2023-07-04 10:43:49
Mr. Sattha Chantrasettalert Former Chief Financial Officer Stark Corporation Plc. (STARK) revealed through the list. “Insights all over Thailand, Inside Thailand” this morning, admitting to be an account decorator for STARK and 4-5 affiliates to make STARK a gold stock in the Thai stock market. It was instructed by Mr. Chanin Yensudchai, Chairman of the Board of Directors. While STARK’s major shareholders are direct beneficiaries. And another expert on capital market structure is also involved. All information has been met and notified to the Office of the Securities and Exchange Commission (SEC).
“Furnishing all accounts of STARK, as I clarified with the SEC on June 20, for the benefit of the stock price. And admit that I am the one who decorated the account by receiving orders from the 3 bosses, I am not corrupt in any way. Benefits derived from the management of STARK and Non STARK affiliated companies with approximately 30 companies, “said Mr. Sattha.
STARK’s account refurbishment model has artificially generated sales. make sales higher than reality resulting in higher profits accordingly and an artificial debtor appeared to follow Therefore, the money from the Non STARK group had to be used to pay off the trade receivables. Himself, as the accountant for the whole group, had to spread the money among the group, bringing money from both groups outside the STARK group to pay off debts in Phelps Dodge.
“At first I didn’t do much. In order to make the stock price gradually increase, it must be as simple as this. and STARK’s financial problems that caused the board to Caused by the last number when there is a state-owned enterprise. which is the largest item that was ordered to make an account decoration to make one state-owned enterprise have confidence And came to buy STARK shares, but the board fell in the year ’64, causing problems, “said Mr. Faith.
Refurbishing the account to raise the price of STARK’s shares generates tens of millions of baht in benefits. For example, in the case of the issuance of warrants to buy ordinary shares (warrants), the exercise price is 5 baht and the conversion date is set in 2024, and there is also a deal to sell Big Lot shares at a price of more than 3 baht after doing a total reverse takeover. To a large state-owned enterprise interested in doing a MD&A deal to buy STARK shares, but eventually this deal fell through. The goal of creating the STARK stock price to push the stock up to 5 baht must be that STARK can be entered into the SET50, but the company must enter the SET100 first.
As for the issuance of debentures, the total amount is more than 9 billion baht, because before the STARK group used bank money to make every deal. Especially buying a very large Vietnamese company. But come back to face the situation of COVID-19 Causing Vietnam’s business plan to not go as expected Performance loss but choose to repay the debt directly all the time Vietnam’s settlement money came from Phelps Dodge’s management. When Phelps Dodge settled Vietnam’s debts, the loss caused a cash flow problem that dragged it all down.
Later, STARK wanted to sell shares to large state enterprises to solve liquidity problems. Plus at that time it was expected that it should have passed successfully. therefore issued the first lot of debentures and never defaulted on debt repayment Waiting for the deal to end, Cash Flow will solve the problem. The debentures are not related to account decoration. but to repay the debt
Mr. Sattha said that the benefits from raising the price of STARK shares, those who benefit from such events will be shareholders who sell big lot shares at a high price and warrant conversion. Tens of thousands of million baht Excluding debt borrowed from financial institutions to make deals, money from the sale of capital increase and the issuance of debentures in total several tens of millions of baht Mr. Chanin and other former executives Do not know how to get benefits because it does not hold STARK shares
STARK’s financial path has passed through its own account. And go to STARK’s children, a company with the same major shareholder. while he did not receive any benefits To create STARK stock prices and there is no financial path through the wife’s account. The seized account was a salary account that was normally transferred to his wife for spending. and pay regular taxes Including accounts for home loans Not related to account decoration
“I must learn directly that I have already confessed to the SEC. If the process reaches the end, what is the result, I will accept it accordingly, “said Mr. Sattha.
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