DSI freezes 220 million baht in Stark Corp leader Chanin’s scandal

The Department of Special Investigation (DSI) has placed a freeze on a staggering 220 million baht held in the bank account of Chanin Yensudchai, the erstwhile chairman of the beleaguered Stark Corp. According to DSI spokeswoman Pichaya Tarakornsanti, the action is part of a broader measure to offer compensation to victims in light of the ongoing scandal.

“The DSI has taken similar action with another of Chanin’s accounts with Credit Suisse Bank, with the intention of utilisation for victim compensation.”

Additionally, the properties registered under Chanin’s name have been frozen by the DSI. The Department of Lands is reviewing these steps to oversee the specific details and evaluate the properties.

Accusations of monetary misconduct are following Chanin, and he currently remains at large overseas. The DSI has made contact with Interpol and requested a red notice to facilitate his apprehension. Communication with the Ministry of Foreign Affairs has also been initiated by the DSI aiming to suspend Chanin’s passport.

In a twist to the case, The Office of the Securities and Exchange Commission (SEC) has lodged charges with the DSI, alleging financial misconduct against Stark Corp. The accusations extend to four subsidiary companies and five distinguished individuals, reported Bangkok Post.

The charges imply a conspiracy involving all those parties and others to fabricate misleading statements for Stark and its affiliates between 2021 and 2022. Moreover, they are charged with keeping the company’s account details and debenture sales under wraps. The concealed details also pertain to a prospective investment in Germany’s Leoni AG.

Vonnarat Tangkaravakoon, Stark’s biggest shareholder, was informed of the charges on July 26 but denied any wrongdoing. As the case continues to evolve, the testimonies of the preceding chief financial officer, Sathar Chantrasettalead, and secretary, Yosboworn Amarit are under DSI’s review.

Furthermore, a summons has been delivered to yet another former executive, Kittisak Jitprasertngam, mandating him to present himself in the upcoming week to acknowledge the charges he faces.