The spokesperson for the Ministry of Justice, along with DSI and AMLO, held a press conference to update on the progress of the STARK stock case

The spokesperson for the Ministry of Justice, along with DSI and AMLO, held a press conference to update on the progress of the STARK stock case

            On Wednesday, July 10, 2024, at 1:30 PM, Mr. Somboon Muangklum, Advisor to the Minister of Justice and spokesperson for the Ministry of Justice, along with Police Major Yutthana Praedam, Acting Director-General of the Department of Special Investigation (DSI), Police Major Worranan Srilum, Director of the Bureau of Illegal Financial Business and spokesperson for DSI, and Mr. Wittaya Nititum, Director of the Bureau of Legal Affairs and spokesperson for the Anti-Money Laundering Office (AMLO), jointly held a press conference on the progress of the prosecution and asset recovery in the STARK stock fraud case, Special Case No. 57/2566.

            In this case, DSI provided an opinion on the case and sent the special investigation file to the public prosecutor at the Special Litigation Department on December 8, 2023. Subsequently, the public prosecutor issued charges against a total of 11 individuals involved, including Mr. Chanin (surname withheld), a former President of the Company; Mr. Wanarush (surname withheld), a former company director; Mr. Sathar, a former Company Director and Chief Accounting and Finance Officer; Mr. Kittisak (surname withheld), a former Chief Marketing Officer; Miss Yotsabawon (surname withheld), a former Director of Human Resources and Subsidiary Company; and Miss Nattaya, a former Accounting Officer of Stark Corporation Public Company Limited, Phelps Dodge International (Thailand) Limited, Adisorn Songkhla Company Limited, Thai Cable International Company Limited, and Asia Pacific Drilling Engineering Company Limited. Following the arrest of Mr. Chanin, a key alleged offender, the public prosecutor has now fully filed charges against all suspects in the Criminal Court. All alleged offenders are currently in custody, awaiting trial. The first court hearing is scheduled for January 14, 2025, with the final hearing set for December 2025.

            In the criminal case, the total damages amount to 14,778 million baht, divided into 9,198 million baht in debentures and 5,580 million baht in right offering. DSI and AMLO have previously seized assets totaling approximately over 3,000 million baht. However, the Securities and Exchange Commission (SEC) has filed a petition with the Criminal Court, which has ordered the seizure of assets belonging to Stark Corporation and related companies under the Securities and Exchange Act, B.E. 2535 (1992).

            DSI is currently investigating offenses under the Anti-Money Laundering Act, B.E. 2542 (1999) for the transfer or receipt of assets obtained from the predicate offense of defrauding the public. The DSI is in the process of investigating and considering taking actions against individuals who transferred and received assets without legal grounds for debt. This includes the receipt of money transfer from the former Chief Accounting and Finance Officer, Mr. Sathar, who is currently under investigation for additional asset seizures in cooperation with AMLO. This case is registered as Special Case No. 32/2567. Additionally, DSI is considering investigating certain directors, as accused by SEC.

            Regarding the issue of the Minister of Justice appointing Mr. Pichai Nilthongkam as the chairman of the working group to study the modus operandi of Stark Corporation Public Company Limited (STARK), Mr. Pichai expressed his desire to step down from this position. Consequently, the Minister of Justice has thus issued Ministry of Justice Order No. 171/2567 dated July 9, 2024, to cancel the previous order and appoint Mr. Pongthep Thepkanjana, former Minister of Justice, as the new chairman of the working group. Additionally, the Secretary-General of the Securities and Exchange Commission, the President of the Federation of Accounting Professions Under the Royal Patronage of His Majesty the King, and the President of the Thai Investors Association were included in the working group to continue studying the misconduct plan of this case.

• Mr. Pongthep Thepkanjana, former Deputy Prime Minister and former Minister of Justice
• Mr. Somboon Muangklum, Advisor to the Minister of Justice and spokesperson for the Ministry of Justice
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•  Police Major Yutthana Praedam, Acting Director-General of the Department of Special Investigation (DSI)
• Mr. Wittaya Nititum, Director of the Bureau of Legal Affairs and spokesperson for the Anti-Money Laundering Office (AMLO)
• Police Major Worranan Srilum, Director of the Bureau of Illegal Financial Business and spokesperson for DSI