Thai SEC seizes Stark Corporation’s assets amidst false accounting claims

[webfact]

 

The Securities and Exchange Commission (SEC) of Thailand, in a powerful move, has seized the assets of Stark Corporation and some of its key personnel due to 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 also frozen the assets of Vonnarat Tangkaravakoon, formerly the acting chief executive officer and Stark’s largest shareholder, for 180 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 frozen along with those associated with Stark’s associated 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) against the aforementioned parties, purport they were complicit or in agreement to falsify the financial statements of Stark and its associates during 2021 and 2022 with an intention to deceive.

“Reasonable circumstances” have been identified in the freeze order, suggesting a potential threat from the individuals to transfer or sell the assets. Moreover, the SEC announcement also revealed plans to obtain a court injunction restricting the convicts from overseas travel for the next fortnight.

 

by Alex Morgan 

Image courtesy of Bangkok Post

 

#news

Full story: https://thethaiger.com/news/business/thai-sec-seizes-stark-corporations-assets-amidst-false-accounting-claims

 

-- © Copyright Thaiger 2023-07-08

 

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[flyingtlger]

Stark Corporation is now Dark Corporation.....

 

 

 

 

[spidermike007]

Iron Man must be very upset and disappointed. 

[klauskunkel]

3 hours ago, webfact said:

the SEC announcement also revealed plans to obtain a court injunction restricting the convicts from overseas travel

A convict is "a person found guilty of a crime and sentenced by a court" or "a person serving a sentence in prison".

[sammieuk1]

The Stark reality is everyone is bang at it the country is riddled with financial termites from top to bottom ????

[hotchilli]

3 hours ago, flyingtlger said:

Stark Corporation is now Dark Corporation.....

 

 

 

 

Was a dark corporation...

[jippytum]

billions of investors money has been stolen. Balance sheets, company financal statements and audits from top Accountants count for nothing in Thailand.

By the time the fraudsters are brought to justice if ever the billions will be long gone. 

[dddave]

19 minutes ago, jippytum said:

billions of investors money has been stolen. Balance sheets, company financal statements and audits from top Accountants count for nothing in Thailand.

By the time the fraudsters are brought to justice if ever the billions will be long gone. 

Absolutely!  It would NEVER happen in the West with it's crack governmental oversight and bulletproof accounting practices.

Oh, wait!  Enron, Lehman Brothers, Silicon Valley Bank, Bear Sterns, Arthur Anderson, Worldcom.......

[worgeordie]

4 hours ago, webfact said:

restricting the convicts from overseas travel for the next fortnight.

After a couple of weeks , they will all b ugger off .....

regards worgeordie