SEC fines top medical group chief over 2 million baht for ‘false’ vaccine claims

Apart from hitting him with a fine, the Securities and Exchange Commission (SEC) has also banned Boon from sitting on boards of listed companies for three and half years.

SEC said that from July 12 to August 4, 2021, Boon had released statements through several media outlets saying that THG had purchased the mRNA Covid-19 vaccine from Pfizer and that the first lot of 5 million doses were to be delivered within July 2021.

An investigation found that THG had not signed a contract with Pfizer during the said period, and in August last year, Boon publicly admitted that THG could not import the vaccine as it claimed.

The SEC found Boon guilty of violating Article 240 of the 1992 Securities and Exchange Act, which stipulates that no person shall inform, disseminate or certify any statement or information that is false or materially misleading about the financial condition, business operation, price of securities or any other information related to a securities issuing company in such a manner that is likely to have an effect on the price of securities or the decision making on securities investment.

As punishment, the commission ordered Boon to pay the maximum fine of 2 million baht as well as cover the 348,834 baht investigation bill. The SEC has warned it will take the case to court if Boon refuses to pay the fine.

THG said on Friday that Boon has stepped down as chairman and director effective immediately, while his wife Charuvarn will replace him in both capacities from Saturday onwards.

“The company has qualified directors, with a variety of abilities, as well as a professional management team. We are confident that such changes will not affect our operations or business plans. We have always adhered to the corporate governance practices and ethics, and are committed to working for the benefit of society,” THG said.