Charges filed and assets seized in Stark fraud case

The alleged fraud at Stark Corporation, an industrial cable maker, has affected numerous shareholders, bondholders, and creditors, inflicting estimated damages of 100 billion baht.

Earlier on Thursday, the DSI issued an arrest warrant for Chanin Yensudchai, former chairman of the company, after authorities learned that he had fled to Hong Kong.

The 10 individuals/companies facing charges and asset seizures are:

1. Stark Corporation Plc

2. Chanin Yensudchai

3. Vonnarat Tangkaravakoon

4. Chinawat Assavapokee

5. Sathar Chantrasettalead

6. Kittisak Jitprasertngam

7. Phelps Dodge International (Thailand) Co Ltd

8. Thai Cable International Co Ltd

9. Adisorn Songkhla Co Ltd

10. Asia Pacific Drilling Engineering Co Ltd

The SEC also dispatched a notice to stock brokers to seize the assets of the above individuals, who are current or former executives of Stark, and its affiliated…