(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)
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