3 million yen to peso
Investor confidence was still recovering from recent stock market manipulations when a high-profile investment scam involving Dr Boon Vanasin, an 86-year-old hospital veteran, sent shockwaves throughout Thailand's business arena, causing damages of nearly 8 billion baht. Dr Boon, founder and former chairman of SET-listed Thonburi Healthcare Group (THG), became headline news after being accused of embezzling a massive amount of money through medical investment projects as a means to deceive the public. Police revealed that between December 2023 and October this year, 247 complaints were lodged against him at the Huai Khwang police station by victims who could not cash checks he issued. Dr Boon has fled the country, reportedly to China, while police have charged him and eight others on several counts, with damages initially estimated 7.5 billion baht. The suspects are accused of misleading people into investing in medical businesses promoted by Dr Boon, which police said did not exist. WHO IS DR BOON AND HOW DID HE BUILD HIS HOSPITAL EMPIRE? Dr Boon and his 79-year-old wife come from a prominent family. The doctor established THG in 1977 and continually expanded the business, making him well-known in medical and investment circles. Dr Boon earned the trust of his victims and the public after successfully listing the business on the Stock Exchange of Thailand (SET) in 2017. He was often quoted in news and regularly addressed public events. THG operates seven hospitals in Thailand and two overseas. According to the company's website, the group has 1,100 registered beds and a combined capacity to service 9,700 outpatients daily, making the group one of the leading healthcare providers in Thailand. Dr Boon was keen to articulate the narrative of Thailand becoming an aged society, with the global trend opening a vast opportunity for healthcare and well-being services and residences for senior clients. His standing enabled him to convince many investors to back his proposed projects. Dr Boon envisioned projects such as a cancer centre and a wellness centre in Bangkok, a condo on the banks of the Chao Phraya River for seniors, hospitals in Laos and Vietnam, and a medical intelligence project in Chon Buri province. According to police, the fraud was not the work of a single individual, but involves a network that includes family members and brokers who collaborated in the scheme. HOW WAS THE FRAUD EXECUTED? Dr Boon and his associates leveraged their social status and reputation in the medical business to persuade investors to join seemingly credible projects. He offered loan agreements with attractive interest rates to investors, issuing post-dated checks to cover principal and interest payments. However, these checks could not be cashed, leaving investors without the returns they were promised. Initially, Dr Boon paid the loan interest as promised to build confidence among investors. However, when the larger payments were due, he failed to do so, resulting in massive financial losses for investors. Finance permanent secretary Lavaron Sangsnit, who is also a board member of the Securities and Exchange Commission (SEC), said Dr Boon engaged in off-market fundraising by inviting lenders to invest, offering attractive interest rates and claiming the borrowed funds would be invested in various projects. To secure these loans, Dr Boon used shares of Thonburi Hospital, where he was a major shareholder, as collateral. For example, for a loan of 100 baht, he pledged 4 shares of Thonburi Hospital, which were valued at 25 baht per share at the time. As the hospital's share price increased, the number of shares required as collateral decreased proportionally. According to the SET, Dr Boon is the 17th-largest shareholder in THG, holding 5.8 million shares, equivalent to 0.68% of the company, valued at 90 million baht. Victims reported that Dr Boon and his family offered high-return investments with advance interest payments. However, when the principal and interest came due in 2023, there were payment problems, and many checks issued to investors could not be cashed, leading to widespread complaints to the authorities. WHO ARE THE VICTIMS? According to the police, there are several groups of victims, including private lenders who demanded off-market shares as collateral. These lenders provided loans to Dr Boon in exchange for high interest rates of 8-9%. They did not receive repayments as promised in agreements, and many were forced to sell their debts at a discount to minimise losses. Another group comprises major investors in the capital market, including business executives and wealthy individuals who invested in THG shares or projects that were non-existent. Other victims include medical industry leaders, such as doctors managing Thonburi hospitals. They were reportedly lured into investing tens of millions of baht in these projects. Also ensnared were business tycoons and members from high-profile families, including political families, as some shifted into business ventures and were encouraged to invest, according to the police. In addition, the owners of construction materials, telecom and real estate firms were listed as victims, lending significant sums to Dr Boon, noted the authorities. The final group of victims is retail investors, including THG shareholders. Retail shareholders who trusted the company and invested in THG shares suffered indirect losses from the financial damage and reputational harm caused by the scandal. The scandal also shook confidence in the already fragile Thai capital market, particularly regarding transactions involving off-market