2023-07-04 14:15:54
Mr. Sattha Chantrasettalert Former Chief Financial Officer, Stark Corporation Plc. (STARK) admitted to being 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).
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.
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
Previously, Pol Lt. Col. Jakkrit Wisetkhetkarn Director of Finance, Banking and Money Laundering Litigation Division The Department of Special Investigation (DSI) revealed that it had issued summons to two suspects, namely Mr. Chanin Yensudchai, former chairman of the company, and Mr. Sattha Chantrasettalert. Former company director for offenses under the Securities and Exchange Act There are news reports stating that Mr. Chanin may no longer live in Thailand. may not come to acknowledge the accusation on the appointed date (Thursday July 6 at 10:30 a.m.) Pol. no response There was no attorney assigned to send a letter clarifying the refusal to acknowledge the allegation. It will be considered a behavior against the subpoena. with intent to escape We will ask the court to approve the arrest warrant according to the procedure.
As for Mr. Faith Former Director went to an interview in which he played a role in decorating that account Lt. Col. Jakkrit stated that it was a person’s right to say whatever he wanted. But when he came to testify as an accused under a subpoena of the DSI Referred to as having a duty to give explanations for the investigating officer to record those testimonies before being taken into account in conjunction with other evidence gathered
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