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Bangkok Post
Bangkok Post
Business

SEC warns of prison time for Stark fraudsters

SEC Stark Prison Securities and Exchange Commission Stark Corporation SET

Members of the management team and others involved in the fraud surrounding Stark Corporation (STARK) could face up to 10 years in prison if found guilty, the Securities and Exchange Commission (SEC) said on Monday, as it tried to restore confidence in the Thai capital market.

The SEC's acting secretary-general Thawatchai Pittayasophon said that as well as the Stock Exchange of Thailand (SET) and nine other concerned agencies and associations, a large number of investors had suffered damage due to their investment in Stark, while the credibility of the Thai capital market had been adversely affected.

So far, corporate bondholders with a total principal outstanding value of nearly 9.2 billion baht have been affected through a default of payments, while individual investors have faced losses as Stark's market capitalisation has decreased by more than 37 billion baht since the end of February.

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