Former Justice Minister leads investigation into Stark share scandal

[snoop1130]

 

The government has named former Justice Minister Pongthep Thepkanjana as the new leader of the working group researching the Stark share fraud case worth several billion baht. He replaces Pichai Nilthongkham who stepped down, according to Justice Ministry.

 

Pongthep's appointment comes alongside the inclusion of the Secretary General of Securities and Exchange Commission (SEC), the head of the Thailand Federation of Accounting Professions (TFAC), and the chief of the Thai Investors Association (TIA). The decision was made official by Justice Minister Tawee Sodsong, as reported by Somboon Muangklam, his adviser.

 

The duty of the working group is to study the high-profile fraud case related to Stark Corp shares. Police Colonel Yutthana Praedam, who is leading the Department of Special Investigation (DSI), gave updates on the investigation. He said that approximately 380 million baht was moved in several transactions from Stark to seven different parties, suspected to be acts of money laundering.

 

Two of those involved are among the 11 suspects previously arrested and now in custody, awaiting trial. The first hearing is due to take place on January 14 next year. The suspects in jail include Chanin Yensudchai, former Stark CEO, who was recently caught in Dubai and brought back to Thailand at the specific request of the Prime Minister Srettha Thavisin to the UAE.

 

 

The other five parties who received money between 50 and 100 million baht each will also be summoned to face charges soon.

 

The Stark shares scandal has led to at least 14.77 billion baht in losses for shareholders and stock investors. This consists of 9.19 billion baht in company bonds and a rights issue worth 5.58 billion baht, as explained by Police Colonel Yutthana.

 

Assets worth around 3 billion baht connected to the scandal have been taken, with the SEC still working to seize more.

 

Witthaya Nititham, a spokesperson for the Anti-Money Laundering Office (AMLO), stated that 4,724 affected parties are trying to recover their funds, estimated at 3.24 billion baht. However, the money can't be returned until a court order is given.

 

File photo for reference only

 

-- 2024-07-12

 

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[hotchilli]

22 hours ago, snoop1130 said:

He said that approximately 380 million baht was moved in several transactions from Stark to seven different parties, suspected to be acts of money laundering.

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