Stark Corporation scandal: Court declares class action
The Bangkok South Civil Court ruled in favour of turning the lawsuit against former executives of Stark Corporation into a class action.
Accused of duping the public under the Securities Act, the defendants, Vonnarat Tangkaravakoon, Chanin Yensudjai, Chinnawat Assavapokee, Sathar Chantrasettalead, and Kittisak Jitprasertngam, now face the wrath of 4,500 shareholders seeking justice.
Upon thorough evaluation of the plaintiffs and their legal representation, the court entrusted Kanit Apiwatnanont and Co. to champion the cause of the duped shareholders, whose losses are estimated at a staggering 9.2 billion baht. However, a twist in the legal saga emerged when another shareholder group attempted to join forces, only to be shut down by the class action plaintiffs and their legal eagle, Jinna Yaem-oum.
Stark Corporation, once a stalwart of Thailand’s corporate realm, spiralled into chaos in March 2022 when the Securities and Exchange Commission halted trading due to financial reporting discrepancies. The ensuing months witnessed a stock market rollercoaster, with shares plummeting to rock-bottom prices and index funds ditching Stark en masse, reported Thai PBS World.
As trading resumed briefly, investors scrambled to salvage what they could, only to find themselves at the mercy of an uncertain market. With Stark’s shares hitting a mere fraction of their former value, July saw trading grind to a halt, leaving investors reeling from significant losses.
In related news, to revitalise cross-border commerce, the Thailand deputy foreign minister made a pivotal visit to Chiang Saen Port on Monday, accentuating its pivotal role in the lower Mekong region. With cross-border trade in Chiang Rai soaring to an estimated 100 billion baht last year, according to the Foreign Ministry, the port’s strategic location where the Kok and Mekong Rivers converge offers a gateway to Laos and Myanmar, while also providing the most direct route to China’s southern provinces.
In other news, United Kingdom Foreign Secretary David Cameron arrived in Bangkok on Wednesday to strengthen trade and economic ties between the politically beleaguered UK and the burgeoning Thailand.
