Former Stark CEO charged, case with prosecutors
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Former Stark CEO charged, case with prosecutors

Chanin indicted after being returned from hiding in Dubai

Chanin Yensudchai, the former CEO of scandal-hit Stark Corp, faces multiple charges  after being brought back from Dubai, where he had been hiding. (Photo: TV screen capture)
Chanin Yensudchai, the former CEO of scandal-hit Stark Corp, faces multiple charges after being brought back from Dubai, where he had been hiding. (Photo: TV screen capture)

The Department of Special Investigation (DSI) handed the former chief executive of collapsed Stark Corp, Chanin Yensudchai, over to public prosecutors on Monday for indictment on multiple charges.

The indictment includes falsifying financial statements, laundering money and committing fraud, along with  associated offences.

Mr Chanin was interrogated by DSI officials on Sunday, soon after he was brought back to Bangkok from Dubai where he had been hiding for the last eight months. He was then formally informed of the charges being brought against him.

On Monday, DSI officials took him to the Office of the Attorney-General for indictment. The DSI opposed his release on bail as the suspect had already fled the country once, after the case against him came to light in 2023.

DSI deputy director-general Yutthana Praedam said the suspect denied all charges.

He said Mr Chanin was the last of 11 suspects, both individuals and companies, involved in the scandal to be charged.

The accounting and embezzlement scandal at SET-listed Stark was one of the country's largest corporate frauds in recent years.

The company was in the wire and cable manufacturing industry.

The accounting and embezzlement scandal at SET-listed Stark was one of the country’s largest corporate frauds in recent years.

The DSI accepted the financial misconduct case for investigation in June last year. The scandal came to light in early 2023 after external auditors noticed discrepancies between reported figures and actual financial performance.

Investigators later found that Stark executives orchestrated a scheme to present a misleadingly positive financial outlook to investors and stakeholders.

The DSI estimated there were about 4,000 affected people and damages in the case reached 14.7 billion baht.

No one sought a temporary release of Mr Chanin and he was brought to the Bangkok Remand Prison for detention on Monday.

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