Thailand’s Anti-Money Laundering Office (Amlo) has seized almost US$69.1 Million dollars (2.5 billion baht) in assets from persons linked to the scandal-plagued Stark Corporation.
Amlo secretary-general Theppasu Bavornchotidara and Amlo spokesman Witthaya Nititham announced the seizure during a press conference yesterday to report the Stark investigation’s progress.
Mr Theppasu stated that Amlo has seized 34 assets worth $70, 297, 298.00 (2.541 billion baht) from individuals who allegedly participated in the fraud. Land and bank money are among the seized assets.
The latest seizure came after Amlo confiscated 16 assets totaling $9.7 Million dollars (354 million baht) in November of last year.
Amlo’s Litigation Division 2 director, Piya Srivika, stated that Amlo is attempting to compel Stark’s largest shareholder, Vonnarat Tangkaravakoon, whose assets have not been taken despite being charged, to produce testimony.
Mr Piya claims that Mr Vonnarat has large unaccounted-for assets, some of which he obtained during the incident.
The Department of Special Investigation has presented a case summary to prosecutors, requesting them to charge seven Stark employees and five firms with forgery, fraud, embezzlement, and money laundering under the Securities and Exchange Act.
Mr Vonnarat, former board member Chinawat Assavapokee, former chief financial officer Sathar Chantrasettalead, former chief marketing Kittisak Jitprasertngam, Mr Sathar’s former secretary Yosabavorn Amarit, former chair Chanin Yensudchai, and secretary Nattaya Prabpetch were among the seven named. Mr. Chanin is still at large.
The five firms were subsidiaries: Phelps Dodge International (Thailand), Thai Cable International, Adisorn Songkhla Co, and Asia Pacific Drilling Engineering.
A 99% Stock Crash Rings Alarms in Thailand Over STARK Corp
