Boon. His spouse and daughter, who currently serve
as directors in the company, have surrendered themselves to police for
questioning to demonstrate their innocence and have denied the allegations, the
company said.

The two have stated that the signatures on documents related to the allegations
were forged, Thonburi said. They have not expressed intention to resign from the
board, nor do criminal charges disqualify them from the positions.

Shares of Thonburi surged as much as 21% in Bangkok on Monday, the biggest
intraday advance since they began trading in 2017.  

Boon, while chairman of Thonburi Healthcare Group, was fined by the Securities
and Exchange Commission in 2022 for misleading investors by disseminating false
information, and he was barred from serving as a director or executive in a
public company for 42 months.

Nopasin said the metropolitan police were preparing to hand over the case to the
Central Investigation Bureau and it may fall under the jurisdiction of the
Department of Special Investigation.

(Updates with share move in ninth paragraph.)

©2024 Bloomberg L.P.




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