Only a year ago Stark Corporation looked like a Thai corporate success story. Backed by a wealthy local businessman, the nearly US$2 billion maker of electrical cables was an aggressive acquirer making its first major push beyond Asia.
Today, Stark has become one of the biggest financial worries in Southeast Asia’s second-largest economy. Mired in an accounting scandal, the company has lost 99% of its market capitalisation and defaulted on some of its 39 billion baht ($1.1 billion) in liabilities.
With doubts swirling over the company’s survival, money managers have pulled back from bonds issued by lower-rated Thai companies and outgoing Finance Minister Arkhom Termpittayapaisith has urged regulators…
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