PUBLISHED : 16 Feb 2024 at 04:00
The Anti-Money Laundering Office (Amlo) has seized over 2.5 billion baht worth of assets from individuals tied to the scandal-hit Stark Corporation.
The seizure was announced by Amlo secretary-general Theppasu Bavornchotidara and Amlo spokesman Witthaya Nititham at a press conference announcing the progress in the Stark investigation yesterday.
Mr Theppasu said that Amlo had seized 34 assets totalling 2.541 billion baht from individuals who allegedly colluded in the fraud. The seized assets include land and deposits in several bank accounts.
The latest seizure followed the confiscation of 16 assets worth 354 million baht by Amlo in November last year.
Amlo’s Litigation Division 2 director Piya Srivika said Amlo is trying to get Stark’s largest shareholder, Vonnarat Tangkaravakoon, whose assets have not been seized despite having been charged, to provide testimony.
According to Mr Piya, Mr Vonnarat holds vast assets which have not been catalogued, some of which were acquired during the scandal.
The Department of Special Investigation has submitted a case summary to prosecutors, urging them to take legal action against seven Stark employees and five companies for forgery, fraud, embezzlement and money laundering under the Securities and Exchange Act.
The seven were identified as Mr Vonnarat, former board member Chinawat Assavapokee, former chief financial officer Sathar Chantrasettalead, former chief marketing Kittisak Jitprasertngam, Mr Sathar’s former secretary Yosabavorn Amarit, former chair Chanin Yensudchai and secretary Nattaya Prabpetch. Mr Chanin is still at large.
The five companies were Stark and its subsidiaries — Phelps Dodge International (Thailand), Thai Cable International, Adisorn Songkhla Co and Asia Pacific Drilling Engineering.