Interpol sought over Stark Corp scandal as losses mount to 38 billion baht
Interpol is currently sought by the Department of Special Investigation (DSI) to issue a red notice for the pursuit of the former chairman of a company known as Stark Corp, on charges of financial misconduct. The DSI issued this plea after the chairman did not adhere to the call to report to the DSI for acknowledging charges related to Stark’s financial statement anomalies.
It is understood that Chanin Yensudchai is part of a group of ten individuals who are under accusation by the Securities and Exchange Commission (SEC). Their alleged crime was the creation of deceptive statements for Stark Corp and collaborating establishments during the years 2021 and 2022, with the primary intention of defrauding others and acquiring their assets.
In conjunction with the SEC’s charges, Stark’s minority stakeholders and bondholders have lodged complaints with the DSI against a total of eight individuals, and entities which are believed to have engaged in fraudulent activities and money laundering at the financially distressed wire and cable manufacturing company.
Pichaya Tarakornsanti, DSI spokesperson, said…
“Sathar Chantrasettalead, Stark’s previous chief financial officer, along with his secretary, Yosboworn Amarit, will be expected to face DSI investigators to address the charges in the coming week.”
Pichaya also revealed that the DSI is actively tracing the leftover assets of those believed to have partaken in the manipulation of accounts. These assets will get submitted to the Anti-Money Laundering Office for further processing. Stark Corp has already seen more than 100 million baht (US$2,895,000) worth of its assets seized by the agency, reported Bangkok Post.
In addition to the financial assets, DSI has already confiscated two luxury cars owned by Chanin. Two more vehicles, under the ownership of his close associates, are currently under scrutiny to establish whether they were unlawfully acquired or not.
This scandal surfaced when Stark Corp could not comply with legal requirements about the timely submission of its financial records.
The SEC maintains that the alleged financial wrongdoings have impacted a significant number of people. The damages from Stark’s debts are estimated to be around 38 billion baht (US$1,100,333,000), and the human cost of such a situation is immeasurable.
