Suspects in Stark Corp fraud to hear charges against them


The Office of the Attorney General (OAG)’s Special Cases Department has summoned 11 suspects in the Stark Corporation case to listen to the charges against them today (January 12), a news source said.

It is thought that some of the victims, most of whom are elderly, will also show up to follow the progress of this high-profile fraud case with damages amounting to over 15 billion baht.

The former executives of the wire and cable manufacturing company, which was listed on the Stock Exchange of Thailand (SET) are suspected of fraud and of allegedly trying to hide the company’s accumulated loss during 2021-2022 of 12 billion baht, 4 billion of which is reportedly negative shareholder equity.

The 11 suspects being summoned to listen to their charges on Friday at 10am are: Vonnarat Tangkaravakoon, Chinawat Assavapokee, Sathar Chantrasettalead, Kittisak Jitprasertngam, Stark Corporation; Phelps Dodge International (Thailand) Co Ltd, Adisorn Songkhla Co Ltd, Thai Cable International Co Ltd, Asia Pacific Drilling Engineering Co Ltd, Yosboworn Amarit, and Chanin Yensudchai.

The source added that after reviewing the case files, the OAG ordered the Department of Special Investigation (DSI) to further investigate two suspects: Vonnarat, the company’s largest shareholder and Yosboworn, secretary to Stark’s Chief Financial Officer, for their involvement in other offences.

Stark’s former chairman Chanin is believed to have fled the country and a warrant for his arrest already been approved, the source added.

Pol Maj Gen Ekarak Limsangkat, deputy secretary-general of the Anti-Money Laundering Office (AMLO), said on Thursday that investigators have found that fugitive Chanin had transferred some 8 billion baht via an untraceable channel to England. He added that the AMLO and DSI are working to track down and confiscate the money to pay back the victims.

Victims who have been damaged by debentures of Stark Corporation have gathered to exchange information on the case via Line group @ThaiStark, said Verapat Pariyawong, who acts as the group’s legal advisor.

He added the group’s representatives would travel to the OAG’s head office on Ratchadaphisek Road on Friday to listen to the charges.