The DSI provide an update on the progress of the STARK stock case (Special Case No. 57/2566)

published: 7/7/2023 4:17:39 PM updated: 7/11/2023 10:36:28 AM 2588 views

The DSI provide an update on the progress of the STARK stock case (Special Case No. 57/2566)

On Friday, July 7^th, 2023, at 2:00 PM, Police Major Suriya Singhakamol, the Director-General of the Department of Special Investigation (DSI), assigned Ms. Pittayaporn Choorat, the DSI Deputy Spokesperson, to provide an update on the progress of the STARK stock fraud case (The case involves STARK Corporation Public Company Limited filing a complaint against former executives and others for violations of the Securities and Exchange Act, B.E. 2535 (1992) and other related criminal offences, which is a Special Case No. 57/2566) at DSI Reception Room, 2nd floor of Rajaburidirekkriddhi Builiding (Building A).

After the DSI received a fraud case in STARK Corporation Public Company Limited as Special Case No. 57/2566 on June 20^th, 2023, the DSI has conducted investigations and gathered evidence by summoning relevant witnesses to provide statements such as PricewaterhouseCoopers ABAS Ltd., Deloitte Touche Tohmatsu Jaiyos Advisory Co., Ltd., which are the accounting auditors and internal company employees. Furthermore, an arrest warrant was issued for Mr. Chanin Yensudchai because there are reasonable grounds to believe that he has fled from the pursuit of the special case inquiry official and Mr. Sathar Chantrasettalead and others involved with this case were summoned to be informed of the charges against them.

Subsequently, the special case inquiry official team submitted a request to the criminal court for a search warrant at a total of 15 locations in order to search for evidence, locate, and seize items, of which its possession constitutes an offence or obtained through an offence. The search operations included the search of 5 corporate premises: STARK Corporation Public Company Limited, Team A Holding Company Limited, Phelps Dodge International (Thailand) Limited, Asia Pacific Drilling Engineering Company Limited, and Thai Cable International Company Limited. These companies are found to be involved in a significant number of related accounting and financial transactions. Additionally, the search operations covered 10 residential premises and properties owned or associated with the suspects and those closely connected to the suspects.

As a result of the search, the special case inquiry official team has found and seized items that will be used as evidence in the investigation such as documents related to various transactions within STARK Corporation Public Company Limited and its affiliated companies, electronic data stored in computer files, and other documentary evidence that support the investigation and prove fraudulent activities. This included expanding the investigation to individuals who may be involved in the wrongdoing. The officers also seized and confiscated any cash or assets believed to be obtained through an offence for further examination. In this regard, the DSI will continue to investigate and expand the scope of its investigation in order to prosecute the perpetrators.

1. STARK Corporation Public Company Limited