The Securities and Exchange Commission (SEC) of Thailand seized the belongings of Stark Corporation and some of its key personnel because of accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s debts rising above 38 billion baht as believed by the regulators.
The SEC has additionally frozen the property of Vonnarat Tangkaravakoon, previously the appearing chief executive officer and Stark’s largest shareholder, for one hundred eighty days. In addition to this, the belongings of former executives, including ex-chairman Chanin Yensudchai, Kundan Sathar Chantrasettalead, Chinawat Assavapokee and Kittisak Jitprasertngam, have been reportedly frozen together with these related to Stark’s related corporations. These vary from Thai Cable International, Phelps Dodge International (Thailand), and Adisorn Songkhla Co, to Asia Pacific Drilling Engineering.
Charges filed by the SEC on the Department of Special Investigation (DSI) towards the aforementioned parties, purport they were complicit or in settlement to falsify the financial statements of Stark and its associates during 2021 and 2022 with an intention to deceive.
“Reasonable circumstances” have been identified within the freeze order, suggesting a potential menace from the individuals to transfer or sell the assets. Moreover, the SEC announcement also revealed plans to acquire a courtroom injunction restricting the convicts from overseas journey for the following fortnight.
On a corporate level, the company has been hit hard by resignations. Vonnarat Tangkaravakoon put down his roles inclusive of acting CEO and director amidst this turmoil. SEC has also named 4 others who exited their roles in April with a new chief executive’s appointment pending. At Cash , Apichart Tangeakchit has been put in management of the company till further discover.
In the briefing led by Thawatchai Pittayasophon, the SEC performing secretary-general, on Friday, he clarified that an investigative process is ongoing in collaboration with DSI concentrating on different attainable discrepancies at Stark and vowing to take these answerable for the fraud to process.
Thawatchai said…
“The SEC will continue to investigate other suspicious cases related to the company. The investigation can be trying into potential misconduct by the auditor in addition to inventory worth manipulation. Once we gather enough proof, extra costs shall be filed in opposition to these involved.”
According to the SEC, property may be seized for a interval of up to 180 days, and the travel ban imposed on executives could be prolonged. The SEC goals to deliver the case to court with the evidence collected, regardless of Stark persevering with its operations as ordinary, reported Bangkok Post.
Touching on the topic of rising investor confidence, Chavinda Hanratanakool, the chairwoman of the Association of Investment Management Companies, conveyed how essential this crack-down on Stark was. Companies are going through main hurdles to garnish new funds through debt securities issuance. Hanratanakool said…