SEC accuses Dr Boon Vanasin, 13 others of THG share manipulation
Thailand’s SEC accused Dr Boon Vanasin, his wife and 12 others of manipulating THG shares in 2022–23, referring the case to ECD and AMLO
- Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Dr Boon Vanasin, his wife and 12 others—14 people in total—for allegedly manipulating the price and trading volume of THG shares.
- The alleged misconduct took place in 2022–2023, involving continuous trading intended to push up prices and mislead the public about the share price.
- The SEC has referred the case to the Economic Crime Suppression Division (ECD) for legal action and has also reported it to the Anti-Money Laundering Office (AMLO).
Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Dr Boon Vanasin, his wife and 12 others—14 people in total—over alleged market manipulation involving shares of Thonburi Healthcare Group Plc (THG).
The SEC said it received information from the Stock Exchange of Thailand covering 2022–2024 and conducted further investigations. It said there is evidence to believe that the 14 individuals, who are linked directly or indirectly through personal and financial relationships, jointly acted or supported one another in creating the price and/or trading volume of THG shares between February 18, 2022 and August 28, 2023—a period of 369 trading days.
The SEC said the alleged conduct involved continuous trading behaviour, including placing orders in a way that pushed prices, submitting bids at multiple price levels in a manner that obstructed the market and forced other investors to buy at higher prices, and matching trades among themselves. The regulator said the behaviour could have misled the public about the price or volume of securities trading and aimed to distort THG’s share price or trading volume away from normal market conditions.
The 14 individuals named were:
- Boon Vanasin
- Charuwan Vanasin
- Ratchathani Phatthanakan (2014) Co., Ltd.
- Jidapa Phumphut
- Laphatsrada Phumphut
- Siwimon Jadmuang
- Sudjit Muangkaseam
- Pol Maj Gen Abhisit Muangkaseam
- Wichai Thipjaiaue
- Wilaiwan Thanasuthirachai
- Bowon Rungrueangnaowarat
- Nawanwat Tocharoenniwatisai
- Ekachai Tangsuchatham
- Jirawan Bunchokchuai
The SEC said the alleged acts fall under offences in the Securities and Exchange Act, and it has referred the matter to the Economic Crime Suppression Division (ECD) for legal proceedings.
The SEC also said it has notified the Anti-Money Laundering Office (AMLO), as the alleged misconduct may qualify as a predicate offence under anti-money laundering law.
The SEC noted that after it files a criminal complaint, the process proceeds through police investigation, prosecutorial review and court proceedings, and said it will monitor the case and fully cooperate with relevant agencies.
