STARK creditors demand "Vonnarat" to repay debt of 130 Billion Baht, files for bankruptcy and asset investigation
Creditors of STARK demand repayment of 130 billion Baht from Vonnarat Tangkaravakoon, as bankruptcy proceedings continue. The Thai Investors Association updates affected shareholders on the ongoing case
Mr. Vonnarat Tangkaravakoon ("Mr. Vonnarat") is one of the defendants in the case filed in the South Bangkok Civil Court under case number P.1061/2567. The Central Bankruptcy Court issued an order for the absolute preservation of his assets in the bankruptcy case under case number L.9679/2567.
To ensure that the common shareholders of STARK, who have been affected by this, can protect their rights, the Thai Investors Association (TIA) has advised all affected parties, specifically STARK's common shareholders, to file their claims for compensation from the appointed trustee at the Enforcement Department at the Ministry of Justice by April 11, 2025, as was announced in the Royal Gazette under Announcement 2/2568 on March 20, 2025.
On September 27, 2025, the trustee held the first creditors’ meeting for the case, and the progress of the case is summarised as follows:
A total of 3,417 creditors have filed for repayment, with the total debt amounting to 131,482,505,107.93 Baht (approximately 131.48 billion Baht). The trustee has divided the creditors into four groups:
- Financial institutions
- Creditors from tort, including bondholders and common shareholders
- Phelps Dodge International Ltd.
- Mrs. Piyachanok Tangkaravakoon (the wife of Mr. Vonnarat).
As Mr. Vonnarat does not wish to file for debt settlement prior to his bankruptcy declaration, the trustee has decided to propose to the court to officially declare Mr. Vonnarat bankrupt.
Regarding the other legal proceedings that Mr. Vonnarat is involved in, in civil cases, including the P.1061/2567 case in the South Bangkok Civil Court, the trustee will request that the court dismiss the part of the case concerning Mr. Vonnarat and instruct the plaintiffs in the case to file their claims in this bankruptcy proceeding instead.
As for the criminal case, case number A.90/2567, where the public prosecutor is the plaintiff, Mr. Vonnarat and others are the defendants, the trial is currently in the process of witness examination. The trustee has submitted a statement to the criminal court explaining that Mr. Vonnarat is under absolute asset preservation and in the process of bankruptcy. The trustee has requested that the criminal court continue with the proceedings to determine whether Mr. Vonnarat has committed a crime and caused damages that he should be held responsible for.
If the criminal court issues a ruling, the trustee will issue an order to ensure that creditors in the tort category, including bondholders and common shareholders, will receive compensation and will determine the amount to be repaid.
Currently, the trustee is gathering all assets of Mr. Vonnarat and investigating the claims of all creditors. As for the common shareholders’ claims, the trustee will begin examining the claims after the criminal court issues its ruling in case A.90/2567. At present, no other actions have been taken.
In the next phase, the bankruptcy court is expected to issue a ruling declaring Mr. Vonnarat bankrupt. The trustee, as authorised by law, will collect Mr. Vonnarat’s assets to repay the creditors who have filed claims for compensation. The trustee will also issue orders for creditors to be paid according to their claims.
The Thai Investors Association (TIA) has issued this announcement to update the affected common shareholders of STARK on the progress of the case. Case P.1061/2567 is a class action lawsuit, with TIA serving as the representative for the affected investors, seeking justice for the damages caused by STARK Corporation Public Company Limited (STARK). On December 18, 2025, the South Bangkok Civil Court ordered that the case proceed as a class action, and it is now under consideration by the Appeal Court.
TIA continues to play its role in distributing information to the affected parties, as requested by the plaintiffs' representatives. Updates on the case have been issued in six announcements, with the first being 1/2567.
