webfact Posted Sunday at 08:16 PM Share Posted Sunday at 08:16 PM Fugitive Stark Corporation CEO Chanin Yensudjai was escorted back to Thailand from Dubai this morning by officers from the Department of Special Investigation (DSI), ending a year on the run in an attempt to evade charges of defrauding the public related to one of Thailand’s largest series of financial crimes. DSI officers travelled to Dubai to collect Chanin after his arrest by United Arab Emirates authorities. After arriving at Suvarnabhumi International Airport this morning, he was whisked away to the DSI to be questioned by Pol Lt-Col Chakkrit Wisetkhetkarn, who is in charge of financial fraud and money laundering investigations. Chanin is expected to be formally indicted before the Ratchadapisek Criminal Court on Monday. Chanin is one of the seven executives of Stark Corporation, a listed company manufacturing wire and cable, and five companies charged with public fraud for allegedly falsifying corporate financial statements, inflating revenues, and misappropriating company funds. The other seven executives include Stark's major shareholder Vonnarat Tangkaravakoon, former board member Chinnawat Assavapokee, former chief financial officer Sathar Chantrasettalead, former chief marketing officer Kittisak Jitprasertngam, Sathar's former secretary Yosabavorn Amarit and Chanin's secretary, Nattaya Prabpetch. The companies implicated in the fraud case were Stark and its subsidiaries, namely Phelps Dodge International (Thailand), Thai Cable International, Adisorn Songkhla Company and Asia Pacific Drilling Engineering. Financial damage from this massive fraud is estimated at about 14.7 billion baht, affecting over 4,700 shareholders. In addition to ongoing criminal proceedings, civil lawsuits have been filed against five Stark executives by three investors. In March this year, the Bangkok South Civil Court decided to classify the lawsuit as a class action. Formerly one of Thailand’s top 100 listed companies, Stark’s financial troubles intensified in March 2022, when the Securities and Exchange Commission (SEC) suspended trade in the company’s shares for missing the 2022 financial reporting deadline. Following a brief resumption, the share price plummeted to 0.01 baht before Stark was removed from Thailand’s benchmark stock index in June 2022, triggering significant sales by index funds. Picture courtesy: Thai PBS -- 2024-06-24 Get our Daily Newsletter - Click HERE to subscribe 1 Link to comment Share on other sites More sharing options...
Popular Post Artisi Posted Sunday at 08:43 PM Popular Post Share Posted Sunday at 08:43 PM Rip off the hi-so's with a dodgie scheme and they can very quickly find you and get you back home, run-down and kill a policeman, lie about who did it, pay-off a few people and they unfortunately can't find you, even though it obvious where you are jetting around the world - Amazing Thailand. 2 2 5 Link to comment Share on other sites More sharing options...
Popular Post Geoffggi Posted Sunday at 10:36 PM Popular Post Share Posted Sunday at 10:36 PM I wonder why the police could arrest this person but unable to arrest others that found Dubai to be a safe haven ??? ................LOL 😎😎😎 2 1 Link to comment Share on other sites More sharing options...
hotchilli Posted Sunday at 11:25 PM Share Posted Sunday at 11:25 PM 2 hours ago, Artisi said: Rip off the hi-so's with a dodgie scheme and they can very quickly find you and get you back home, run-down and kill a policeman, lie about who did it, pay-off a few people and they unfortunately can't find you, even though it obvious where you are jetting around the world - Amazing Thailand. And they had to wait for Thaksin to come back voluntarily from the same country. Link to comment Share on other sites More sharing options...
Popular Post spidermike007 Posted Monday at 01:00 AM Popular Post Share Posted Monday at 01:00 AM He is likely not that wealthy, nor influential. The super rich and those well connected, do not get expatriated. Period. They are above any and all laws. 1 2 Link to comment Share on other sites More sharing options...
BKKBike09 Posted Monday at 01:25 AM Share Posted Monday at 01:25 AM 21 minutes ago, spidermike007 said: He is likely not that wealthy, nor influential. The super rich and those well connected, do not get expatriated. Period. They are above any and all laws. I'm not so sure in this particular case. It involves a high-profile SET-listed company, apparent malfeasance, and massive corporate default. Last thing Thailand wants is further erosion of investor confidence - especially foreign institutional investors. 1 1 Link to comment Share on other sites More sharing options...
cncltd1973 Posted Monday at 01:27 AM Share Posted Monday at 01:27 AM naming your company after a fictional comic book tycoon is the first warning sign. I wouldn't invest in Wayne Enterprise either 1 Link to comment Share on other sites More sharing options...
Artisi Posted Monday at 03:57 AM Share Posted Monday at 03:57 AM 4 hours ago, hotchilli said: And they had to wait for Thaksin to come back voluntarily from the same country. Well this is Thailand, you and I know what that means 😉 Link to comment Share on other sites More sharing options...
hotchilli Posted Monday at 05:22 AM Share Posted Monday at 05:22 AM 1 hour ago, Artisi said: Well this is Thailand, you and I know what that means 😉 Indeed Link to comment Share on other sites More sharing options...
john donson Posted Monday at 08:12 AM Share Posted Monday at 08:12 AM i thought dubai was safe, why else did they not pick up mr teflon and ferrari boy Link to comment Share on other sites More sharing options...
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