Sign In
SEC News
SEC reveals the actions taken under the authority in STARK case



Friday 9 June 2023 | No. 93 / 2023


Bangkok, 9 June 2023 – The Securities and Exchange Commission (SEC) has revealed the actions taken under the authority in the case of STARK Corporation Public Company Limited (STARK), clarifying that the investigations into the malpractices under the Securities and Exchange Act B.E. 2535 (1992) (SEA) have been underway, in coordination with the Department of Special Investigation (DSI), the Economic Crime Suppression Division (ECD) of the Royal Thai Police, and the Anti-Money Laundering Office (AMLO). 

After STARK had failed to prepare and submit its financial statements for the year 2022 within the specified period as required by law, the SEC, by virtue of Section 58 of the SEA, instructed the company to clarify its plan for the preparation and submission of such financial statements, including the repayment of all bonds issued by the company together with the possible impacts on investors, so that investors can have information for decision-making. 

At the same time, STARK was also instructed to extend the scope of its special audit to cover a number of material issues and clarify related facts and progress on its various operations without delay, including the operations to contain damages which may be caused to STARK, and to disclose such information for investors’ decision making.

On 30 May 2023, STARK organized a public presentation, clarifying to investors and relevant parties the progress on its special audit, the event that the SEC had informed the public and urged investors to take part in and make inquiries with STARK to obtain information for decision making.

After it appeared to the public that STARK had filed a complaint with the DSI against related persons, the SEC had STARK clarify about such action and submit related documents to the SEC. STARK then submitted copies of the complaint documents filed with the DSI and disclose such information to investors through the Stock Exchange of Thailand (SET) information systems.

The SEC is currently in the process of investigating into the commission of offenses under the SEA, in cooperation with the DSI, ECD, and AMLO according to the established coordination process, in which details of the operations cannot be revealed at this stage. 

Regarding the resolution of the STARK bondholders’ meeting for a call default on two series of bonds, the SEC has provided a bond information center on the SEC website www.sec.or.th to facilitate investor’s access to related information and instructed bondholder representatives to rigorously perform their duties according to the laws and terms and conditions of the bonds, taking into consideration the bondholders’ interest.

_____________________

Remarks:

SEC News Release No. 80/2023 “SEC instructs STARK to clarify facts and arrange for a special audit” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9965 

SEC News Release No. 87/2023 “SEC urges STARK shareholders to take part in STARK public presentation on 30 May 2023” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9973

SEC News Release No. 89/2023 “SEC provides a bond information center on the SEC website to facilitate investor’s access to related information” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9979 





Related News

SEC allows extension of deadline for submitting SAM’s rectified financial statements
SEC requests public prosecutor to file a civil lawsuit against an offender in connection with PRINC share price manipulation
Coindee’s digital asset advisory license revoked
SEC notifies NRF to rectify financial statements for the year 2024 (Revised), Q1 of 2025 (Revised) and Q2 of 2025
SEC imposes civil sanctions against five offenders for insider trading of TKN shares and abetting commission of offenses

Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 93 / 2023 Friday 9 June 2023
SEC reveals the actions taken under the authority in STARK case

Bangkok, 9 June 2023 – The Securities and Exchange Commission (SEC) has revealed the actions taken under the authority in the case of STARK Corporation Public Company Limited (STARK), clarifying that the investigations into the malpractices under the Securities and Exchange Act B.E. 2535 (1992) (SEA) have been underway, in coordination with the Department of Special Investigation (DSI), the Economic Crime Suppression Division (ECD) of the Royal Thai Police, and the Anti-Money Laundering Office (AMLO). 

After STARK had failed to prepare and submit its financial statements for the year 2022 within the specified period as required by law, the SEC, by virtue of Section 58 of the SEA, instructed the company to clarify its plan for the preparation and submission of such financial statements, including the repayment of all bonds issued by the company together with the possible impacts on investors, so that investors can have information for decision-making. 

At the same time, STARK was also instructed to extend the scope of its special audit to cover a number of material issues and clarify related facts and progress on its various operations without delay, including the operations to contain damages which may be caused to STARK, and to disclose such information for investors’ decision making.

On 30 May 2023, STARK organized a public presentation, clarifying to investors and relevant parties the progress on its special audit, the event that the SEC had informed the public and urged investors to take part in and make inquiries with STARK to obtain information for decision making.

After it appeared to the public that STARK had filed a complaint with the DSI against related persons, the SEC had STARK clarify about such action and submit related documents to the SEC. STARK then submitted copies of the complaint documents filed with the DSI and disclose such information to investors through the Stock Exchange of Thailand (SET) information systems.

The SEC is currently in the process of investigating into the commission of offenses under the SEA, in cooperation with the DSI, ECD, and AMLO according to the established coordination process, in which details of the operations cannot be revealed at this stage. 

Regarding the resolution of the STARK bondholders’ meeting for a call default on two series of bonds, the SEC has provided a bond information center on the SEC website www.sec.or.th to facilitate investor’s access to related information and instructed bondholder representatives to rigorously perform their duties according to the laws and terms and conditions of the bonds, taking into consideration the bondholders’ interest.

_____________________

Remarks:

SEC News Release No. 80/2023 “SEC instructs STARK to clarify facts and arrange for a special audit” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9965 

SEC News Release No. 87/2023 “SEC urges STARK shareholders to take part in STARK public presentation on 30 May 2023” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9973

SEC News Release No. 89/2023 “SEC provides a bond information center on the SEC website to facilitate investor’s access to related information” https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9979