shares and the use of assets as collateral. WHAT IS THE EXTENT OF THE DAMAGES? The initial damages claimed in lawsuits are estimated at 7.5 billion baht. However, total damages are estimated to reach 20-40 billion baht. The number of victims is currently 500-600 people, with more expected as investigations progress. There is speculation Dr Boon used his personal THG shares as collateral to secure loans amounting to roughly 2 billion baht. This may have been linked to his financial liquidity issues, possibly arising from unsuccessful large-scale investments. It is believed he sought additional funds to stabilise his personal finances. However, Dr Boon denied these allegations, asserting that no such pledging of shares took place. General investors are concerned because the activities involving THG shares led to questions about the company's financial stability. Stock prices have been volatile as investors want to know about past transactions, investments, and the allocation of funds for large projects that have yet to yield clear returns. HOW ARE THE INVESTIGATIONS PROGRESSING? THG's board of directors has initiated a thorough investigation into Dr Boon's past transactions and management practices, aiming to restore investor confidence and stabilise the company's future regarding large-scale projects and the management of working capital. Authorities said this case serves as a critical example of the risks associated with using personal assets to manage organisational finances, potentially impacting shareholders and investors on a broad scale. The police issued arrest warrants for two more individuals linked to Dr Boon's network, charging conspiracy to commit fraud and soliciting fraudulent loans from the public. The warrants were issued after victims revealed new evidence that both individuals acted as brokers or intermediaries, encouraging others to invest in the fraudulent schemes. In addition, an arrest warrant was issued for Nawara Vanasin, Dr Boon's former daughter-in-law who previously claimed her signature was forged. However, an investigation into her financial transactions revealed links to Dr Boon. Authorities are examining the authenticity of her signature. Dr Boon's network involved three main groups: Dr Boon and his family; company employees and document witnesses; and brokers or intermediaries. The police emphasised that any further implicated individuals will face legal action without exception. According to Mr Lavaron, the SEC is drafting regulations to control the behaviour of major shareholders in the market, aiming to prevent similar incidents. "To protect minor shareholders in the market, the SEC is preparing a draft regulation to control the actions of major shareholders if they intend to use their shares as collateral for loans, as in the case of Dr Boon," he said. Major shareholders will be required to notify the SET, which will allow authorities to monitor whether such actions might affect other shareholders. The measure is meant to enhance transparency for investors, said Mr Lavaron.
Who killed UnitedHealthcare CEO Brian Thompson? What we know about the suspect on the run
Mphasis share price 2.31 per centSuspect in UnitedHealthcare CEO killing charged with murder in New York, court records show
AP News in Brief at 6:04 p.m. EST
By JILL COLVIN NEW YORK (AP) — President-elect Donald Trump wants to turn the lights out on daylight saving time. In a post on his social media site Friday, Trump said his party would try to end the practice when he returns to office. “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” he wrote. Setting clocks forward one hour in the spring and back an hour in the fall is intended to maximize daylight during summer months, but has long been subject to scrutiny. Daylight saving time was first adopted as a wartime measure in 1942. Lawmakers have occasionally proposed getting rid of the time change altogether. The most prominent recent attempt, a now-stalled bipartisan bill named the Sunshine Protection Act , had proposed making daylight saving time permanent. The measure was sponsored by Florida Sen. Marco Rubio , whom Trump has tapped to helm the State Department. Related Articles National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game National Politics | About 3 in 10 are highly confident in Trump on Cabinet, spending or military oversight: AP-NORC poll “Changing the clock twice a year is outdated and unnecessary,” Republican Sen. Rick Scott of Florida said as the Senate voted in favor of the measure. Health experts have said that lawmakers have it backward and that standard time should be made permanent. Some health groups , including the American Medical Association and American Academy of Sleep Medicine, have said that it’s time to do away with time switches and that sticking with standard time aligns better with the sun — and human biology. Most countries do not observe daylight saving time. For those that do, the date that clocks are changed varies, creating a complicated tapestry of changing time differences. Arizona and Hawaii don’t change their clocks at all.In chapter 11, referred to by many preachers as ‘The Hall of Faith’, the writer lists an impressive wall of names who are forever remembered for their faith. I have read this chapter many times over the years, but something stood out for me this week that I had not seen before, it was; We may not be too surprised to see Abraham and Sarah’s name, or Noah and Enoch and Moses and King David. But Barak is on this list – he’s the one who wouldn’t go out to war unless Deborah the prophetess went with him, and by faith Israel had the victory! Then