A class action lawsuit was filed with the Civil Court today against the Icon Group, by a group of investors in the company, demanding about Bt6 billion in compensation for their lost investments.
The claimants say that they were enticed by the company to invest in its products, with promises of high returns, but the promises were never delivered upon.
Veerapat Prajamwong, a lawyer representing the group said that the claimants decided to resort to a class action lawsuit because the proceedings will make it possible for authorities to impound or confiscate the company’s assets, to be auctioned off to fund the compensation.
He said that the first hearing of the case has been set for December 8th and a verdict is expected within two years.
Most of the company’s top executives, including its CEO, Waratphol Waratvorakul, and some celebrities hired by the company to promote its health and beauty products, such as TV personality Kan Kantathavorn, have been held on remand pending trial.
Founded in 2018, in the first five years the Icon Group had a turnover of over 10 billion baht, with an astonishing 50% of the revenue generated in 2021 alone.
