THG distances from former chairman’s fraud allegations

In a statement to the Stock Exchange of Thailand (SET) today, November 25, Thonburi Healthcare Group (THG) Plc affirmed that its operations remain unaffected by the alleged fraud scandal surrounding its former chairman, Doctor Boon Vanasin, and his family members.

The healthcare group emphasised that Dr Boon stepped down from his positions as chairman and director in August 2022, and has since had no role in the company’s management or operations.

The company explicitly disassociated itself from five medical ventures previously pitched by Dr Boon to investors. These projects included a Bangkok-based cancer centre in Pinklao, a wellness facility along the Chao Phraya River in Phraram 3, three hospital developments in Laos, a Vietnamese hospital partnership, and a medical intelligence initiative.

THG stated definitively that said investment projects were the activity of Dr Boon Vanasin alone and the company was not involved.

While THG acknowledged conducting initial feasibility studies for both the Bangkok cancer centre and the Ho Chi Minh joint venture, the company confirmed it ultimately abandoned both projects.

Regarding Dr Boon’s family members, THG clarified that while his wife Jaruwan Vanasin and daughter Nalin Vanasin retain their positions as directors, neither holds authorisation to act on the company’s behalf.

According to the Metropolitan Police Division 1, investors have filed 247 complaints related to Dr Boon’s projects, with alleged losses totalling over 7.6 billion baht.

The 86 year old doctor is reportedly in China, while his 79 year old wife, and 51 year old daughter, turned themselves into the police on Saturday and have denied all allegations.

THG, which manages Thonburi Hospital and oversees 18 healthcare facilities, saw its shares trading at 16.8 baht when the SET closed at midday on November 25, marking a 0.9% increase, reported Bangkok Post.

In related news, Boon Vanasin, the founder of Thonburi Healthcare Group (THG), is currently at large in China while his wife and daughter have surrendered to the police in Thailand.