Thailand Authorities Seized $69 Million Assets from Stark Corp Ex-Chairman Chanin Yensudchai, Froze Credit Suisse Bank Account with $6.2 Million & Properties in 2023, Stark Corp & Ex-Chairman Investigated for Financial Fraud & Misconduct with Shares Suspended Since 1st March 2023
16th February 2024 | Hong Kong
Thailand authorities has seized $69 million assets (2.5 billion baht) from Stark Corp former Chairman Chanin Yensudchai. In 2023, Thailand had frozen Thai-listed company Stark Corp (2022: $900 million market value, 33 billion Thai Baht) former Chairman Chanin Yensudchai’s Credit Suisse bank account with $6.2 million and his properties. Stark Corp & Chanin Yensudchai are being investigated for financial fraud & misconduct with shares suspended since 1st March 2023 (Failing to submit 2022 financial statements). The Thailand Department of Special Investigation suspects the total fraud could be around $2.8 billion (100 billion Thai baht). For 2021, Deloitte Touche Tohmatsu Jaiyos Co had audited Stark Corp and reported a net profit, but PricewaterhouseCoopers ABAS conducted an audit later and reported a net loss. Investors have also registered for a class action lawsuit against Stark Corp (The Thai Investor Association). STARK Corporation is a leading Thailand and Southeast wire & cable manufacturer. In February 2024, Stark Corp largest shareholder Vonnarat Tangkaravakoon was arrested. Chanin Yensudchai had been reported to had left Thailand and is uncontactable.
“ Thailand Authorities Seized $69 Million Assets from Stark Corp Ex-Chairman Chanin Yensudchai, Froze Credit Suisse Bank Account with $6.2 Million & Properties in 2023, Stark Corp & Ex-Chairman Investigated for Financial Fraud & Misconduct with Shares Suspended Since 1st March 2023 “
Thailand Freezes $900 Million Listed Company Stark Corp Ex-Chairman Chanin Yensudchai Credit Suisse Bank Account with $6.2 Million & Properties, Stark Corp & Ex-Chairman Investigated for Financial Fraud & Misconduct with Shares Suspended Since 1st March 2023
18th August 2023 – Thailand has frozen Thai-listed company Stark Corp (2022: $900 million market value, 33 billion Thai Baht) former Chairman Chanin Yensudchai’s Credit Suisse bank account with $6.2 million and his properties. Stark Corp & Chanin Yensudchai are being investigated for financial fraud & misconduct with shares suspended since 1st March 2023 (Failing to submit 2022 financial statements). The Thailand Department of Special Investigation suspects the total fraud could be around $2.8 billion (100 billion Thai baht). For 2021, Deloitte Touche Tohmatsu Jaiyos Co had audited Stark Corp and reported a net profit, but PricewaterhouseCoopers ABAS conducted an audit later and reported a net loss. Investors have also registered for a class action lawsuit against Stark Corp (The Thai Investor Association). STARK Corporation is a leading Thailand and Southeast wire & cable manufacturer.
STARK Corporation Public Company
STARK Corporation Public Company Limited or “STARK” is a private organization which focuses on investment in manufacturing and services in the industrial sector. STARK Corporation has been registered as a public organisation since 2019 and mainly runs the business for Phelps Dodge International (Thailand) Limited which has been entitled as the leading business in the field of wire production for more than 5 decades; the company has been globally trustworthy for its product qualities and safety. As well, Phelps Dodge International (Thailand) Limited gains acceptance among 30 countries around the world. Moreover, in 2020, STARK Corporation has strengthened its core value in terms of being a global business by partnering up with Thai Cable International, the leading manufacturer and distributor of copper and aluminium conductors in Thailand, and Thinh Phat Electric Cable Joint Stock Company, the major wire & cable manufacturer from Vietnam. Hence, STARK Corporation becomes chief among Thai and SEA manufacturers, heading to be the top-10 wire & cable manufacturer in the world. Furthermore, Stark Corporation has invested in manpower business named Adisorn Songkhla Limited, offering a full range of human resource management and recruitment services for the petroleum industry. With the professional experience for more than 30 years, the company can provide comprehensive services to meet the labour market needs as well as facilitate manpower resourcing and recruitment for both domestic and international organisations.
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