there’s Rahab, her profession would leave some families somewhat embarrassed, however, her faith saved her family and she is included in the genealogy of Jesus! Then there’s Jephthah. He made a thoughtless vow which led to him sacrificing his only daughter and yet by faith he too won the victory for Israel and is forever mentioned in this Hall of Faith and in The Bible! Looking at this list, there were two names I thought should have made it into this Hall of Faith, I mean, if Barak, Rahab and Jephthah made it, then where were these two? I presumed that King Saul would have made the list, given he was the first King of Israel, but he is omitted from this list. And of all the Kings who reigned over Israel, surely King Solomon, the wisest man of all, who took Israel to her peak, should have been on this list, but he was not either. It left me wondering why, both these notarise men were intentionally not included. So I re-looked at how Saul and Solomon’s story ended, which may have been the reason for their exclusion. It’s not how you start, but how you finish! King Saul was God’s chosen man. He started well and with much fervour serving the LORD, He was anointed and empowered by God and led Israel well in the beginning, but he could not overcome his insecurities. He took matters into his own hands and did not follow the ‘Rhema Word of the LORD’ through Samuel. Eventually his insecurities produced an intense jealousy of the very guy who was adding to his victory count (David), and by the end of his reign he consults a witch to find counsel from Samuel, until tragically he took his own life! Very tragic indeed. Saul’s biggest problem was insecurity, which led to disobedience of God’s Rhema Word and sadly to his demise. Insecurity is simply putting your trust or security in the wrong place, instead of in Jesus! If you put your trust in man, or yourself, you will certainly face disappointment. Look at what the Prophet Jeremiah had to say about this; “Cursed is the one who trusts in man, who draws strength from mere flesh and whose heart turns away from the Lord.” Jeremiah 17:5 The Psalmist points us back to the true source of security; “Some trust in chariots and some in horses, but we trust in the name of the Lord our God.” Psalm 20:7 You see, there is a reason Jesus is called, The Cornerstone, The Rock of our Salvation, and The Rock of Ages! There is a reason why Jesus said, “Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. 25 The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock.” Matthew 24: 24 & 25 Building on the rock is to obey Jesus commands! Unfortunately for Saul, it was on this matter that he failed, bringing great tragedy for himself and his entire family. King Solomon was always referred to as the wisest man who ever lived, yet his finish was worse than King Saul’s! He finished his reign by building high places to the gods of his wives (which he had lots of them!) eventually joining them in the worshipping of idols in his later years. Not only was Solomon considered the wisest, but The LORD visited him twice! Yet with all his wisdom, he did not apply his own writings, or the writings of others, to his life. The key to Solomon’s demise lies with his number of wives (700) and his concubines (300). It’s not difficult to see that some, if not most of these marriages were politically motivated. Marrying into all these royal families strengthen the king’s position, power and wealth, and as for the concubines, well they came with the wives from the other monarchies. As any man alive would know, a happy wife is key to a successful marriage. Solomon had 1000 to keep happy, and I’m not talking about sex! Eventually their constant demand led him to simply join them in their pagan worship. Surely, no amount of wealth and power is worthy of an eternity separated from God? Solomon’s wealth grew exponentially due to these marriages, and the gifts that came from the agreements made to these monarchies. This was not the case with his father David, who grew his wealth from battles he fought and won. Now the LORD had already given instruction regarding the kings of Israel, we read in Deuteronomy 17:16-17: “The king must not take many wives for himself, because they will turn his heart away from the LORD. And he must not accumulate large amounts of wealth in silver and gold for himself.” Again, we see from this verse a failure, on Solomon’s part, to heed the written (Logos) Word of the LORD. With both these men we see an alarming warning for us today. If someone like Solomon, who was much wiser and with more anointing than most of us put together, was able to fall, then we ought to take heed lest we think we are immune to the subtly, slippery slope of sin. I’ve now been in full-time ministry for over 30 years and the number of people who once confessed Christ as Lord, but now deny Him, is more than I care to think of. However, in both these cases there is one obvious fault, which lead to their downfall. Both had unique qualities in their circumstances, but both faulted in this one area: They did not follow The WORD of The LORD, both Logos and Rhema. As we near the end of another year, drawing closer to Christmas, let me encourage you as we prepare ourselves for a new year, to be steadfast in your obedience to the Word of The LORD – both Rhema and Logos, remembering the words of Jesus, “If anyone loves Me, he will keep My word; and My Father will love him, and We will come to him and make Our home with him. 24 He who does not love Me does not keep My words; and the word which you hear is not Mine, but the Father’s who sent Me.” John 14:23 7 24 Have a blessed Christmas.
