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.jili asia 。

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SAN ANTONIO , Nov. 22, 2024 /PRNewswire/ -- The 2025 Hyundai Santa Cruz XRT has been named the Compact Truck of Texas at the Texas Auto Writers Association (TAWA) annual Truck Rodeo held Sept. 26-27, 2024 . The TAWA Texas Truck Rodeo is a prominent annual event where top automotive media evaluate new vehicles based on performance, value, and overall appeal. Competing against strong contenders, the updated 2025 Santa Cruz XRT impressed judges with its rugged design, advanced technology, and enhanced off-road capability. "We are thrilled to see the 2025 Hyundai Santa Cruz XRT recognized as the 'Compact Truck of Texas .' This award reflects our commitment to offering customers a versatile, fun-to-drive vehicle that is not only capable off-road but also packed with cutting-edge technology and design," said Ricky Lao , director of product planning, Hyundai Motor North America. "The Santa Cruz XRT brings together rugged capability with advanced safety features, making it the perfect choice for adventure-minded consumers seeking the best of both worlds." "The Texas Truck Rodeo is a premier event where vehicles are put to the test by seasoned automotive journalists, and the competition this year was fierce. The 2025 Hyundai Santa Cruz XRT stood out for its impressive blend of rugged off-road capability, cutting-edge technology, and unique design," said Cory Fourniquet , president, Texas Auto Writers Association. "This recognition as the 'Compact Truck of Texas' is well-deserved and highlights Hyundai's commitment to delivering versatile and innovative vehicles that meet the needs of Texas drivers." The 2025 Santa Cruz XRT, featuring a new aggressive front design, XRT-exclusive enhancements including front tow hooks, all-terrain tires, and wrench-inspired wheels, sets a new standard. The model's updated interior boasts a panoramic curved display with an available 12.3-inch driver information cluster and infotainment touchscreen display, alongside standard wireless Apple CarPlay® and Android AutoTM, providing an intuitivedriving experience. Hyundai Motor America Hyundai Motor America offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles, while supporting Hyundai Motor Company's Progress for Humanity vision. Hyundai has significant operations in the U.S., including its North American headquarters in California , the Hyundai Motor Manufacturing Alabama assembly plant, the all-new Hyundai Motor Group Metaplant America, and several cutting-edge R&D facilities. These operations, combined with those of Hyundai's 835 independent dealers, contribute $20.1 billion annually and 190,000 jobs to the U.S. economy, according to a recent economic impact report . For more information, visit www.hyundainews.com . Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn | TikTok View original content to download multimedia: https://www.prnewswire.com/news-releases/2025-hyundai-santa-cruz-xrt-named-compact-truck-of-texas-at-texas-auto-writers-associations-truck-rodeo-302314024.html SOURCE Hyundai

JACKSON, Miss. (AP) — Clarke Reed , a Mississippi businessman who developed the Republican Party in his home state and across the South starting in the 1960s, died Sunday at his home in Greenville, Mississippi. He was 96. Reed was chairman of the Mississippi Republican Party from 1966 to 1976, beginning at a time when Democrats still dominated in the region. During the 1976 Republican National Convention, delegates were closely divided between President Gerald Ford and former California Gov. Ronald Reagan. Reed united the Mississippi delegation behind Ford — a move that created a decadeslong feud with William D. “Billy” Mounger, another wealthy businessman who was prominent in the Mississippi Republican Party. Reed recalled in a 2016 interview with The Associated Press that delegates faced considerable pressure. Movie stars visited Mississippi's 30 delegates to push for Reagan, and Betty Ford called on behalf of her husband. Reagan met twice with the Mississippi delegation — once with his proposed running mate, Pennsylvania Sen. Richard Schweiker — and once without, according Haley Barbour, who was executive director of the Mississippi Republican Party in 1976 and served as the state's governor from 2004 to 2012. “Everybody was coming to see us," Reed said. “These poor people had never seen this before, the average delegate.” Mississippi delegates were showing the stress at a meeting away from the convention floor in Kansas City, Reed said. “I looked out, and about half of them were crying," he said. Reed initially supported Reagan, but said he moved into the Ford camp because he thought Reagan made “a hell of a mistake” by choosing a more liberal northeastern running mate in a gambit to win support of the unpledged Pennsylvania delegation. “In my opinion, Reagan was the best president of my lifetime. I didn’t know that then,” Reed said in 2016. “And had he been elected with Schweiker, he might’ve gotten a bullet one inch over and Schweiker would’ve been president.” Ford won the party nomination during the convention, then lost the general election to Jimmy Carter, the Democratic former governor of Georgia. Reed was born in Alliance, Ohio, in 1928, and his family moved to Caruthersville, Missouri, when he was about six months old. He earned a business degree from the University of Missouri in 1950. He and Barthell Joseph, a friend he had met at a high school boarding school, founded an agriculture equipment business called Reed-Joseph International, which used technology to scare birds away from farms and airports. Republican U.S. Sen. Roger Wicker of Mississippi said Monday that Reed was “a mentor, supporter and advisor to me for over 56 years." Wicker said he was 21 when Reed put him on the Republican Platform Committee in 1972. “There is no more significant figure in the development of the modern day Mississippi Republican Party than Clarke Reed,” Wicker wrote on social media. “Our state has lost a giant."Miami Dolphins QB Tua Tagovailoa is back on the injury report, and his status for Week 17 is considered doubtful. With their playoff hopes on life support, the Dolphins would be best off shutting down Tagovailoa for the year. Tagovailoa sounds like he's going to do all he can to still play on Sunday against the Cleveland Browns , but given his injury history and the situation the Dolphins are in, that would be unwise. There is a chance that, provided the Denver Broncos beat the Cincinnati Bengals , Miami will be officially eliminated from playoff contention by late Saturday afternoon. Even with a Broncos loss, the list of things the Dolphins need to have go right for them is a long one. Denver would have to lose again in Week 18 while Miami would have to win both this and next weekend, and then win what could be up to a four-team tiebreaker with the Broncos, Bengals and Indianapolis Colts , the latter two of which are currently 7-8 along with the Dolphins. CBSSports.com's playoff predictor algorithm gives the Dolphins a 3.2-percent chance to make the postseason. NFL.com is slightly more bullish at four percent, while with a win, that number would rise to seven. Simply put, it's not worth it for the Dolphins to risk playing Tagovailoa through his injury, considering the results that have occurred on previous occasions when he has done so. It would be one thing if Miami controlled its own destiny towards a playoff spot, but this is effectively a lost season. Tagovailoa's long-term health is more important than playing in a game that will likely have no significant implications. He should not play against the Browns on Sunday, and unless he's 100 percent healthy, should also probably sit out against the New York Jets in Week 18.