Thailand Seeks Interpol’s Help in Arresting Fugitive Former Chairman of Stark

Thailand has sought the help of Interpol in apprehending the former chairman of Stark Corp., a Thai industrial cable maker embroiled in an accounting scandal and debt defaults. Chanin Yensudchai is being pursued by local authorities for alleged financial misconduct, including concealing details and making false statements regarding the company’s accounts. The Department of Special Investigation in Thailand has initiated a criminal investigation and class-action lawsuit against Stark, following revelations of financial irregularities. The company has restated its financial results, revealing net losses in the past two years and liabilities exceeding assets. With its shares suspended and a default on its liabilities, Stark is now facing significant legal challenges. Alongside Yensudchai, Vonnarat Tangkaravakoon, the company’s largest shareholder, has also been summoned to appear before investigators. The Securities & Exchange Commission has ordered the seizure of assets belonging to former Stark executives, including Chanin and Vonnarat, for allegedly misusing funds from bond sales. The company has requested an extension from the SEC to submit a special audit by September 29, citing the need for additional information and documents. Stark aims to restructure its debt to prevent delisting by proposing debt-to-equity swaps to creditors and negotiating with major creditors to delay debt payments. As the investigation continues, the fate of Stark and its executives hangs in the balance.