BANGKOK (The Nation/Asia News Network): The Department of Special Investigation (DSI) has issued an arrest warrant for Chanin Yensudchai (pic), former chairman of Stark Corporation Plc, the industrial cable-maker at the centre of an accounting scandal.
DSI deputy director-general Police Major Yuthana Praedam said on Thursday (July 6) authorities had learned that Chanin had fled to Hong Kong and they were trying to determine whether he was still there or moved elsewhere.
Chanin and other Stark board members resigned in mid-April.
The alleged fraud at Stark Corporation has affected numerous shareholders, bondholders, and creditors, inflicting an estimated damage of 100 billion baht.
Representatives from some 11,000 small shareholders of the company on Thursday filed a complaint with the DSI against seven individuals they accused of public embezzlement, money laundering, and violation of the Computer Crime Act, in connection with the Stark scandal.
The complainants asked the DSI to arrest those involved and prevent the suspects from leaving the country.
Also, they requested that the DSI work with the Anti-Money Laundering Office to confiscate the assets of the suspects and other people involved in the alleged fraud.
Chanin, and Stark’s former chief financial officer Sattha Chantrasettalert, have been formally charged in a stock fraud case, according to DSI’s Yuthana. He said summons had been issued for Sattha to meet with DSI investigators for questioning on Friday.
Yuthana said that Sattha was believed to be still in Thailand.
“The DSI is gathering evidence about all the players [in the Stark scandal]. We have details about what happened in Stark and who did what. We will later determine who is responsible for criminal offences,” the officer said.
According to him, the evidence has been collected from the Securities and Exchange Commission, auditors who found irregularities in Stark, and other witnesses.
Yuthana estimated that some 80 per cent of known evidence has been collected.
“Sattha said the company’s accounts were doctored. So, we need to find out who ordered that and who benefited from it. Our initial suspicion is that Chanin ordered it and other people were involved too,” the officer said.
