Thailand’s Richest 2019: Bangkok Airways Billionaire Grounded By Regulators

10-May-2019 Intellasia | Forbes | 6:00 AM Print This Post

Former surgeon Prasert Prasarttong-Osoth, 86, saw his fortune rise 1.5 percent to $3.4 billion despite being obliged by regulators to step down from the helm of the regional airline his family controls, Bangkok Airways.

Prasert and his family own 60 percent of Bangkok Airways, which Prasert established in 1968 and which today flies 40 aircraft from Bangkok to various parts of Thailand and destinations across Southeast Asia, China and India. Most of the family’s fortune, however, comes from their 22 percent stake in Bangkok Dusit Medical Services, which Prasert founded in 1969 and is now the country’s largest hospital network.

In January, Thailand’s Securities and Exchange Commission fined Prasert, his daughter Poramaporn, 47, and Prasert’s executive secretary, Narumon Chainaknan, $15.7 million for allegedly manipulating Bangkok Airways’ shares. The SEC said the three executed trades between November 2015 and January 2016 that led to a 22 percent rise in the airline’s stock even as the benchmark SET Index fell about 9 percent. All three have denied the charges and Prasert vowed in January to prove their innocence but eventually paid the fines. Bangkok Airways and Prasert’s representatives didn’t respond to requests for comment. billionaire-grounded-by-regulators/#5d4cdb05fe12


Category: Thailand

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