2023’s top stories: Financial scandals took a toll on Thai stock market 

Major irregularities at Stark Corporation, a wire and cable manufacturer, made headline news in 2023 and was undoubtedly the biggest financial scandal of the year with far-reaching impact. 

Stark executives, board  members and its subsidiaries were all allegedly involved in doctoring the company’s financial statement, engaging in fraud and money laundering. The executives allegedly overstated the company’s revenue, and now stand accused of misconduct and misleading stock and debenture investors. The financial damage is estimated at 14.78 billion baht and nearly 5,000 investors are victims of the fraud.

The scale of the fraud has been huge, prompting regulators and related organizations to review their own procedures.

Suspicious behaviour

In April this year, something appeared fishy when Stark’s executives quit, following which the company sought permission from the…