The SEC has filed the criminal complaint against Mr. Prakorn Makjumroen, a former director and executive of Stark, for falsifying STARK and its subsidiaries’ financial statements from 2021 – 2022, following the criminal complaint filed earlier against 10 other directors and executives of Stark and its subsidiaries*.  It appeared that he was a director and executive of Stark and its subsidiaries during that time, and colluded with other directors and executives of Stark, or consented to the falsification of STARK and its subsidiaries’ financial statements from 2021-2022, to deceive the public. 

The acts of Mr. Prakorn Makjumroen constituted offences under Section 312 and Section 281/2, Paragraph 2, in conjunction with Section 89/7 and Section 89/7 in conjunction with Section 89/24 of the Securities and Exchange Act B.E. 2535 (1992) (the SEA). The SEC, therefore, filed a criminal complaint against Mr. Prakorn Makjumroen with the DSI for the consideration of further legal action. In addition, the SEC reported this legal action to the AMLO, in connection with the criminal complaint against the 10 directors and executives of Stark, since the offences in this case also constitute a predicate offence under the Anti-Money Laundering Act B.E. 2542 (1999), including its amendments. 

Filing a criminal complaint by the SEC is only the beginning of the criminal enforcement process. As to whether the accused persons are offenders shall be subject to the investigation of the inquiry official, the prosecution of the public prosecutor, and the adjudication and discretion of the court of justice, respectively. 

Mr. Anek Yooyuen, Deputy Secretary-General and SEC Spokesperson, stated that “the SEC has placed its priority on investor protection and law enforcement in accordance with the suppression policy in a prompt and efficient manner. In the case of Stark, the SEC has continued its law enforcement according to its authority. In addition, the SEC cooperated and followed up with DSI and other relevant agencies for the timely accusation of offenders in accordance with the law. This complaint is a result of a continual investigation. The SEC will continue its investigation to bring legal action against all offenders and accomplices.”          

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Remark: *SEC News No. 116/2023: “SEC files a criminal complaint against 10 offenders with the DSI for falsifying STARK financial statements, making false statements in the registration statements, and acting in the manner that dishonestly deceives others,” released on 6 July 2023: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10553&NewsNo=116&NewsYear=2023&Lang=EN