Passing on the exams
FCT wins PHC leadership challenge awardNEW YORK (AP) — Brian Thompson led one of the biggest health insurers in the U.S. but was unknown to millions of people his decisions affected. Then Wednesday's targeted fatal shooting of the UnitedHealthcare CEO on a midtown Manhattan sidewalk thrust the executive and his business into the national spotlight. Thompson, who was 50, had worked at the giant UnitedHealth Group Inc for 20 years and run the insurance arm since 2021 after running its Medicare and retirement business. As CEO, Thompson led a firm that provides health coverage to more than 49 million Americans — more than the population of Spain. United is the largest provider of Medicare Advantage plans, the privately run versions of the U.S. government’s Medicare program for people age 65 and older. The company also sells individual insurance and administers health-insurance coverage for thousands of employers and state-and federally funded Medicaid programs. The business run by Thompson brought in $281 billion in revenue last year, making it the largest subsidiary of the Minnetonka, Minnesota-based UnitedHealth Group. His $10.2 million annual pay package, including salary, bonus and stock options awards, made him one of the company's highest-paid executives. The University of Iowa graduate began his career as a certified public accountant at PwC and had little name recognition beyond the health care industry. Even to investors who own its stock, the parent company's face belonged to CEO Andrew Witty, a knighted British triathlete who has testified before Congress. When Thompson did occasionally draw attention, it was because of his role in shaping the way Americans get health care. At an investor meeting last year, he outlined his company's shift to “value-based care,” paying doctors and other caregivers to keep patients healthy rather than focusing on treating them once sick. “Health care should be easier for people,” Thompson said at the time. “We are cognizant of the challenges. But navigating a future through value-based care unlocks a situation where the ... family doesn’t have to make the decisions on their own.” Thompson also drew attention in 2021 when the insurer, like its competitors, was widely criticized for a plan to start denying payment for what it deemed non-critical visits to hospital emergency rooms. “Patients are not medical experts and should not be expected to self-diagnose during what they believe is a medical emergency,” the chief executive of the American Hospital Association wrote in an open letter addressed to Thompson. “Threatening patients with a financial penalty for making the wrong decision could have a chilling effect on seeking emergency care.” United Healthcare responded by delaying rollout of the change. Thompson, who lived in a Minneapolis suburb and was the married father of two sons in high school, was set to speak at an investor meeting in a midtown New York hotel. He was on his own and about to enter the building when he was shot in the back by a masked assailant who fled on foot before pedaling an e-bike into Central Park a few blocks away, the New York Police Department said. Chief of Detectives Joseph Kenny said investigators were looking at Thompson's social media accounts and interviewing employees and family members. “Didn’t seem like he had any issues at all,” Kenny said. "He did not have a security detail.” AP reporters Michael R. Sisak and Steve Karnowski contributed to this report. Murphy reported from Indianapolis. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.AP News in Brief at 6:04 p.m. EST
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