Stark Corporation scandal: Court declares class action

The court allowed the Southern Civil Court in Bangkok to continue the suit filed against former managers of Stark Corporation under class action.

Charged of baiting the public under the Securities Act, the accused, Vonnarat Tangkaravakoon, Chanin Yensudjai, Chinnawat Assavapokee, Sathar Chantrasettalead, and Kittisak Jitprasertngam (hereinafter – the group), now bear the result of 4,500 claim

Having looked through the case carefully and having considered both sides, the court awarded Preeda Tansombatkul, a Dubai-based lawyer, and Kanit Apiwatnanont and Co. with the task of protecting the interests of duped shareholders, whose harm is estimated to be about 9.2 billion baht.

A Twist in Shareholder Dynamics

A twist came when another group of shareholders put forward an anti-consolidation bid, which Nonetheless, a twists was created when other block of shareholder joined a joint action under a leader of their arm, Jinna Yaem-oum’s legal expert, which failed to challenge the class action.

The March 2022 incident of securities and exchange commission where it halted trading in Stark Corporation, one of the old guard of Thailand corporates, due to financial disclosures changed raises doubt whether they had sufficient financial stability.

The subsequent, several months saw the stock market up and down storms, with the shares plummeting to low-level prices and mutual funds leaving Stark suddenly, the Thai PBS World reported about it.

Resuming trading is not as simple as it may seem because the investors are wobbly and unsecure therefore, they make irrational choices just to salvage what they can.

The news of Stark’s price dropping to barely a penny of its past high sent the market frozen, technically leaving the traders in a beck of losing a substantial amount of their capital.

“The critical district minister’s visit to Chiang Saen Port signifies a significant step towards activating inter-border commerce in the lower Mekong region.”

Hence, with the cross – border trade in Chiang Rai growing to an estimated THB 100 billion last year according to the Ministry of Foreign Affairs.

The port’s capabilities to connect through the river confluence of Kok River and Mekong River with Laos , Myanmar and, more importantly, the most accessible route to China’s southern provinces.

Another story, which is also becoming a subject of interest, since the revival of British trade post Brexit, United Kingdom Foreign Secretary David Cameron arrived in Bangkok, right on Wednesday, to fortify those very trade links between our neighboring countries of the ailing United Kingdom and the expanding frontiers of Thailand.