PUBLISHED : 13 Jan 2024 at 04:00
The state’s attorney has filed a lawsuit against seven suspects, including two individuals and five companies, for allegedly being involved in scandal-hit Stark Corp.
The lawsuit was filed by public prosecutors of the Office of the Attorney-General’s Special Litigation 1 yesterday in response to a request by the Department of Special Investigation (DSI).
The DSI had earlier submitted a case summary to prosecutors, urging them to proceed with legal procedures against 12 suspects, including seven individuals and five companies, for financial statement forgery, fraud, embezzlement and money laundering under the Securities and Exchange Act.
The seven individuals comprise Stark’s acting CEO Vonnarat Tangkaravakoon; former board member Chinawat Assavapokee; former chief financial officer Sathar Chantrasettalead; former chief marketing Kittisak Jitprasertngam; Mr Sathar’s former secretary Yosabavorn Amarit; former chairman Chanin Yensudchai who is now at large; and Nattaya Prabpetch, the firm’s secretary.
The five companies were Stark and its subsidiaries — Phelps Dodge International (Thailand), Thai Cable International, Adisorn Songkhla Co and Asia Pacific Drilling Engineering.
The alleged misconduct through irregular transactions affected 4,704 shareholders, with financial damage from Stark’s debts estimated at 14.7 billion baht.
After the deliberation, the prosecutors decided to file a first lawsuit only against two individuals — Mr Sathar and Ms Nattaya and all five firms.
The court yesterday denied Mr Sathar’s and Ms Nattaya’s bail requests due to the seriousness of the offences and they were taken to Bangkok Remand Prison and Central Women Correctional Institution, respectively.