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Fugitive Stark CEO arrested in Dubai, Returned to Thailand


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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


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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.

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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. 



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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 😉

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