The Securities and Exchange Commission (SEC) has filed a criminal complaint against the following persons, i.e. (1) STARK, (2) Mr. Chanin Yensudchai, (3) Mr. Vonnarat Tangkaravakoon, (4) {A}, (5) Mr. Sathar Chantrasettalead, (6) Mr. Kittisak Jitprasertngam, (7) Phelps Dodge International (Thailand) Limited (PDITL), (8) Thai Cable International Company Limited (TCL), (9) Adisorn Songkhla Company Limited, and (10) Asia Pacific Drilling Engineering Company Limited.

It was revealed from the findings that those afore-mentioned persons had colluded to provide or consented to the provision of false statements and misrepresentation of STARK as well as its subsidiaries’ accounts or documents during 2021-2022 to deceive others. Besides, STARK had such presumably falsified financial statements disclosed in the registration statements and draft prospectus and concealed the facts which should have been provided in the factsheets of the company’s corporate bond offering. STARK claimed that the company had made investments in the LEONI Kabel GmbH and LEONIsche Holding Inc., even though the investments in those entities were not fully completed and it appeared later that after STARK had received the proceeds from the sale of bonds and capital-increase funds, there were fund transfers from STARK and its subsidiaries to other companies or persons involved in the falsification of financial statements.

As the acts of the 10 offenders mentioned above are considered contravention of Section 312 and Section 281/2, paragraph 2, in conjunction with Section 89/7 and 89/7 in conjunction with Sections 89/24, 278, 281/10 in conjunction with Sections 300, 306, and 315 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) (as the case may be), the SEC therefore has filed a complaint against all 10 offenders with the DSI for consideration of further legal actions. In this regard, since the offenses in this case also constitute a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999) and related amendments, the SEC has also reported this legal action to the AMLO.

Apart from the filing of criminal complaint with the DSI, the SEC, in cooperation with the DSI, is in the process of further investigating into the suspected frauds that may be involved in this case, the results of which will be publicly informed in due course.

In the investigation into the case, the SEC has cooperated with and obtained support from the relevant organizations including the AMLO and the Stock Exchange of Thailand (SET).

The filing of a criminal complaint is just the commencement of the criminal proceedings, whereby the consideration of whether any person is guilty is subject to the inquiry official’s investigation, the public prosecutor’s prosecution, and the court’s adjudication, respectively.