The Thailand Securities and Exchange Commission has filed criminal complaints with the Economic Crime Suppression Division of the Royal Thai Police against 14 alleged offenders for manipulating the share price and/or trading volumes of Thonburi Healthcare Group Public Company Limited (THG), and has also reported the case to the Anti-Money Laundering Office. Based on a referral from the Stock Exchange of Thailand covering 2022–2024 and the SEC’s further investigation, the SEC found reasonable grounds that 14 connected individuals and entities colluded or supported one another to manipulate THG shares from 18 February 2022 to 28 August 2023 (369 business days). The conduct described includes placing orders to push prices upward, placing bid offers across multiple price levels to obstruct and pressure other investors to buy at higher prices, and matching trades among themselves, which the SEC said misled the public and resulted in prices and trading volumes inconsistent with normal market conditions. The SEC cited offences under the Securities and Exchange Act B.E. 2535 (1992) and noted that unfair securities trading is a predicate offence under the Anti-Money Laundering Act. Following the SEC’s complaints, the case proceeds through investigation by inquiry officials, a prosecution decision by the public prosecutor, and trial by the court, with the SEC stating it will monitor progress and cooperate with relevant agencies.

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