Court rejects bail request for Stark’s largest shareholder, says damages too large
The Criminal Court rejected Vonnarat Tangkaravakoon’s request for bail after he was arraigned for allegedly collaborating to defraud the public in trading shares of Stark Corporation.
Vonnarat, the largest shareholder of Stark Corp, was charged on Monday for allegedly collaborating with others to manipulate the company’s accounts and financial statements in violation of the Securities and Exchange Act. This act allegedly caused damages worth 14.7 billion baht.
Vonnarat pleaded innocence and submitted collaterals to secure his temporary release.
The court, however, rejected the bail request, saying the stock manipulation had severely damaged the economy and society, with so many people becoming victims.
Vonnarat was escorted to the Bangkok Remand Prison immediately and will again be brought to court on June 10, when public prosecutors and the defence team will review each others’ documentary evidence.
Vonnarat is among 11 suspects – seven individuals and four companies – accused by the Securities and Exchange Commission (SEC) of fraud and concealment of the wire and cable manufacturing company’s accumulated loss of 12 billion baht.
The four companies are Stark, which is listed on the Stock Exchange of Thailand, and its three affiliates.
The alleged irregularities are estimated to have caused 14.7 billion baht in damages affecting more than 4,700 people – many of them investors in Stark shares and debentures.
Vonnarat is the eldest son of Prachak Tangkaravakoon, who chairs TOA Paint (Thailand) Plc, the largest paint manufacturer in Southeast Asia.
