The Securities and Exchange Commission (SEC) of Thailand seized the property of Stark Corporation and some of its key personnel as a outcome of accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s money owed rising above 38 billion baht as believed by the regulators.
The SEC has also frozen the assets of Vonnarat Tangkaravakoon, formerly the performing chief executive officer and Stark’s largest shareholder, for one hundred eighty days. In addition to this, the assets of former executives, including ex-chairman Chanin Yensudchai, Kundan Sathar Chantrasettalead, Chinawat Assavapokee and Kittisak Jitprasertngam, have been reportedly frozen together with these associated with Stark’s related companies. These range from Thai Cable International, Phelps Dodge International (Thailand), and Adisorn Songkhla Co, to Asia Pacific Drilling Engineering.
Charges filed by the SEC at the Department of Special Investigation (DSI) in opposition to the aforementioned events, purport they have been complicit or in settlement to falsify the financial statements of Stark and its associates throughout 2021 and 2022 with an intention to deceive.
“Reasonable circumstances” have been recognized in the freeze order, suggesting a potential menace from the people to transfer or sell the assets. Moreover, the SEC announcement also revealed plans to acquire a court docket injunction restricting the convicts from abroad travel for the subsequent fortnight.
On a corporate level, the company has been hit onerous by resignations. Vonnarat Tangkaravakoon put down his roles inclusive of performing 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 Savings , Apichart Tangeakchit has been put in command of the company until additional 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 targeting other attainable discrepancies at Stark and vowing to take these responsible for the fraud to task.
Thawatchai said…
“The SEC will continue to research different suspicious instances related to the company. The investigation can be looking into possible misconduct by the auditor in addition to inventory value manipulation. Once we gather enough proof, extra expenses might be filed against those concerned.”
According to the SEC, belongings could be seized for a period of up to 180 days, and the journey ban imposed on executives may be prolonged. The SEC goals to convey the case to court docket with the evidence collected, despite Stark continuing its operations as ordinary, reported Bangkok Post.
Touching as regards to rising investor confidence, Chavinda Hanratanakool, the chairwoman of the Association of Investment Management Companies, conveyed how necessary this crack-down on Stark was. Companies are facing main hurdles to garnish new funds through debt securities issuance. Hanratanakool said…