The Office of the Securities and Exchange Commission (SEC) has asked public prosecutors to sue Dr. Boon Vanasin, former chairman of the Thonburi Healthcare Group (THG), for payment of a 2.3 million baht fine.

The SEC imposed the fine on Dr. Vanasin after finding him guilty of violating Section 240 of the 1992 Securities and Exchange Act, by allegedly releasing false statements that could affect THG’s share price or investment decisions. The SEC also banned him from holding an executive post at any security issuing firm for 42 months.

Dr. Vanasin has resigned from his post at THG. He was replaced by his wife.

According to the SEC, between July 12th and August 4th last year, Dr. Vanasin released statements to the media claiming that THG had bought COVID-19 vaccine from Pfizer, with the first lot to be delivered to Thailand in July. The SEC investigation found, however, that THG did not make any such purchase and Dr. Vanasin later admitted that his company could not import the vaccine.

Dr. Vanasin has refused to pay the fine to date, prompting the SEC to take the case to the public prosecutors.

Section 240 of the Securities and Exchange Act 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 decision making regarding securities investment.