The Latest Breaking News from Stark Corporation

Kasikornbank (KBank) and Asia Plus Securities (ASPS), representatives for Stark Corporation's bondholders, called for the immediate payment of bonds worth more than 6.9 billion baht after they decided to cancel tomorrow's bondholders' meeting.

Bondholders of Stark Corporation Public Company Limited called for immediate payment of about US$200 million after a special audit revealed accounting irregularities, the latest trouble for the Thai electrical components maker that has defaulted on debt and seen its shares plummet to near-zero.

Finance Minister Arkhom Termpittayapaisith has told the Securities and Exchange Commission (SEC) to take action regarding Stark Corporation's negative shareholder equity to protect investors' interests and build confidence.

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).

Stark Corporation is poised to be delisted from the Stock Exchange of Thailand (SET) due to its negative shareholders' equity, while the Securities and Exchange Commission (SEC) is vowing to take legal action against those involved in preparing the company's faulty financial statements.

Stark Corporation has asked the Securities and Exchange Commission (SEC) to delay the deadline for the submission of its special audit report by another 30 days from Friday, but indicated it is prepared to file its 2022 financial statement on July 16, as required by the regulator.

SET-listed Stark Corporation is entering an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH, which claim €608 million from the company, citing a violation of their sales and purchase agreement.

The Stock Exchange of Thailand (SET) has told Stark Corporation to clarify its progress regarding preparation of its 2022 financial statement and a special audit report, as well as issues surrounding the company's bond payment defaults.

The Association of Investment Management Companies (AIMC) tried to assure investors yesterday about the selection process of mutual funds that held shares in Stark Corporation (STARK), saying the funds follow international standards when making investment decisions.

As Stark Corporation is projected to potentially default on the payment of bonds worth nearly 9.2 billion baht, the Securities and Exchange Commission (SEC) has released guidelines for investors to track damages.

The Stock Exchange of Thailand (SET) and the Association of Investment Management Companies (AIMC) are preparing to use class action law to protect investors' interests as the Department of Special Investigation (DSI) probes potential fraud among former executives of Stark Corporation.