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Thailand’s Scandal-Hit Stark Sees More Resignations Amid Probe
Figures for various Stock Exchange of Thailand (SET) indices are displayed on an electronic board at the bourse in Bangkok, Thailand, on Monday, Oct. 26, 2020. Thai equities, Asia’s worst performers this year, will face another drag from the heightened political tension, which would derail the economic recovery amid the novel coronavirus pandemic, said Pakorn. Photographer: Taylor Weidman/Bloomberg
, Bloomberg
(Bloomberg) — Three directors have resigned from scandal-hit Thai cable maker Stark Corp., which is being investigated for accounting irregularities and a bond default.
The resignations were effective from July 7 and company will seek to fill the now-vacant senior positions, Stark said in a filing to the Thai stock exchange on Friday. Stark earlier replaced its chairman and stripped its biggest shareholder of his authority to sign company documents in a board revamp.
Stark faces a criminal investigation and a class-action lawsuit following revelations of irregularities in past accounting. Restated financial results showed it incurred a net loss in the past two years, and that its liabilities exceeded its assets. The company last month defaulted on part of its 39 billion baht ($1.11 billion) in liabilities. The shares were suspended after sinking 99% this year.
Earlier this week, Thailand’s market regulator ordered the seizure of assets of the company, its largest shareholder and some former executives allegedly involved in falsifying accounts.
READ: A 99% Stock Crash and Shock Default Raise Alarm in Thailand (2)
©2023 Bloomberg L.P.
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