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Criminal Court orders extension of the asset attachment period imposed on nine entities under the criminal complaint in the STARK case



Wednesday 27 December 2023 | No. 262 / 2023


Bangkok, 27 December 2023 – The Securities and Exchange Commission (SEC) filed a petition for the Criminal Court to issue an order extending the period of asset attachment involving nine entities under the criminal complaint in the case of Stark Corporation Public Company Limited (STARK). The Court has granted permission for the extension of the asset attachment period for additional 180 days, starting from 2 January 2024. 

Earlier, by virtue of Section 267 of the Securities and Exchange Act of 1992, the SEC, with the approval of the SEC Board, ordered an attachment of assets of 10 entities who were imposed with the criminal complaint in the STARK case, namely: (1) STARK, (2) Mr. Chanin Yensudchai, (3) Mr. Vonnarat Tangkaravakoon, (4) Mr. Chinawat Assavapokee, (5) Mr. Sathar Chantrasettalead, (6) Mr. Kittisak Jitprasertngam, (7) Phelps Dodge International (Thailand) Limited (PDITL), (8) Thai Cable International Company Limited (TCI), (9) Adisorn Songkhla Company Limited, and (10) Asia Pacific Drilling Engineering Company Limited. The 180-day period of asset attachment, starting from the date specified in the order, will expire on 1 January 2024.*

The wrongdoings subject to the SEC’s criminal complaint in this case may cause damage to the interests of the public. Additionally, there are reasonable grounds to believe that, unless the period of asset attachment is extended, the offenders would remove or dispose of their assets. The SEC, therefore, filed the petition with the Criminal Court for consideration of the extension of the asset attachment period, involving nine entities, namely: the entities from (1) to (6), and (8) to (10). The Criminal Court issued an order extending the asset attachment period for additional 180 days, starting from 2 January 2024.    

In the case of PDITL, the company is in the business rehabilitation process under the Bankruptcy Act of 1940. There are measures in place to oversee the asset management for normal business operations under the Central Bankruptcy Court’ approval. Additionally, there are changes in directors and management, and revisions to its internal work systems, with an external consulting firm monitoring and reviewing financial transactions of PDITL. Thus, there is no ground to extend the period of PDITL asset attachment.

Remark: * SEC News No. 117/2023: “SEC orders attachment of assets of 10 offenders in STARK case and temporarily prohibits their leaving the country,” released on 6 July 2023. https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=10025





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Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 262 / 2023 Wednesday 27 December 2023
Criminal Court orders extension of the asset attachment period imposed on nine entities under the criminal complaint in the STARK case

Bangkok, 27 December 2023 – The Securities and Exchange Commission (SEC) filed a petition for the Criminal Court to issue an order extending the period of asset attachment involving nine entities under the criminal complaint in the case of Stark Corporation Public Company Limited (STARK). The Court has granted permission for the extension of the asset attachment period for additional 180 days, starting from 2 January 2024. 

Earlier, by virtue of Section 267 of the Securities and Exchange Act of 1992, the SEC, with the approval of the SEC Board, ordered an attachment of assets of 10 entities who were imposed with the criminal complaint in the STARK case, namely: (1) STARK, (2) Mr. Chanin Yensudchai, (3) Mr. Vonnarat Tangkaravakoon, (4) Mr. Chinawat Assavapokee, (5) Mr. Sathar Chantrasettalead, (6) Mr. Kittisak Jitprasertngam, (7) Phelps Dodge International (Thailand) Limited (PDITL), (8) Thai Cable International Company Limited (TCI), (9) Adisorn Songkhla Company Limited, and (10) Asia Pacific Drilling Engineering Company Limited. The 180-day period of asset attachment, starting from the date specified in the order, will expire on 1 January 2024.*

The wrongdoings subject to the SEC’s criminal complaint in this case may cause damage to the interests of the public. Additionally, there are reasonable grounds to believe that, unless the period of asset attachment is extended, the offenders would remove or dispose of their assets. The SEC, therefore, filed the petition with the Criminal Court for consideration of the extension of the asset attachment period, involving nine entities, namely: the entities from (1) to (6), and (8) to (10). The Criminal Court issued an order extending the asset attachment period for additional 180 days, starting from 2 January 2024.    

In the case of PDITL, the company is in the business rehabilitation process under the Bankruptcy Act of 1940. There are measures in place to oversee the asset management for normal business operations under the Central Bankruptcy Court’ approval. Additionally, there are changes in directors and management, and revisions to its internal work systems, with an external consulting firm monitoring and reviewing financial transactions of PDITL. Thus, there is no ground to extend the period of PDITL asset attachment.

Remark: * SEC News No. 117/2023: “SEC orders attachment of assets of 10 offenders in STARK case and temporarily prohibits their leaving the country,” released on 6 July 2023. https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=10025