Business
Thailand’s DSI Freezes US$6.2 Million of Former Stark Corps Chairman
Thailand’s Department of Special Investigation (DSI) has frozen a bank account worth 220 million baht (US$6.2 million) belonging to Stark Corp’s former chairman Chanin Yensudchai.
“The DSI has frozen another of Mr Chanin’s accounts from Credit Suisse Bank, and this will be used to compensate victims,” according to DSI spokeswoman Pichaya Tarakornsanti.
The DSI has also frozen property in Mr Chanin’s name. She stated that the Department of Lands is analysing the specifics and valuations of the land. Mr. Chanin is suspected of financial fraud, and his whereabouts in the world are unknown.
Ms Pichaya stated that the DSI has requested that Interpol issue a red notice for him and that the Ministry of Foreign Affairs remove his passport.
The Securities and Exchange Commission’s (SEC) Office filed charges with the DSI, charging Stark Corp, four of its subsidiaries, and five individuals of financial malfeasance.
Individuals and businesses are accused of conspiring with others to make false claims for Stark and affiliates in 2021 and 2022.
They are also accused of withholding information concerning the company’s finances and debenture sales, as well as a planned investment in the German firm Leoni AG.
On July 26, Vonnarat Tangkaravakoon, Stark’s largest shareholder, acknowledged but disputed his claim.
The DSI is now reviewing the testimony of former CFO Sathar Chantrasettalead and his secretary Yosboworn Amarit. The DSI has summoned another former executive, Kittisak Jitprasertngam, to appear in court next week to face charges.
The Department of Special Investigation (DSI) in Thailand is a government organisation responsible for investigating and processing unique cases that require expertise, coordination, and resources beyond the capability of conventional law enforcement authorities. The DSI is part of the Ministry of Justice and is responsible for upholding peace and order, combating organised crime, corruption, human trafficking, and other high-profile cases.
The DSI has the authority to examine cases involving national security, terrorism, transnational crime, money laundering, cybercrime, intellectual property infringement, and other sensitive issues. To address these challenges, it has the jurisdiction to conduct surveillance, collect evidence, make arrests, and take various legal proceedings.
The DSI also collaborates extensively with other national and international law enforcement agencies to share information and collaborate on cross-border investigations. Its responsibility extends beyond criminal investigation to encompass public safety, counter-terrorism initiatives, and social order maintenance.
