1,067 complainants report total losses of B378 million
PUBLISHED: 14 Oct 2024 at 17:04
Warathaphon Waratyaworrakul, CEO of a controversial business group, faced emotional turmoil while addressing the families of investors who suffered severe financial losses after the company’s products failed in the market.
During an appearance on a popular talk show, Warathaphon expressed his deep regret and promised to fully compensate the affected investors, including those who tragically lost their lives due to the financial distress caused by his company’s products.
One heartbreaking account from a victim’s sister detailed her brother’s suicide after he borrowed B250,000 to invest in the business. His failure to recoup his losses left him with no viable options.
Another relative shared that a retired government official, despite being seriously ill and facing objections from family, invested heavily in the company’s direct sales, only to see his financial dreams crumble.
Victims reported that the dealers involved offered no assistance during their struggles, compounding their losses. Furthermore, a supervising dealer allegedly encouraged a grieving relative to invest after another investor’s death.
Among the victims was a woman with disabilities who lost B170,000 in her investment, which included savings and a loan. She expressed her disappointment after attending a conference that raised her hopes for financial success through investment.
Many individuals turned to the business in search of income during the challenging circumstances of the Covid-19 pandemic, only to face debilitating losses.
Warathaphon, visibly emotional throughout the program, stated he was unaware of the dire situations of these investors and expressed sincere apologies for their hardships. He pledged to take responsibility and allocate his financial resources to compensate those affected.
The business leader explained that his company was established for direct marketing, initially focusing on a single product before expanding its offerings. He emphasized that the company only employed actors to promote products and did not solicit investments from others.
As of now, law enforcement has received 1,067 complaints regarding this matter, with estimated total losses reaching B378 million. Police reports indicate that 635 complainants have already provided statements, confirming their substantial financial losses.
