SET and AIMC to use class action law to protect investors amid Stark fraud probe

The Association of Investment Management Companies (AIMC) and the Stock Exchange of Thailand (SET) are set to utilise class action law to safeguard investors’ interests as the Department of Special Investigation (DSI) examines potential fraud involving former executives of Stark Corporation. Stark’s shares plummeted by approximately 90% after the SET allowed trading to resume on June 1, causing significant harm to investors, including mutual fund holders.

To protect retail investors’ equity interests, the SET and AIMC are employing class action laws. As of August 30 last year, mutual funds holding Stark shares included Bualuang Asset Management, which was among the company’s top 10 shareholders with over 276 million shares. Other funds with a smaller percentage of Stark’s shares were Krungthai Asset Management, Kasikorn Asset Management, One Asset…