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Investors File Lawsuit Against Icon Group for Bt6 Billion

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Cover_Photo_Thai_PBS_World_2025_09_30_T175038_993_1eff33553e.jpg

Photo courtesy of Thai PBS

 

A group of investors has filed a class action lawsuit against the Icon Group at the Civil Court, demanding approximately Bt6 billion in compensation for lost investments. The investors claim they were lured by promises of high returns that were never fulfilled. Lawyer Veerapat Prajamwong, representing the group, stated that the class action could lead to the impounding of the company’s assets, which might be auctioned off to pay the compensation.

 

The case is rooted in allegations that the Icon Group misled investors about the profitability of its products. The first hearing is scheduled for December 8th, with a verdict anticipated within two years. This legal action comes as most of the company's top executives, including CEO Waratphol Waratvorakul, are being held on remand pending trial.

 

Founded in 2018, Icon Group quickly became a prominent player in the market, achieving a turnover of over 10 billion baht within five years, with 2021 accounting for half of this revenue. The company had engaged celebrities, such as TV personality Kan Kantathavorn, to promote its health and beauty products, contributing to its rapid growth.

 

Experts believe the lawsuit could have significant repercussions for the company's operations and reputation. The ongoing remand of high-profile figures involved with Icon further complicates matters, potentially affecting market confidence. The outcome of this case could set precedents for similar cases in the industry.

 

Looking ahead, the legal process will determine the future of Icon Group and its executives. If the assets are impounded and auctioned, it may provide some relief to the aggrieved investors. Until the court reaches a verdict, the situation remains precarious for both the company and the investors involved.

 

Key Takeaways

  • Investors seek compensation from Icon Group via a class action lawsuit.
  • Trial proceedings to begin on December 8th, with a possible two-year duration.
  • Outcome may impact the company's assets and future operations.

 

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Thai Court Sets 2026 Pretrial Hearings for iCon Fraud Accusations

 

image.png  Adapted by ASEAN Now from Thai PBS 2025-10-01

 

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9 minutes ago, snoop1130 said:

The investors claim they were lured by promises of high returns that were never fulfilled.

 

I take it they never completed the questionnaire you frequently get in the banking apps.

One of the question I got today when opening the app was, if you get an offer for a small investment with high returns, should you accept it 

On 10/1/2025 at 5:08 PM, snoop1130 said:

Lawyer Veerapat Prajamwong, representing the group, stated that the class action could lead to the impounding of the company’s assets, which might be auctioned off to pay the compensation.

 

The case is rooted in allegations that the Icon Group misled investors about the profitability of its products. The first hearing is scheduled for December 8th, with a verdict anticipated within two years.

Well that should give them enough time to siphon off the assets.

On 10/1/2025 at 11:20 AM, CallumWK said:

The investors claim they were lured by promises of high returns that were never fulfilled.

 

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