Business
Interpol Red Notice Issued for Former Stark Corp Chairman
Thailand’s Department of Special Investigation (DSI) has requested that Interpol issue a red notice for Stark Corp former chairman Chanin Yensudchai, who is being investigated for financial malfeasance.
The DSI contacted Interpol when Mr. Chanin failed to report to the DSI to address accusations alleging anomalies in Stark’s financial statements, according to DSI spokesman Pichaya Tarakornsanti.
Mr. Chanin is one of ten people accused by the Securities and Exchange Commission (SEC) of making false claims for Stark and affiliates in order to defraud others and gain their assets in 2021 and 2022.
Minority shareholders and bondholders at Stark have also filed accusations with the DSI against eight individuals and businesses for alleged fraud and money laundering at the bankrupt wire and cable manufacturer.
Ms. Pichaya stated that Stark’s former chief financial officer, Sathar Chantrasettalead, and his assistant, Yosboworn Amarit, are scheduled to appear before DSI investigators next week to address the charges.
She further stated that the DSI is tracing the remaining assets of those accused of fabricating accounts and would turn them over to the Anti-Money Laundering Office for further action.
Stark Corp assets have previously been taken by the authorities for more than 100 million baht.
She stated that the DSI has seized two luxury cars belonging to Mr. Chanin and is investigating two more owned by his close associates to ascertain if they were obtained illegally.
The issue arose when the company failed to file its financial accounts on time, as required by law.
The suspected financial malfeasance, according to the SEC, affected a vast number of people, with damages from Stark’s indebtedness estimated at more than 38 billion baht.
