The Department of Special Investigation has decided to charge 11 directors and executives of STARK Corporation Public Company Limited with defrauding the public, money laundering and violations of the Securities and Exchange Act, according to Pol Maj Yutthana Praedam, deputy director-general of the DSI, who is leading the investigation into alleged irregularities at the company.
Speaking at a press conference yesterday, which was also attended by representatives of the Anti-Money Laundering Office (AMLO), economic crime suppression police officers and consumer and environment protection police, Pol Maj Yutthana said that investigators had also discovered that the suspects had transferred about 10 billion baht into their personal bank accounts and into their company’s bank accounts to settle debts with suppliers.
He said that AMLO had been notified of the illegal money transfers and asked to impound the funds pending further legal proceedings.
The DSI accepted the STARK case on June 21, after a preliminary investigation found reasonable grounds to believe that the company’s directors, executives or others had committed offences in violation of the Securities and Exchange Act, which would have serious impacts on investor confidence in the capital markets.
In July this year, the Securities and Exchange Commission filed charges against STARK’s largest shareholder, the industrial cable maker Vonnarat Tangkaravakoon, and others involved in the management of the company.
