Billionaire Prasert Prasarttong-Osoth saw his fortune rise 1.5% to $3.4 billion in 2019—despite being obliged by regulators to step down from the helm of the regional airline his family controls, Bangkok Airways
Most of the family’s fortune, however, comes from their 22% 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% rise in the airline’s stock even as the benchmark SET Index fell about 9%.
The SEC also barred Prasert and Narumon from holding any board or executive positions in listed companies for two years and Poramaporn for a year. Prasert stepped down last January as vice-chairman and CEO at Bangkok Airways, while Narumon resigned as executive secretary. Prasert’s son Puttipong, 54, who is also the airline’s president, was appointed three days later to take over his father’s positions. Bangkok Airways’ stock has fallen roughly 6% since the SEC announced the fines.
Prasert also resigned last January as CEO and executive chairman of Bangkok Dusit Medical. Poramaporn, a medical doctor who was Bangkok Dusit’s COO, stepped down the same day. Bangkok Dusit’s investors appear to be taking the changes in stride: its shares have climbed roughly 8%.
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