Stark Corporation Public Company Limited, a Thai maker of electrical components engulfed in an accounting scandal, has cited the Russia-Ukraine war as a reason for pulling out of an agreement to buy a German maker of automotive cable solutions for €560 million (21.27 billion baht).
The deal between Stark and Leoni AG and Leoni Bordnetz-Systeme GmbH for Leoni Business Group Automotive Cable Solutions allowed the buyer to withdraw if there was a military attack against any sovereign countries in jurisdictions in which it operated and that had a material impact on its financials, the Thai firm said in an exchange filing Monday.
