The Securities and Exchange Commission (SEC) of Thailand seized the assets of Stark Corporation and some of its key personnel due to accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s debts rising above 38 billion baht as believed by the regulators.
The SEC has also frozen the assets of Vonnarat Tangkaravakoon, formerly the acting chief executive officer and Stark’s largest shareholder, for 180 days. In addition to this, the assets of former executives, including ex-chairman Chanin Yensudchai, Kundan Sathar Chantrasettalead, Chinawat Assavapokee and Kittisak Jitprasertngam, have been reportedly frozen along with those associated with Stark’s associated companies. These range from Thai Cable International, Phelps Dodge International (Thailand), and Adisorn Songkhla Co, to Asia Pacific Drilling…
